EXHIBIT 1.1
ML-CFC COMMERCIAL MORTGAGE TRUST 2007-7
COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES,
SERIES 2007-7
UNDERWRITING AGREEMENT
May 31, 2007
Xxxxxxx Lynch, Pierce, Xxxxxx & Xxxxx Incorporated
As Representative of the several
Underwriters listed on Schedule I hereto
c/o Merrill Lynch, Pierce, Xxxxxx & Xxxxx Incorporated
4 World Financial Center
000 Xxxxx Xxxxxx, 00xx Xxxxx
Xxx Xxxx, Xxx Xxxx 00000
Ladies and Gentlemen:
Xxxxxxx Xxxxx Mortgage Investors, Inc., a Delaware corporation (the
"Depositor"), proposes to cause the issuance of, and to sell to the several
Underwriters listed on Schedule I (together, the "Underwriters"), for whom
Xxxxxxx Lynch, Pierce, Xxxxxx & Xxxxx Incorporated is acting as representative
(in such capacity, the "Representative"), the Commercial Mortgage Pass-Through
Certificates identified in Schedule I hereto (the "Certificates") pursuant to
this Underwriting Agreement, dated May 31, 2007 (this "Agreement"), between the
Depositor and the Underwriters. Xxxxxxx Lynch, Pierce, Xxxxxx & Xxxxx
Incorporated and Countrywide Securities Corporation are acting as joint
bookrunning managers with respect to the offering of the Certificates (in such
capacity, the "Lead Underwriters") in the following manner: Countrywide
Securities Corporation is acting as sole bookrunning manager with respect to
3.59% of the class C certificates, and Xxxxxxx Lynch, Pierce, Xxxxxx & Xxxxx
Incorporated is acting as sole bookrunning manager with respect to the remainder
of the class C certificates and all other classes of offered certificates. PNC
Capital Markets LLC, Xxxxxx Xxxxxxx & Co. Incorporated and Xxxxxxx, Sachs & Co.
will act as co-managers. The Certificates will evidence beneficial ownership
interests in a trust fund (the "Trust Fund") to be formed by the Depositor and
consisting primarily of a segregated pool (the "Mortgage Pool") of multifamily,
commercial and manufactured housing community mortgage loans (the "Mortgage
Loans").
Certain of the Mortgage Loans (the "Merrill Mortgage Loans") will be
acquired by the Depositor from Xxxxxxx Xxxxx Mortgage Lending, Inc. ("Merrill")
pursuant to the mortgage loan purchase agreement, dated as of June 1, 2007 (the
"Merrill Mortgage Loan Purchase Agreement") between the Depositor and Merrill.
Certain of the Mortgage Loans (the "Countrywide Mortgage Loans") will be
acquired by the Depositor from Countrywide Commercial Real Estate Finance, Inc.
("Countrywide") pursuant to the mortgage loan purchase agreement, dated as of
June 1, 2007 (the "Countrywide Loan Purchase Agreement") between Depositor and
Countrywide. Certain of the Mortgage Loans (the "PNC Mortgage Loans") will be
acquired by the Depositor from PNC Bank, National Association ("PNC") pursuant
to the mortgage loan purchase agreement, dated as of June 1, 2007 (the "PNC
Mortgage Loan Purchase Agreement") between the Depositor and PNC. Certain of the
Mortgage Loans (the "Artesia Mortgage Loans") will be acquired by the Depositor
from Artesia Mortgage Capital Corporation ("Artesia") pursuant to the mortgage
loan purchase agreement, dated as of June 1, 2007 (the "Artesia Mortgage Loan
Purchase Agreement" and, together with the Merrill Mortgage Loan Purchase
Agreement, the Countrywide Mortgage Loan Purchase Agreement and the PNC Mortgage
Loan Purchase Agreement, the "Mortgage Loan Purchase Agreements").
The Trust is to be created and the Certificates are to be issued
under a pooling and servicing agreement, dated as of June 1, 2007 (the "Pooling
and Servicing Agreement"), between the Depositor, Midland Loan Services, Inc.
and Wachovia Bank, National Association, as master servicers, Midland Loan
Services, Inc., as special servicer and LaSalle Bank National Association, as
trustee.
Capitalized terms used herein, but not otherwise defined herein
shall have the meanings set forth in the Mortgage Loan Purchase Agreements.
The Depositor has filed with the Securities and Exchange Commission
(the "Commission") a registration statement (No. 333-142235) on Form S-3 for the
registration of the Certificates under the Securities Act of 1933, as amended
(the "1933 Act"), which registration statement has become effective. The
Depositor proposes to file with the Commission pursuant to Rule 424(b) under the
1933 Act a supplement to the form of prospectus included in such registration
statement relating to the Certificates and the plan of distribution thereof.
Such registration statement, including the exhibits thereto, and information
that is contained in the Prospectus (as defined below) and is deemed to be part
of and included in such registration statement as it may have been amended or
supplemented at the date of the Prospectus, is hereinafter referred to as the
"Registration Statement"; the prospectus first required to be filed to satisfy
the condition set forth in Rule 172(c) and pursuant to Rule 424(b) under the
1933 Act, is hereinafter referred to as the "Base Prospectus"; such supplement
to the Base Prospectus relating to the Certificates, in the form first required
to be filed to satisfy the condition set forth in Rule 172(c) and pursuant to
Rule 424(b) under the 1933 Act (including the Base Prospectus as so
supplemented) is hereinafter referred to as the "Prospectus Supplement"; and the
Base Prospectus and the Prospectus Supplement, together, are hereinafter
referred to as the "Prospectus". A "free writing prospectus" (as defined
pursuant to Rule 405 under the 0000 Xxx) relating to the Certificates is
hereinafter referred to as a "Free Writing Prospectus".
At or prior to the time when sales to purchasers of the Certificates
were first made, which was approximately 3:40 p.m. on May 31, 2007 (the "Time of
Sale"), the Depositor had prepared or caused the preparation of the following
information (collectively, the "Time of Sale Information"): the Depositor's Free
Writing Prospectus dated May 21, 2007 (the "Offering Prospectus") (the cover
page of which is attached hereto as Annex A); the Depositor's Free Writing
Prospectus dated May 31, 2007 (the cover page of which is attached hereto as
Annex B); the Depositor's prospectus dated May 10, 2007, relating to the
Certificates and previously filed as part of the Registration Statement; the
preliminary collateral and structural term sheet dated May 21, 2007 relating to
the Certificates (the first two pages of which is attached hereto as Annex C);
and the pricing information annex attached hereto as Schedule I. If, subsequent
to the date of this Agreement, the Depositor and the Lead Underwriters determine
that such information included an untrue statement of material fact or omitted
to state a material fact necessary in order to make the statements therein, in
the light of the circumstances under which they were made, not misleading and
terminate their old purchase contracts and enter into new purchase contracts
with one or more purchasers of the Certificates, then "Time of Sale Information"
as to any such purchaser will refer to the information conveyed to such
purchaser at the time of entry into the first such new purchase contract,
including any information that corrects such material misstatements or omissions
("Corrective Information") and "Time of Sale" as to such purchaser will refer to
the time and date on which such new purchase contract was entered into.
Section 1. Representations and Warranties. (a) The Depositor
represents and warrants to the Underwriters as follows:
(i) The Registration Statement has become effective; no stop order
suspending the effectiveness of the Registration Statement is in effect,
and no proceedings for such purpose are pending or, to the Depositor's
knowledge, threatened by the Commission; the Registration Statement as of
its effective date or deemed effective date pursuant to Rule 430B under
the 1933 Act (the "Effective Date"), and the Prospectus, as of the date of
the Prospectus Supplement, complied in all material respects with the
applicable requirements of the 1933 Act and the rules and regulations
thereunder (the "1933 Act Regulations"); and the information in the
Registration Statement, as of the Effective Date, did not contain any
untrue statement of a material fact and did not omit to state any material
fact required to be stated therein or necessary to make the statements
therein not misleading, and the information in the Prospectus, as of the
date of the Prospectus Supplement, did not, and as of the Closing Date (as
hereinafter defined) will not, contain an untrue statement of a material
fact and did not and will not omit to state a material fact necessary in
order to make the information therein, in the light of the circumstances
under which they were made, not misleading; provided, however, that the
Depositor makes no representations, warranties or agreements as to (A) the
information furnished in writing to the Depositor by such Underwriter
through the Lead Underwriters specifically for use in connection with the
preparation of the Time of Sale Information and the Prospectus or any
revision or amendment thereof or supplement thereto and other information
in conformity therewith and in reliance thereon (the "Underwriter
Information"), (B) any information for which the Mortgage Loan Sellers are
obligated to indemnify the Underwriters under the Indemnification
Agreements, each dated as of May 31, 2007, between the respective Mortgage
Loan Seller, the Depositor and the Underwriters (the "Mortgage Loan Seller
Information") or (C) any information for which the Trustee, either of the
Master Servicers or the Special Servicer is obligated to indemnify the
Underwriters, each under a separate indemnification agreement dated as of
May 31, 2007 (the "Trustee/Servicer Information"); and provided, further,
that the Depositor makes no representations, warranties or agreements
regarding untrue statements or omissions in the portions of the Prospectus
Supplement under the heading "Yield and Maturity Considerations" that
arise out of or are based upon untrue statements or omissions in the
Mortgage Loan Seller Information. The Underwriter Information in the Time
of Sale Information and the Prospectus Supplement shall consist of: (i)
the first three sentences of the paragraph immediately above the bolded
names of the Underwriters on the cover page of the Offering Prospectus and
the Prospectus Supplement, respectively; and (ii) the second, fourth and
eighth paragraphs and the first sentence of the sixth paragraph of the
section of the Offering Prospectus and the Prospectus Supplement,
respectively, entitled "Method of Distribution".
(ii) The Time of Sale Information, at the Time of Sale, did not, and
at the Closing Date will not, contain any untrue statement of a material
fact or omit to state a material fact necessary in order to make the
statements therein, in the light of the circumstances under which they
were made, not misleading; provided that the Depositor makes no
representation and warranty with respect to (A) any Underwriter
Information contained in or omitted from the Time of Sale Information
and/or any information that is consistent with such Underwriter
Information, (B) any Mortgage Loan Seller Information contained in or
omitted from such Time of Sale Information or (C) any Trustee/Servicer
Information contained in or omitted from such Time of Sale Information.
The parties acknowledge that none of the Underwriters has furnished any
Underwriter Information to the Depositor expressly for use in the Time of
Sale Information (other than the Offering Prospectus).
(iii) The Depositor (including its agents and representatives other
than the Underwriters in their capacity as such) has not made, used,
prepared, authorized, approved or referred to and will not make, use,
prepare, authorize, approve or refer to any "written communication" (as
defined in Rule 405 under the 0000 Xxx) that constitutes an offer to sell
or solicitation of an offer to buy the Certificates other than (i) the
Prospectus, (ii) any document not constituting a prospectus pursuant to
Section 2(a)(10)(a) of the 1933 Act or Rule 000 xxxxx xxx 0000 Xxx, (xxx)
the Time of Sale Information and (iv) each other written communication of
the Depositor or its agents and representatives approved by the
Representative either in writing in advance or in any other manner
mutually agreed to by the Representative and the Depositor (each such
communication referred to in clause (iii) and this clause (iv)
constituting an "issuer free writing prospectus", as defined in Rule
433(h) under the 1933 Act, being referred to as an "Issuer Free Writing
Prospectus"). Each such Issuer Free Writing Prospectus complied or, if
used after the date hereof, will comply, in all material respects with the
1933 Act and the rules and regulations promulgated thereunder, has been
filed or will be filed in accordance with Section 4 (to the extent
required thereby). Each such Issuer Free Writing Prospectus referred to in
clause (iv) of the second preceding sentence did not at the Time of Sale,
and at the Closing Date will not, contain any untrue statements of a
material fact or (when read in conjunction with the Time of Sale
Information) omit to state a material fact necessary in order to make the
statements therein, in the light of the circumstances under which they
were made, not misleading; provided that the Depositor makes no
representation and warranty with respect to (i) any Underwriter
Information contained in or omitted from the Prospectus or the Time of
Sale Information and/or any information that is consistent with such
Underwriter Information, (ii) any Mortgage Loan Seller Information
contained in or omitted from any such Issuer Free Writing Prospectus or
(iii) any Trustee/Servicer Information contained in or omitted from any
such Issuer Free Writing Prospectus. The parties acknowledge that none of
the Underwriters has furnished any Underwriter Information to the
Depositor expressly for use in any Issuer Free Writing Prospectus referred
to in clause (iv) of the third preceding sentence.
(iv) The Depositor has been duly incorporated and is validly
existing as a corporation in good standing under the laws of the State of
Delaware, is qualified to do business and is in good standing as a foreign
entity in each jurisdiction in which the conduct of its business requires
such qualification, with corporate power and authority to enter into and
perform its obligations under this Agreement, the Pooling and Servicing
Agreement and the Mortgage Loan Purchase Agreements.
(v) The execution, delivery and performance of this Agreement, the
Pooling and Servicing Agreement and the Mortgage Loan Purchase Agreements
by the Depositor and the consummation of the transactions contemplated
herein and therein by the Depositor and compliance by the Depositor with
its obligations hereunder and thereunder have been duly authorized by all
necessary corporate action and will not (A) contravene any provision of
the certificate of incorporation or by-laws of the Depositor or applicable
law or (B) conflict with or constitute a breach of or default under, or
result in the creation or imposition of any lien, charge or encumbrance
upon any property or assets of the Depositor pursuant to, any contract,
indenture, mortgage, loan agreement, note, lease or other instrument to
which the Depositor is a party or by which it may be bound or to which any
of the property or assets of the Depositor is subject, which conflict,
breach, default, lien, charge or encumbrance is reasonably likely to
materially and adversely affect the Depositor's ability to perform its
obligations under this Agreement, the Pooling and Servicing Agreement or
the Mortgage Loan Purchase Agreements.
(vi) The Certificates have been duly authorized for issuance and
sale (or will have been so authorized prior to the issuance thereof)
pursuant to this Agreement and the Pooling and Servicing Agreement. When
issued, authenticated and delivered pursuant to the provisions of this
Agreement and of the Pooling and Servicing Agreement against payment of
the consideration therefor in accordance with this Agreement, the
Certificates will be duly and validly issued and outstanding and entitled
to the benefits provided by the Pooling and Servicing Agreement, except as
the enforceability thereof may be limited by the effect of (A) bankruptcy,
insolvency, reorganization, receivership, moratorium or other similar laws
affecting the enforcement of the rights of creditors generally, and (B)
general principles of equity, whether enforcement is sought in a
proceeding in equity or at law. The Certificates, the Pooling and
Servicing Agreement and the Mortgage Loan Purchase Agreements conform in
all material respects to all statements relating thereto contained in the
Prospectus.
(vii) No authorization, approval or consent of any court or
governmental authority or agency is necessary in connection with the
offering, issuance or sale of the Certificates hereunder, except such as
have been, or as of the Closing Date will have been, obtained or such as
may otherwise be required under applicable state securities laws in
connection with the purchase and offer and sale of the Certificates by the
Underwriters and any recordation of the respective assignments of the
Mortgage Loans to the Trustee pursuant to the Pooling and Servicing
Agreement and the Mortgage Loan Purchase Agreements that have not yet been
completed.
(viii) This Agreement, the Mortgage Loan Purchase Agreements and the
Pooling and Servicing Agreement have been (or as of the Closing Date will
be) duly authorized, executed and delivered by the Depositor. This
Agreement and the Mortgage Loan Purchase Agreements and the Pooling and
Servicing Agreement constitute (or as of the Closing Date will constitute)
a legal, valid and binding agreement enforceable against the Depositor in
accordance with its terms, except as such enforceability may be limited by
the effect of (A) bankruptcy, insolvency, reorganization, receivership,
moratorium or other similar laws affecting the enforcement of the rights
of creditors generally, (B) general principles of equity, whether
enforcement is sought in a proceeding in equity or at law, and (C) public
policy considerations underlying the securities laws, to the extent that
such public policy considerations limit the enforceability of the
provisions of this Agreement that purport or are construed to provide
indemnification from securities law liabilities.
(ix) At the time of the execution and delivery of the Pooling and
Servicing Agreement, the Depositor (A) will convey to the Trustee, or
cause to be conveyed to the Trustee, all of the Depositor's right, title
and interest in and to the Mortgage Loans, free and clear of any lien,
mortgage, pledge, charge, encumbrance, adverse claim or other security
interest (collectively "Liens") granted by or imposed upon the Depositor,
(B) will not have assigned to any other person any of its right, title or
interest in the Mortgage Loans or in the Pooling and Servicing Agreement
or the Certificates, and (C) will have the power and authority to transfer
or cause to be transferred its right, title and interest in the Mortgage
Loans to the Trustee and to sell the Certificates to the Underwriters.
Upon execution and delivery of the Pooling and Servicing Agreement by the
Trustee, the Trustee will have acquired ownership of all of the
Depositor's right, title and interest in and to the Mortgage Loans except
to the extent disclosed in the Prospectus, and upon delivery to the
Underwriters of the Certificates pursuant hereto, each Underwriter will
have good title to the Certificates purchased by such Underwriter, in each
case free of Liens granted by or imposed upon the Depositor.
(x) The Depositor is not, and the issuance and sale of the
Certificates in the manner contemplated by the Prospectus will not cause
the Depositor or the Trust Fund to be, subject to registration or
regulation as an "investment company" under the Investment Company Act of
1940, as amended (the "1940 Act").
(xi) Under generally accepted accounting principles ("GAAP") and for
federal income tax purposes, the Depositor will report the transfer of the
Mortgage Loans to the Trustee in exchange for the Certificates and the
sale of the Certificates to the Underwriters pursuant to this Agreement as
a sale of the interest in the Mortgage Loans evidenced by the
Certificates. The consideration received by the Depositor upon the sale of
the Certificates to the Underwriters will constitute at least reasonably
equivalent value and fair consideration for the Certificates. The
Depositor will be solvent at all relevant times prior to, and will not be
rendered insolvent by, the sale of the Certificates to the Underwriters.
The Depositor is not selling the Certificates to the Underwriters with any
intent to hinder, delay or defraud any of the creditors of the Depositor.
(xii) The Depositor has not relied on the Underwriters for any tax,
regulatory, accounting or other advice with respect to compliance with or
registration under any statute, rule or regulation of any governmental,
regulatory, administrative or other agency or authority. The Depositor
acknowledges and agrees that (i) the terms of this Agreement and the
offering (including the price of the Certificates) were negotiated at
arm's length between sophisticated parties represented by counsel; (ii) no
fiduciary, advisory or agency relationship between the Depositor and the
Underwriters has been created as a result of any of the transactions
contemplated by this Agreement, irrespective of whether any Underwriter
has advised or is advising the Depositor on other matters; (iii) the
Underwriters' obligations to the Depositor in respect of the offering, and
the purchase and sale, of the Certificates are set forth in this Agreement
in their entirety; and (iv) it has obtained such legal, tax, accounting
and other advice as it deems appropriate with respect to this Agreement
and the transactions contemplated hereby and any other activities
undertaken in connection therewith, and it is not relying on the
Underwriters with respect to any such matters.
(xiii) The Trust Fund (other than those portions specified in the
Pooling and Servicing Agreement) will qualify as two separate real estate
mortgage investment conduits (each, a "REMIC") for federal income tax
purposes pursuant to Section 860D of the Internal Revenue Code of 1986, as
amended (the "Code"); the Regular Certificates will constitute "regular
interests" in a REMIC; and the Class R-I and R-II Certificates will
evidence the sole class of "residual interests" in each related REMIC.
(xiv) There are no legal or governmental proceedings pending or, to
the knowledge of the Depositor, threatened to which the Depositor is a
party or to which any of the properties of the Depositor are subject that
are required to be described in the Prospectus or the Time of Sale
Information or necessary in order to make the statements therein in the
light of the circumstances under which they were made, not misleading and
that are not so described, nor are there any contracts or other documents
to which the Depositor is a party or to which the Depositor or any of the
properties of the Depositor are subject that are required to be described
in the Prospectus.
(xv) At the Closing Date, the respective classes of Certificates
shall have been assigned ratings no lower than those set forth in Schedule
I hereto by the nationally recognized statistical rating organizations
identified in Schedule I hereto (the "Rating Agencies").
(xvi) Any taxes, fees and other governmental charges in connection
with the execution, delivery and issuance of this Agreement, the Pooling
and Servicing Agreement and the Certificates payable by the Depositor
(other than income taxes) have been paid or will be paid at or prior to
the Closing Date.
(xvii) None of the Depositor or any of its affiliates does business
with the government of Cuba or with any person or affiliate located in
Cuba within the meaning of Section 517.075, Florida Statutes.
(xviii) The Depositor is not, and on the date on which the first
bona fide offer of the Certificates is made (within the meaning of Rule
164(h)(2) under the 0000 Xxx) will not be, an "ineligible issuer," as
defined in Rule 405 under the 1933 Act.
(xix) Other than as set forth or contemplated in the Prospectus,
since the date as of which information is given in the Prospectus, there
has not been any material adverse change or any development involving a
prospective material adverse change, in or affecting the business,
prospects, management, financial position, stockholders' equity or results
of operations of the Depositor.
(xx) The Depositor is not (i) in violation of its charter, by-laws
or similar organizational documents; (ii) in default, and no event has
occurred that, with notice or lapse of time or both, would constitute such
a default, in the due performance or observance of any term, covenant or
condition contained in any indenture, mortgage, deed of trust, loan
agreement or other agreement or instrument to which the Depositor is a
party or by which the Depositor is bound or to which any of the property
or assets of the Depositor is subject; or (iii) in violation of any law or
statute or any judgment, order or regulation of any court or governmental
agency or body having jurisdiction over the Depositor, or any of its
properties, except, in the case of clauses (ii) and (iii) above, for any
such default or violation that would not, individually or in the
aggregate, have a material adverse effect.
(b) Each Underwriter represents and warrants to the Depositor that,
as of the date hereof and as of the Closing Date, such Underwriter has complied
with all of its obligations hereunder.
Section 2. Purchase and Sale. Subject to the terms and conditions
herein set forth and in reliance upon the representations and warranties herein
contained, the Depositor shall sell to the Underwriters, and each Underwriter
shall, severally and not jointly, purchase from the Depositor, at the related
purchase price set forth on Schedule I hereto, Certificates of each class
thereof having an actual or notional amount as set forth on Schedule I hereto
opposite their names plus, if applicable, accrued interest on the actual
principal amount or notional amount thereof at the applicable Pass-Through Rate
from June 1, 2007 to but excluding the Closing Date (defined below).
Section 3. Delivery and Payment. Payment of the aggregate purchase
price for, and delivery of, the Certificates shall be made at 10:00 a.m. New
York City time on June 13, 2007, which date and time may be postponed by
agreement between the Underwriters and the Depositor (such time and date of
payment and delivery, the "Closing Date"). Payment shall be made to the
Depositor by the Underwriters of the purchase prices of the Certificates as set
forth in Schedule I (together with the interest accrued thereon as contemplated
by Section 2 hereof) in immediately available Federal funds wired to such bank
as may be designated by the Depositor, against delivery of the Certificates.
Delivery of the Certificates will be made in book-entry form through the
facilities of The Depository Trust Company ("DTC"). Each class of Certificates
will be represented by one or more definitive global Certificates to be
deposited by or on behalf of the Depositor with DTC or the Trustee. The
Certificates will be made available for examination by the Underwriters not
later than 10:00 a.m. New York City time on the last business day prior to the
Closing Date. The closing of the transactions contemplated hereby shall be made
at the offices of Cadwalader, Xxxxxxxxxx & Xxxx LLP, Xxx Xxxxx Xxxxxxxxx Xxxxxx,
Xxx Xxxx, XX 00000, or at such other place as shall be agreed upon by the
Underwriters and the Depositor.
Section 4. Offering by Underwriters; Free Writing Prospectuses. (a)
It is understood that the Underwriters propose to offer the Certificates for
sale as set forth in the Prospectus. It is further understood that the
Depositor, in reliance upon Policy Statement 105, has not and will not file an
offering statement pursuant to Section 352-e of the General Business Law of the
State of New York with respect to the Certificates. Each Underwriter severally
and not jointly therefore agrees that sales of the Certificates made by such
Underwriter in and from the State of New York will be made only to institutional
investors within the meaning of Policy Statement 105.
(b) In connection with the offering of the Certificates, the
Underwriters may each prepare and provide to prospective investors Free Writing
Prospectuses, or portions thereof, subject to the following conditions (to which
such conditions each Underwriter agrees (provided that no Underwriter shall be
responsible for any breach of the following conditions by any other
Underwriter)):
(i) Unless preceded or accompanied by the Prospectus, the
Underwriters shall not convey or deliver, and hereby represent that they
have not conveyed or delivered, any written communication to any person in
connection with the initial offering of the Certificates, unless such
written communication (1) is made in reliance on Rule 134 under the 1933
Act, (2) constitutes a prospectus satisfying the requirements of Rule 430B
under the 1933 Act, or (3) constitutes Time of Sale Information or a Free
Writing Prospectus that does not constitute (but is in all material
respects consistent with) Time of Sale Information. The Underwriters shall
not convey or deliver in connection with the initial offering of the
Certificates any "computational materials" or "ABS term sheets" in
reliance on the "Xxxxxx/PSA" no-action letters or any "ABS informational
and computational material," as defined in Item 1101(a) of Regulation AB
under the 1933 Act ("ABS Informational and Computational Material"), in
reliance upon Rules 167 and 426 under the 1933 Act.
(ii) Each Underwriter shall deliver, and hereby represents and
warrants that it has delivered, to the Depositor, no later than two
business days prior to the date of first use thereof or such later date as
may be agreed to by the Depositor, (a) any Free Writing Prospectus that
was prepared by or on behalf of such Underwriter (an "Underwriter Free
Writing Prospectus") and that contains or contained any "issuer
information," as defined in Rule 433(h) under the 1933 Act and footnote
271 of the Commission's Securities Offering Reform Release No. 33-8591
("Issuer Information") (which the parties hereto agree includes, without
limitation, Mortgage Loan Seller Information), and (b) any Free Writing
Prospectus or portion thereof prepared by or on behalf of such Underwriter
that contains or contained only a description of the final terms of the
Certificates, provided that an Underwriter shall not be required to
deliver to the Depositor any Bloomberg screen email transmission that
constitutes a Free Writing Prospectus that was delivered to an investor
pursuant to the foregoing provision, unless such Free Writing Prospectus
contains information that is not included in a prospectus or Free Writing
Prospectus previously filed that relates to the offering of the
Certificates in which case such Underwriter must deliver a copy thereof to
the Depositor on the same date as delivery to the investor.
Notwithstanding the foregoing, any Free Writing Prospectus that contains
only ABS Informational and Computational Materials may be delivered by an
Underwriter to the Depositor not later than the later of (A) two business
days prior to the due date for filing of the Prospectus pursuant to Rule
424(b) under the 1933 Act or such later date as may be agreed to by the
Depositor or (B) the date of first use of such Free Writing Prospectus.
(iii) Each Underwriter represents and warrants to the Depositor that
the Free Writing Prospectuses furnished or to be furnished to the
Depositor by such Underwriter pursuant to or as contemplated by Section
4(b)(ii) will constitute all Free Writing Prospectuses of the type
described therein that were furnished to prospective investors by such
Underwriter in connection with its offer and sale of the Certificates.
(iv) Each Underwriter represents and warrants to the Depositor that
each Free Writing Prospectus provided or required to be provided by it to
the Depositor pursuant to or as contemplated by Section 4(b)(ii) did not,
as of the Time of Sale, and will not as of the Closing Date, include any
untrue statement of a material fact or omit any material fact necessary to
make the statements contained therein (when read in conjunction with the
Time of Sale Information), in light of the circumstances under which they
were made, not misleading; provided however, that such Underwriter makes
no representation to the extent such misstatements or omissions were the
result of any inaccurate Issuer Information, which information was not
corrected by Corrective Information subsequently supplied by the Depositor
or any Mortgage Loan Seller to such Underwriter within a reasonable period
of time prior to the Time of Sale.
(v) The Depositor agrees to file with the Commission the following:
(A) Any Issuer Free Writing Prospectus;
(B) Any Free Writing Prospectus or portion thereof delivered
by any Underwriter to the Depositor pursuant to Section 4(b)(ii);
and
(C) Any Free Writing Prospectus for which the Depositor or any
person (exclusive of an Underwriter) acting on its behalf provided,
authorized or approved information that is prepared and published or
disseminated by a person unaffiliated with the Depositor or any
other offering participant that is in the business of publishing,
radio or television broadcasting or otherwise disseminating
communications.
Notwithstanding the foregoing, the Depositor shall not
be required to file (1) Issuer Information contained in any
Underwriter Free Writing Prospectus or Free Writing Prospectus of
any other offering participant other than the Depositor, if such
information is included or incorporated by reference in a prospectus
or Free Writing Prospectus previously filed with the Commission that
relates to the offering of the Certificates, or (2) any Free Writing
Prospectus or portion thereof that contains a description of the
Certificates or the offering of the Certificates which does not
reflect the final terms thereof.
The Depositor is required to file such Free Writing
Prospectuses with the Commission in electronic format and the
Underwriters shall use reasonable efforts to provide to the
Depositor such Free Writing Prospectuses, or portions thereof, in
either Microsoft Word(R) or Microsoft Excel(R) format and not in a
PDF, except to the extent that the Depositor, in its sole
discretion, waives such requirements,
(vi) Any Free Writing Prospectus required to be filed pursuant to
Section 4(b)(v) by the Depositor shall be filed with the Commission not
later than the date of first use of the Free Writing Prospectus, except
that (subject to compliance by the Underwriters with Section 4(b)(ii)
hereof in cases where an Underwriter must deliver the subject Free Writing
Prospectus or portion thereof to the Depositor):
(A) Any Free Writing Prospectus or portion thereof required to
be filed that contains only the description of the final terms of
the Certificates shall be filed by the Depositor with the Commission
within two days of the later of the date such final terms have been
established for all classes of Certificates and the date of first
use;
(B) Any Free Writing Prospectus or portion thereof required to
be filed that contains only ABS Informational and Computational
Material shall be filed by the Depositor with the Commission not
later than the later of the due date for filing the final Prospectus
relating to the Certificates pursuant to Rule 424(b) under the 1933
Act or two business days after the first use of such Free Writing
Prospectus; and
(C) Any Free Writing Prospectus required to be filed pursuant
to Section 4(b)(v)(C) shall, if no payment has been made or
consideration has been given by or on behalf of the Depositor for
the Free Writing Prospectus or its dissemination, be filed by the
Depositor with the Commission not later than four business days
after the Depositor becomes aware of the publication, radio or
television broadcast or other dissemination of the Free Writing
Prospectus.
(vii) Each Underwriter shall file with the Commission any Free
Writing Prospectus that is used or referred to by it and distributed by or
on behalf of such Underwriter in a manner reasonably designed to lead to
its broad, unrestricted dissemination not later than the date of the first
use of such Free Writing Prospectus.
(viii) Notwithstanding the provisions of Section 4(b)(vii), each
Underwriter shall file with the Commission any Free Writing Prospectus for
which such Underwriter or any person acting on its behalf provided,
authorized or approved information that is prepared and published or
disseminated by a person unaffiliated with the Depositor or any other
offering participant that is in the business of publishing, radio or
television broadcasting or otherwise disseminating written communications
and for which no payment was made or consideration given by or on behalf
of the Depositor or any other offering participant, not later than four
business days after such Underwriter becomes aware of the publication,
radio or television broadcast or other dissemination of the Free Writing
Prospectus.
(ix) Notwithstanding the provisions of Sections 4(b)(v) and
4(b)(vii), neither the Depositor nor any Underwriter shall be required to
file any Free Writing Prospectus that does not contain substantive changes
from or additions to a Free Writing Prospectus previously filed with the
Commission, and no Underwriter shall be required to file any Free Writing
Prospectus to the extent that the information contained therein is
included in a prospectus or Free Writing Prospectus previously filed that
relates to the offering of the Certificates.
(x) The Depositor and the Underwriters each agree that any Free
Writing Prospectuses prepared by it shall contain the following legend, or
substantially equivalent legend that complies with Rule 433 of the 1933
Act:
The depositor has filed a registration statement (including a prospectus)
with the SEC for the offering to which this communication relates. Before
you invest, you should read the prospectus in that registration statement
and other documents the depositor has filed with the SEC for more complete
information about the depositor, the issuing entity, and this offering.
You may get these documents for free by visiting XXXXX on the SEC Web site
at xxx.xxx.xxx. Alternatively, the depositor, any underwriter or any
dealer participating in the offering will arrange to send you the
prospectus if you request it by calling toll-free 0-000-000-0000.
(xi) The Depositor and each Underwriter agree to retain all Free
Writing Prospectuses that they have used and that are not required to be
filed pursuant to this Section 4 for a period of three years following the
initial bona fide offering of the Certificates.
(xii) (A) If the Depositor becomes aware that, as of the Time of
Sale, any Issuer Free Writing Prospectus delivered to an investor in any
Certificate contained any untrue statement of a material fact or omitted
to state a material fact necessary in order to make the statements
contained therein (when read in conjunction with the Time of Sale
Information), in light of the circumstances under which they were made,
not misleading (a "Defective Issuer Free Writing Prospectus"), the
Depositor shall notify the Underwriters of such untrue statement or
omission within one business day after discovery and the Depositor shall,
if requested by the Underwriters, prepare and deliver to the Underwriters
a Free Writing Prospectus that corrects the material misstatement or
omission in the Defective Issuer Free Writing Prospectus (such corrected
Issuer Free Writing Prospectus, a "Corrected Issuer Free Writing
Prospectus").
(B) If any Underwriter becomes aware that, as of the Time of
Sale, any Underwriter Free Writing Prospectus delivered to an
investor in any Certificates contained any untrue statement of a
material fact or omitted to state a material fact necessary in order
to make the statements contained therein (when read in conjunction
with the Time of Sale Information), in light of the circumstances
under which they were made, not misleading (together with a
Defective Issuer Free Writing Prospectus, a "Defective Free Writing
Prospectus"), such Underwriter shall notify the Depositor of such
untrue statement or omission within one business day after
discovery.
(C) The Underwriters shall, if requested by the Depositor:
(1) if the Defective Free Writing Prospectus was an
Underwriter Free Writing Prospectus, prepare a Free Writing
Prospectus that corrects the material misstatement in or
omission from the Defective Free Writing Prospectus (together
with a Corrected Issuer Free Writing Prospectus, a "Corrected
Free Writing Prospectus");
(2) deliver the Corrected Free Writing Prospectus to
each investor which received the Defective Free Writing
Prospectus prior to entering into a contract of sale with such
investor;
(3) notify such investor in a prominent fashion that the
prior contract of sale with the investor has been terminated,
and of the investor's rights as a result of termination of
such agreement;
(4) provide such investor with an opportunity to
affirmatively agree to purchase the Certificates on the terms
described in the Corrected Free Writing Prospectus; and
(5) comply with any other requirements for reformation
of the original contract of sale with such investor, as
described in Section IV.A.2.c of Commission's Securities
Offering Reform Release No. 33-8591.
(D) If the Defective Free Writing Prospectus was an Issuer
Free Writing Prospectus, and the Underwriters shall in good faith
incur any costs to an investor in connection with the reformation of
the contract of sale with the investor, the Depositor agrees to
reimburse the Underwriters for such costs; provided that, before
incurring such costs, the Underwriters first permit the Depositor
access to the applicable investor and an opportunity to attempt to
mitigate such costs through direct negotiation with such investor.
(xiii) Each Underwriter covenants with the Depositor that after the
Prospectus is available such Underwriter shall not distribute any written
information concerning the Certificates to a prospective investor unless
such information is preceded or accompanied by the Prospectus other than
any Bloomberg screen email transmission that constitutes a Free Writing
Prospectus that is subject to the proviso in Section 4(b)(ii).
(c) Each Underwriter further represents and warrants that:
(i) it has only communicated or caused to be communicated and will
only communicate or cause to be communicated an invitation or inducement
to engage in investment activity (within the meaning of Section 21 of the
Financial Services and Markets Act 2000) received by it in connection with
the issue or sale of the Certificates in circumstances in which Section
21(1) of the Financial Services and Markets Xxx 0000 does not apply to the
Depositor; and
(ii) it has complied and will comply with all applicable provisions
of the Financial Services and Markets Xxx 0000 with respect to anything
done by it in relation to the certificates in, from or otherwise involving
the United Kingdom.
(iii) In relation to each Member State of the European Economic Area
which has implemented the Prospectus Directive (each, a "Relevant Member
State"), each Underwriter represents and agrees with the Depositor that
with effect from and including the date on which the Prospectus Directive
is implemented in that Relevant Member State (the "Relevant Implementation
Date") such Underwriter has not made and will not make an offer of the
Certificates to the public in that Relevant Member State prior to the
publication of a prospectus in relation to the Certificates which has been
approved by the competent authority in that Relevant Member State or,
where appropriate, approved in another Relevant Member State and notified
to the competent authority in that Relevant Member State, all in
accordance with the Prospectus Directive, except that such Underwriter
may, with effect from and including the Relevant Implementation Date, make
an offer of the Certificates to the public in that Relevant Member State
at any time:
(A) to legal entities which are authorized or regulated to
operate in the financial markets or, if not so authorized or
regulated, whose corporate purpose is solely to invest in
securities;
(B) to any legal entity which has two or more of (1) an
average of at least 250 employees during the last financial year;
(2) a total balance sheet of more than (euro)43,000,000 and (3) an
annual net turnover of more than (euro)50,000,000, as shown in its
last annual or consolidated accounts; or
(C) in any other circumstances which do not require the
publication by the Depositor of a prospectus pursuant to Article 3
of the Prospectus Directive.
For the purposes of this provision, the expression an "offer of the
Certificates to the public" in relation to any of the Certificates in any
Relevant Member State means the communication in any form and by any means of
sufficient information on the terms of the offer and the Certificates to be
offered so as to enable an investor to decide to purchase or subscribe the
Certificates, as the same may be varied in that Member State by any measure
implementing the Prospectus Directive in that Member State and the expression
"Prospectus Directive" means Directive 2003/71/EC and includes any relevant
implementing measure in each Relevant Member State.
(d) Xxxxxxx Lynch, Pierce, Xxxxxx & Xxxxx Incorporated represents
and warrants to the Depositor that it has the authority to act as Representative
of the Underwriters and to bind the Underwriters hereto.
Section 5. Covenants of the Depositor. The Depositor covenants with
each Underwriter as follows:
(a) The Depositor will give each of the Underwriters notice of its
intention to prepare, use, authorize, approve, refer to or file any Issuer Free
Writing Prospectus or to file or prepare (i) any amendment to the Registration
Statement at any time prior to the Closing Date or (ii) any amendment or
supplement to the Prospectus (including any revised prospectus that the
Depositor proposes for use by the Underwriters in connection with the offering
of the Certificates and that differs from the prospectus on file at the
Commission at the time the Registration Statement became effective, whether or
not such revised prospectus is required to be filed pursuant to Rule 424(b) of
the 1933 Act Regulations) at any time during the period when a prospectus
relating to the Certificates is required to be delivered under the 1933 Act, and
the Depositor will furnish the Underwriters with copies of any such Issuer Free
Writing Prospectus, amendment or supplement a reasonable amount of time prior to
such proposed filing or use, as the case may be, and will not prepare, use,
authorize, approve, refer to or file any such Issuer Free Writing Prospectus or
file any such amendment or supplement or use any such prospectus to which the
Underwriters shall reasonably object.
(b) The Depositor will promptly give the Lead Underwriters notice of
(i) any request by the Commission for any amendment of the Registration
Statement or the Prospectus or for any additional information relating to the
Certificates, (ii) any written notification received by the Depositor of
suspension of qualification of the Certificates for sale in any jurisdiction or
the initiation or threatening of any proceeding for such purpose and (iii) the
issuance by the Commission of any stop order suspending the effectiveness of the
Registration Statement or the institution or, to the knowledge of the Depositor,
threatening any proceeding for that purpose. The Depositor will use its best
efforts to prevent the issuance of any such stop order and, if issued, to obtain
as soon as possible the withdrawal thereof.
(c) The Depositor will cause the Prospectus to be transmitted to the
Commission for filing pursuant to Rule 424(b) under the 1933 Act by means
reasonably calculated to result in filing with the Commission pursuant to said
rule. Subject to Section 4, the Depositor will cause each Issuer Free Writing
Prospectus to be transmitted for filing pursuant to Rule 433 under the 1933 Act
by means reasonably calculated to result in filing with the Commission pursuant
to said rule.
(d) The Depositor will furnish to the Lead Underwriters, from time
to time during the period when a prospectus relating to the Certificates is
required to be delivered under the 1933 Act, such number of copies of the
Prospectus and each Free Writing Prospectus (as amended or supplemented) as the
Lead Underwriters may reasonably request for the purposes contemplated by the
1933 Act or the Securities Exchange Act of 1934, as amended (the "1934 Act") or
the respective applicable rules and regulations of the Commission thereunder.
(e) If, during the period after the first date of the public
offering of the Certificates in which a prospectus relating to the Certificates
is required to be delivered under the 1933 Act, any event shall occur as a
result of which it is necessary to amend or supplement the Prospectus in order
to make the Prospectus not misleading in the light of the circumstances existing
at the time it is delivered to a purchaser of Certificates, if the Depositor has
actual knowledge of the event, and if the event is not otherwise disclosed in a
filing to the Registration Statement pursuant to Section 13 or 15(d) of the 1934
Act, the Depositor will forthwith amend or supplement the Prospectus so that, as
so amended or supplemented, the Prospectus will not include an untrue statement
of a material fact or omit to state a material fact necessary in order to make
the statements therein, in the light of the circumstances existing at the time
it is delivered to a purchaser, not misleading, and the Depositor will furnish
to the Lead Underwriters a reasonable number of copies of such amendment or
supplement.
(f) The Depositor will endeavor to arrange for the qualification of
the Certificates for sale under the applicable securities laws of such states
and other jurisdictions of the United States as the Lead Underwriters may
reasonably designate and will maintain such qualification in effect so long as
required for the initial distribution of Certificates; provided, however, that
the Depositor shall not be obligated to qualify as a foreign corporation in any
jurisdiction in which it is not so qualified or to file a general consent to
service of process in any jurisdiction.
(g) The Depositor will use the net proceeds received by it from the
sale of the Certificates in the manner specified in the Prospectus under "Use of
Proceeds".
(h) Whether or not the transactions contemplated by this Agreement
are consummated, the Depositor will pay or cause to be paid all expenses
incident to the performance of the obligations of the Depositor under this
Agreement, including, without limitation, (i) the fees, disbursements and
expenses of the Depositor's counsel and accountants in connection with the
purchase of the Mortgage Loans and the issuance and sale of the Certificates,
(ii) all fees and expenses incurred in connection with the registration and
delivery of the Certificates under the 1933 Act, and all other fees or expenses
in connection with the preparation and filing of the Registration Statement, the
Time of Sale Information, any Issuer Free Writing Prospectus, the Prospectus and
amendments and supplements to any of the foregoing, including all printing costs
associated therewith, and the mailing and delivering of copies thereof to the
Underwriters and dealers, in the quantities specified above, (iii) all costs and
expenses related to the transfer and delivery of the Certificates to the
Underwriters, including any transfer or other taxes payable thereon, (iv) the
costs of printing or producing any "blue sky" memorandum in connection with the
offer and sale of the Certificates under state securities laws and all expenses
in connection with the qualification of the Certificates for the offer and sale
under state securities laws as provided in Section 5(f), including filing fees
and the reasonable fees and disbursements of counsel for the Lead Underwriters
in connection with such qualification and in connection with the "blue sky"
memorandum, (v) the cost of printing the Certificates, (vi) the upfront costs
and charges of any transfer agent, registrar or depository, (vii) the fees and
expenses of the rating agencies incurred in connection with the issuance and
sale of the Certificates and (viii) all other costs and expenses incident to the
performance of the obligations of the Depositor hereunder for which provision is
not otherwise made in this Section. Except as herein provided, the Underwriters
shall be responsible for the payment of all costs and expenses incurred by them,
including, without limitation, (i) the fees and disbursements of counsel of the
Underwriters and (ii) such additional costs arising out of any Free Writing
Prospectuses prepared by or on behalf of the Underwriters and the filing of such
materials, if required, with the Commission.
(i) The Depositor shall obtain a letter from Ernst & Young LLP,
certified public accountants, satisfactory in form and substance to the
Depositor and the Lead Underwriters, to the effect that such accountants have
performed certain specified procedures, all of which have been agreed to by the
Depositor and the Lead Underwriters, as a result of which they have determined
that the information included in the Time of Sale Information that the
accountants have examined in accordance with such agreed upon procedures, is
accurate except as to such matters that are not deemed by the Depositor or the
Lead Underwriters to be material.
Section 6. Conditions of Underwriters' Obligations. Each
Underwriter's obligation to purchase the Certificates allocated to it as set
forth on Schedule I hereto shall be subject to the accuracy in all material
respects of the representations and warranties on the part of the Depositor
contained herein as of the date hereof and as of the Closing Date, to the
performance by the Depositor in all material respects of its obligations
hereunder and to the following conditions:
(a) No stop order suspending the effectiveness of the Registration
Statement shall be in effect, and no proceedings for that purpose shall be
pending or, to the Depositor's knowledge, threatened by the Commission and the
Prospectus Supplement and each Free Writing Prospectus required to be filed by
the Depositor pursuant to Section 4(b) shall have been filed or transmitted for
filing by means reasonably calculated to result in a filing with the Commission
pursuant to Rule 424(b) under the 1933 Act or Rule 433 under the 1933 Act, as
applicable.
(b) On the Closing Date, the Lead Underwriters shall have received:
(i) One or more opinions, dated the Closing Date and addressed to
the Underwriters, of counsel to the Depositor, in form and substance
satisfactory to such Lead Underwriters, substantially to the effect that:
(A) The Depositor is a corporation in good standing under the
laws of the State of Delaware.
(B) The Depositor has corporate power and authority to enter
into and perform its obligations under this Agreement, the Pooling
and Servicing Agreement and the Mortgage Loan Purchase Agreements.
(C) Each of this Agreement and the Pooling and Servicing
Agreement and the Mortgage Loan Purchase Agreements have been duly
authorized, executed and delivered by the Depositor. Upon due
authorization, execution and delivery by the other parties thereto,
the Pooling and Servicing Agreement and the Mortgage Loan Purchase
Agreements will constitute a valid, legal and binding agreement of
the Depositor, enforceable against the Depositor in accordance with
its terms, except as enforceability may be limited by (1)
bankruptcy, insolvency, liquidation, receivership, moratorium,
reorganization or other similar laws affecting the enforcement of
the rights of creditors generally, (2) general principles of equity,
whether enforcement is sought in a proceeding in equity or at law
and (3) such other exceptions as are reasonably acceptable to the
Lead Underwriters.
(D) The Certificates, when duly and validly executed,
authenticated and delivered in accordance with the Pooling and
Servicing Agreement and paid for in accordance with this Agreement,
will be entitled to the benefits of the Pooling and Servicing
Agreement.
(E) The Registration Statement was declared effective under
the 1933 Act and, to the best of such counsel's knowledge and
information, no stop order suspending the effectiveness of the
Registration Statement has been issued under the 1933 Act and not
withdrawn, and no proceedings for that purpose have been initiated
or threatened by the Commission.
(F) At the time it was declared effective under the 1933 Act,
the Registration Statement (other than any financial, numerical,
accounting or statistical information included or incorporated by
reference therein, as to which no opinion need be rendered) complied
as to form in all material respects with the requirements of the
1933 Act and the 1933 Act Regulations.
(G) To such counsel's knowledge and information, there are no
material contracts, indentures, or other documents of the Depositor
required to be described or referred to in the Registration
Statement or to be filed as exhibits thereto other than those
described or referred to therein or filed or incorporated by
reference as exhibits thereto or that may be filed subsequently to
the Closing Date pursuant to a Current Report on Form 8-K.
(H) The Pooling and Servicing Agreement is not required to be
qualified under the Trust Indenture Act of 1939, as amended, and the
issuance and sale of the Certificates in the manner contemplated by
the Prospectus will not cause the Trust Fund to be subject to
registration or regulation as an "investment company" under the
Investment Company Act of 1940, as amended.
(I) No consent, approval, authorization, or order of any State
of New York or federal court or governmental agency or body is
required for the consummation by the Depositor of the transactions
contemplated herein, except (1) such as have been obtained, (2) such
as may be required under the blue sky laws of any jurisdiction in
connection with the purchase and sale of the Certificates by the
Underwriters, as to which no opinion need be expressed and any
recordation of the assignments of the Mortgage Loans to the Trustee
pursuant to the Pooling and Servicing Agreement that has not yet
been completed.
(J) Neither the sale of the Certificates to the Underwriters
pursuant to this Agreement, nor the consummation by the Depositor of
any other of the transactions contemplated by, or the fulfillment by
the Depositor of the terms of, this Agreement, the Pooling and
Servicing Agreement or the Mortgage Loan Purchase Agreements, will
conflict with or result in a breach or violation of any term or
provision of, or constitute a default (or an event which with the
passing of time or notification or both, would constitute a default)
under, (1) the certificate of incorporation or by-laws of the
Depositor or, (2) to the knowledge of such counsel, any material
indenture, agreement or instrument to which the Depositor is a party
or by which it is bound or, (3) any State of New York or federal
statute or regulation applicable to the Depositor or, (4) to the
knowledge of such counsel, any order of any New York or federal
court, regulatory body, administrative agency or governmental body
having jurisdiction over the Depositor except, in the case of either
(2) or (4), for any conflict, breach, violation or default that, in
the judgment of such counsel, is not reasonably likely to materially
and adversely affect the Depositor's ability to perform its
obligations under this Agreement or the Pooling and Servicing
Agreement.
(ii) An opinion, dated the Closing Date and addressed to the
Underwriters, of counsel to the Underwriters, reasonably acceptable to the
Underwriters.
(iii) In giving their opinions required by the foregoing subsections
(i) and (ii) of this Section, counsel to the Depositor and the
Underwriters, respectively, shall in each case additionally state that
nothing has come to such counsel's attention that has caused it to believe
that (i), in the case of counsel to the Depositor, the Registration
Statement, the Prospectus or the Time of Sale Information, and (ii) in the
case of counsel to the Underwriters, the Prospectus or the Time of Sale
Information (in each case other than any financial statements and
supporting schedules and numerical, statistical and/or accounting
information included therein, as to which no statement need be made), in
the case of the Registration Statement, as of the time it was declared
effective under the 1933 Act, in the case of the Prospectus, as of the
date thereof or as of the Closing Date, and as of the Time of Sale, in the
case of the Time of Sale Information, contained an untrue statement of a
material fact or omitted to state a material fact necessary to make the
statements therein, in the light of the circumstances under which they
were made, not misleading. Such statement shall be based upon conferences
and telephone conversations with representatives of the parties hereto,
the Mortgage Loan Sellers, the Master Servicers, the Special Servicer and
the Trustee and such statement may be qualified that, with limited
exception, such counsel will not have reviewed any loan documents. Such
counsel may exclude from such opinion those sections of the Prospectus and
Time of Sale Information that constitute Mortgage Loan Seller Information
and Trustee/Servicer Information.
Such opinion(s) may express its (their) reliance as to factual
matters on the representations and warranties made by, and on certificates or
other documents furnished by officers and/or authorized representatives of, the
parties to this Agreement and the Pooling and Servicing Agreement and on
certificates furnished by public officials. Such opinion(s) may assume the due
authorization, execution and delivery of the instruments and documents referred
to therein by the parties thereto other than the party on behalf of which such
opinion is being rendered. Such opinion(s) may be qualified as an opinion only
on the General Corporation Law of the State of Delaware, the laws of the State
of New York and the federal law of the United States.
(c) On the Closing Date, the Lead Underwriters shall have received a
favorable opinion, dated the Closing Date and addressed to the Underwriters, of
special tax and ERISA counsel to the Depositor (i) regarding the qualification
of each of REMIC I and REMIC II as a real estate mortgage investment conduit
within the meaning of Sections 860A through 860G of the Internal Revenue Code of
1986 and (ii) generally to the effect that the statements in the Base Prospectus
and the Prospectus Supplement under the headings "Federal Income Tax
Consequences" and "ERISA Considerations", to the extent that they constitute
matters of federal law or legal conclusions with respect thereto, while not
purporting to discuss all possible consequences of investment in the
Certificates to all investors, are correct in all material respects with respect
to those consequences or matters that are discussed therein. Such opinion(s) may
express its (their) reliance as to factual matters on the representations and
warranties made by, and on certificates or other documents furnished by officers
and/or authorized representatives of, the parties to this Agreement and the
Pooling and Servicing Agreement and on certificates furnished by public
officials. Such opinion(s) may assume the due authorization, execution and
delivery of the instruments and documents referred to therein by the parties
thereto. Such opinion(s) may be qualified as an opinion only on the federal tax
and ERISA law of the United States.
(d) The Depositor shall have delivered to the Lead Underwriters a
certificate, dated the Closing Date, and signed by an authorized officer or
signatory of the Depositor, to the effect that the signer of such certificate
has examined, or has relied upon an examination conducted by appropriate persons
authorized by him or her of, this Agreement, the Prospectus, the Pooling and
Servicing Agreement and various other closing documents, and that, to his or her
knowledge after reasonable investigation:
(i) the representations and warranties of the Depositor in this
Agreement and the Pooling and Servicing Agreement are true and correct in
all material respects;
(ii) the Depositor has, in all material respects, complied with all
the agreements and satisfied all the conditions on its part to be
performed or satisfied hereunder at or prior to the Closing Date;
(iii) since the date of this Agreement, there has been no material
adverse change in the financial condition of the Depositor; and
(iv) no stop order suspending the effectiveness of the Registration
Statement has been issued and no proceedings for that purpose have been
initiated or threatened by the Commission.
(e) Each Mortgage Loan Seller shall have delivered to the Lead
Underwriters a certificate, dated the Closing Date, and signed by an authorized
officer or signatory of the Mortgage Loan Seller to the effect that:
(i) the representations and warranties of the Mortgage Loan Seller
in the respective Mortgage Loan Purchase Agreement are true and correct in
all material respects except as indicated on Schedule A thereto;
(ii) the Mortgage Loan Seller has, in all material respects,
complied with all the agreements and satisfied all the conditions on its
part to be performed or satisfied under the respective Mortgage Loan
Purchase Agreement at or prior to the Closing Date; and
(iii) since the date of this Agreement, there has been no material
adverse change in the financial condition of the Mortgage Loan Seller.
(f) The Depositor and the Lead Underwriters shall have received from
Ernst & Young LLP, certified public accountants, a letter dated the Closing Date
and addressed to the Underwriters, in form and substance satisfactory to the
Lead Underwriters, stating in effect that:
(i) they have performed certain specified procedures as a result of
which they have determined that certain information of an accounting,
financial or statistical nature set forth in the Prospectus Supplement
agrees with the data sheet or computer tape prepared by or on behalf of
each Mortgage Loan Seller, unless otherwise noted in such letter; and
(ii) they have compared the data contained in the data sheet or
computer tape referred to in the immediately preceding clause (i) to
information contained in the Mortgage Files and in such other sources as
shall be specified by them, and found such data and information to be in
agreement, unless otherwise noted in such letter.
(g) The Depositor shall have received the accountant's letters
specified in Section 5(i).
(h) The Lead Underwriters shall have received, with respect to each
of the Master Servicers, the Special Servicer and the Trustee, a favorable
opinion of counsel, dated the Closing Date and addressed to the Underwriters,
addressing the valid existence of such party under the laws of the jurisdiction
of its organization, the due authorization, execution and delivery of the
Pooling and Servicing Agreement by such party and, subject to the same
limitations as set forth in Section 6(b)(i)(C) herein, the enforceability of the
Pooling and Servicing Agreement against such party and such other opinions as
shall be reasonably requested by the Lead Underwriters. Such opinion may express
its reliance as to factual matters on representations and warranties made by,
and on certificates or other documents furnished by officers and/or authorized
representatives of, parties to the Pooling and Servicing Agreement and on
certificates furnished by public officials. Such opinion may assume the due
authorization, execution and delivery of the instruments and documents referred
to therein by the parties thereto other than the party on behalf of which such
opinion is being rendered.
(i) Subsequent to the date hereof, there shall not have occurred any
change, or any development involving a prospective change, in or affecting the
business or properties of the Depositor or a Mortgage Loan Seller (including any
of the Mortgage Loans) which such Underwriter concludes, in the reasonable
judgment of such Underwriter, materially impairs the investment quality of the
Certificates so as to make it impractical or inadvisable to proceed with the
public offering or the delivery of the Certificates as contemplated by the Time
of Sale Information (excluding the Corrective Information) and the Prospectus.
(j) The Certificates shall have been assigned ratings by the Rating
Agencies (as defined in the Pooling and Servicing Agreement) no less than those
set forth on Schedule I and such ratings shall not have been withdrawn,
suspended or qualified.
(k) The Lead Underwriters shall have received copies of any opinions
of counsel to the Depositor supplied to the Rating Agencies relating to certain
matters with respect to the Certificates. Any such opinions shall be dated the
Closing Date and addressed to the Underwriters or accompanied by reliance
letters addressed to the Underwriters.
(l) The Depositor shall have furnished to the Lead Underwriters such
further opinions, information, certificates and documents as the Lead
Underwriters may reasonably have requested, and all proceedings in connection
with the transactions contemplated by this Agreement and all documents incident
hereto shall be in all material respects reasonably satisfactory in form and
substance to the Lead Underwriters and its counsel.
Section 7. Indemnification. (a) The Depositor shall indemnify and
hold harmless each Underwriter (severally and not jointly), its directors and
officers and each person, if any, who controls such Underwriter within the
meaning of either Section 15 of the 1933 Act or Section 20 of the 1934 Act, from
and against any and all expenses, losses, claims, damages and other liabilities
(including without limitation the reasonable costs of investigation and legal
defense) (the "Liabilities") caused by (i) any untrue statement or alleged
untrue statement of any material fact contained in the Registration Statement or
any omission or alleged omission to state therein a material fact required to be
stated therein or necessary to make the statements therein, not misleading, or
any untrue statement or alleged untrue statement of any material fact contained
in the Prospectus or any omission or alleged omission to state therein a
material fact necessary to make the statements therein, in the light of the
circumstances under which they were made, not misleading or (ii) any untrue
statement or alleged untrue statement of a material fact contained in the Time
of Sale Information or any Issuer Free Writing Prospectus or any Issuer
Information contained in any Underwriter Free Writing Prospectus (provided that
such Issuer Information was delivered to the Depositor to the extent required by
Section 4(b)(ii)), or the omission or alleged omission to state a material fact
necessary to make the statements therein (when read in conjunction with the
other Time of Sale Information), in light of the circumstances under which they
were made, not misleading, which was not corrected by Corrective Information
subsequently supplied by the Depositor or any Mortgage Loan Seller to any
Underwriter within a reasonable period of time prior to the Time of Sale, or
(iii) any breach of the representation and warranty in Section 1(a)(xviii)
herein; provided that, in the case of clauses (i) and (ii) above, insofar as the
Liabilities are caused by any such untrue statement or omission or alleged
untrue statement or omission with respect to any information in the Prospectus
as to which any Underwriter has agreed to indemnify the Depositor pursuant to
Section 7(b) herein, the Depositor shall have no obligation to so indemnify and
hold harmless; and provided, further, that the Depositor shall have no
obligation to so indemnify and hold harmless to the extent that the Liabilities
arise out of or are based upon an untrue statement or omission or an alleged
untrue statement or omission made in, or in reliance upon and conformity with,
or otherwise with respect to the Mortgage Loan Seller Information (including
without limitation untrue statements or alleged untrue statements or omissions
or alleged omissions in the portions of the Prospectus Supplement and any free
writing prospectus under the heading "Yield and Maturity Considerations" that
arise out of or are based upon untrue statements or alleged untrue statements or
omissions or alleged omissions in the Mortgage Loan Seller Information or the
Trustee/Servicer Information).
(b) Each Underwriter shall, severally and not jointly, indemnify and
hold harmless the Depositor, its directors and its officers who signed the
Registration Statement and each person, if any, who controls the Depositor
within the meaning of either Section 15 of the 1933 Act or Section 20 of the
1934 Act against any and all Liabilities as incurred, but only with respect to
Liabilities caused by any (i) untrue statements or alleged untrue statements of
a material fact, or omissions or alleged omissions to state a material fact
necessary to make the statements therein, in the light of the circumstances
under which they were made, not misleading, in the Underwriter Information and
(ii) untrue statements or alleged untrue statements of a material fact in any
Underwriter Free Writing Prospectus prepared by or on behalf of such Underwriter
or omission or alleged omission to state in such Underwriter Free Writing
Prospectus a material fact necessary in order to make the statements therein
(when read in conjunction with the Time of Sale Information), in the light of
the circumstances under which they were made, not misleading; provided, that no
Underwriter shall be obligated to so indemnify and hold harmless (A) to the
extent such Liabilities are caused by a misstatement or omission resulting from
an error or omission in the Issuer Information which was not corrected by
Corrective Information subsequently supplied by the Depositor or any Mortgage
Loan Seller to any Underwriter within a reasonable period of time prior to the
Time of Sale or (B) in the case of clause (ii) of this sentence, with respect to
information that is also contained in the Time of Sale Information.
(c) Each indemnified party shall give notice in writing as promptly
as reasonably practicable to each indemnifying party of any action commenced
against it in respect of which indemnity may be sought hereunder, but failure to
so notify an indemnifying party shall not relieve such indemnifying party from
any liability which it may have otherwise than under subsection (a) or (b) of
this Section 7. Upon request of the indemnified party, the indemnifying party
shall retain counsel reasonably satisfactory to the indemnified party to
represent the indemnified party and any others the indemnifying party may
designate in such proceeding and shall pay the fees and disbursements of such
counsel related to such proceeding as incurred. If any action is brought against
any indemnified party and it notifies the indemnifying party of the commencement
thereof, the indemnifying party may participate at its own expense in the
defense of any such action. The indemnifying party may elect to assume the
defense thereof, with counsel reasonably satisfactory to such indemnified party
by written notice delivered to the indemnified party promptly after receiving
the aforesaid notice from the indemnified party. In any such proceeding, any
indemnified party shall have the right to retain its own counsel, but the fees
and expenses of such counsel shall be at the expense of such indemnified party
unless (i) the indemnifying party and the indemnified party shall have agreed to
the retention of such counsel, (ii) the named parties to any such proceeding
(including any impleaded parties) include both the indemnifying party and the
indemnified party and representation of both parties by the same counsel would
be inappropriate due to actual or potential differing interests between them or
(iii) the indemnifying party shall have failed to designate within a reasonable
period of time counsel reasonably satisfactory to the indemnified party (in
which case the fees and expenses shall be paid as incurred by the indemnifying
party). In no event shall the indemnifying parties be liable for fees and
expenses of more than one counsel (in addition to any local counsel) separate
from their own counsel for all indemnified parties in connection with any one
action or separate but similar or related actions in the same jurisdiction
arising out of the same general allegations or circumstances. An indemnifying
party shall not be liable for any settlement of any proceeding effected without
its written consent. However, if settled with such consent or if there be a
final judgment for the plaintiff, the indemnifying party shall indemnify the
indemnified party from and against any loss or liability by reason of such
settlement or judgment. Notwithstanding the foregoing sentence, if at any time
an indemnified party shall have requested an indemnifying party to reimburse the
indemnified party for fees and expenses of counsel for which the indemnifying
party is obligated under this subsection, the indemnifying party agrees that it
shall be liable for any settlement of any proceeding effected without its
written consent if (i) such settlement is entered into more than 30 days after
receipt by such indemnifying party of the aforesaid request and (ii) such
indemnifying party shall not have reimbursed the indemnified party in accordance
with such request prior to the date of such settlement. If an indemnifying party
assumes the defense of any proceeding, it shall be entitled to settle such
proceeding with the consent of the indemnified party or, if such settlement
provides for an unconditional release of the indemnified party, without any
admission of fault, culpability or failure to act or on behalf of the
indemnified party, in connection with all matters relating to the proceeding
that have been asserted against the indemnified party in such proceeding by the
other parties to such settlement, without the consent of the indemnified party.
(d) If the indemnification provided for in this Section 7 is due in
accordance with its terms but is for any reason unavailable to an indemnified
party under subsection (a) or (b), or insufficient to hold harmless an
indemnified party, in respect of any losses, claims, damages or liabilities
under subsection (a) or (b) on grounds of public policy or otherwise, then the
indemnifying party, in lieu of indemnifying such indemnified party, shall
contribute to the amount paid or payable by such indemnified party as a result
of such losses, claims, damages or liabilities (i) in such proportion as is
appropriate to reflect the relative benefits received by the Depositor on the
one hand and the applicable Underwriter on the other from the offer and sale of
the Certificates pursuant hereto or (ii) if the allocation provided by clause
(i) above is not permitted by applicable law, in such proportion as is
appropriate to reflect not only the relative benefits referred to in clause (i)
above but also the relative fault of the Depositor on the one hand and of such
Underwriter on the other in connection with the statements or omissions which
resulted in such losses, claims, damages or other liabilities, as well as any
other relevant equitable considerations. The relative benefits received by the
Depositor on the one hand, and such Underwriter on the other, in connection with
the offering of the Certificates underwritten by such Underwriter shall be
deemed to be in the same respective proportions that the total proceeds from the
sale of the Certificates underwritten by such Underwriter (before deducting
expenses) received by the Depositor and the amount by which (i) the total price
received by such Underwriter with respect to the initial resale to investors in
the Certificates acquired by such Underwriter exceeds (ii) the total
underwriting discounts and commissions received by such Underwriter (or, if no
such Underwriter discounts and commissions are payable hereunder, the amount of
the other fees payable to such Underwriter in connection with the offering of
the Certificates), bear to the aggregate offering price of the Certificates. The
relative fault of the Depositor on the one hand and of such Underwriter on the
other shall be determined by reference to, among other things, whether the
untrue or alleged untrue statement of a material fact or the omission or alleged
omission to state a material fact relates to information supplied by the
Depositor or by such Underwriter, and the parties' relative intent, knowledge,
access to information and opportunity to correct or prevent such statement or
omission.
(e) The parties hereto agree that it would not be just and equitable
if contribution were determined by pro rata allocation or by any other method of
allocation that does not take account of the considerations referred to in
subsection (d) above. The amount paid or payable by an indemnified party as a
result of the losses, claims, damages or other liabilities referred to in this
Section 7 shall be deemed to include any legal fees and disbursements or other
expenses reasonably incurred by such indemnified party in connection with
investigating or defending any such claim. If any expenses so paid by the
indemnifying party are subsequently determined to not be required to be borne by
the indemnifying party hereunder, the party which received such payment shall
promptly refund the amount so paid to the party which made such payment.
Notwithstanding the provisions of subsection (d) above or this subsection (e),
no Underwriter shall be required to contribute any amount in excess of the
amount by which (i) the total underwriting discounts and commissions and other
fees received by such Underwriter in connection with the offering of the
Certificates exceeds (ii) the amount of damages that such Underwriter has
otherwise been required to pay by reason of such untrue or alleged untrue
statement or omission or alleged omission. No person guilty of fraudulent
misrepresentation (within the meaning of Section 11(f) of the 0000 Xxx) shall be
entitled to contribution from any person who was not guilty of such fraudulent
misrepresentation. The remedies provided for in this Section 7 are not exclusive
and shall not limit any rights or remedies that may otherwise be available to
any indemnified party at law or in equity.
(f) The indemnity and contribution agreements contained in this
Section 7 shall remain operative and in full force and effect regardless of (i)
any termination of this Agreement, (ii) any investigation made by the Depositor,
an Underwriter, any of their respective directors or officers, or any person
controlling the Depositor or such Underwriter within the meaning of either
Section 15 of the 1933 Act or Section 20 of the 1934 Act, and (iii) acceptance
of and payment for any of the Certificates.
(g) The Underwriters' respective obligations to contribute pursuant
to this Section 7 are several in proportion to the respective amount of
Certificates they have purchased hereunder, and not joint.
(h) Each Underwriter (the "Indemnifying Underwriter") will indemnify
and hold harmless the other Underwriters and each person, if any, who controls
such Underwriter within the meaning of either the 1933 Act or the 1934 Act (the
"Non-Indemnifying Underwriter") from and against any and all losses, claims,
damages or liabilities, joint or several, to which the Non-Indemnifying
Underwriter becomes subject under the 1933 Act, the 1934 Act or other federal or
state statutory law or regulation, common law or otherwise, insofar as such
losses, claims, damages or liabilities (or actions in respect thereof) arise out
of or are based upon (i) any untrue statement or alleged untrue statement of a
material fact or the omission or alleged omission (when read in conjunction with
the Time of Sale Information) to state a material fact necessary in order to
make the statements, in the light of the circumstances under which they were
made, not misleading at the Time of Sale, contained in any Underwriter Free
Writing Prospectus prepared by, or on behalf of, or used or referred to by, such
Indemnifying Underwriter or (ii) the failure of such Indemnifying Underwriter,
or any member of its selling group, to comply with any provision of Sections
4(b) or 9 herein, and agrees to reimburse such Non-Indemnifying Underwriter, as
incurred for any legal or other expenses reasonably incurred by them in
connection with investigating or defending any such loss, claim, damage,
liability or action, except to the extent such losses, claims, damages or
liabilities are caused by a misstatement or omission resulting from an error or
omission in the Issuer Information which was not corrected by Corrective
Information subsequently supplied by the Depositor or any Mortgage Loan Seller
to any Underwriter within a reasonable period of time prior to the Time of Sale.
This agreement will be in addition to any liability that any Underwriter may
otherwise have.
Section 8. Representations and Warranties to Survive Delivery. All
representations and warranties of the Depositor contained in this Agreement
shall remain operative and in full force and effect, regardless of any
investigation made by or on behalf of any Underwriter or any controlling person
in respect of such Underwriter, and shall survive delivery of the Certificates
to the Underwriters.
Section 9. Defaulting Underwriter. If, on the Closing Date, any of
the Underwriters shall fail or refuse to purchase Certificates that it has
agreed to purchase hereunder on such date, and the aggregate principal amount of
Certificates which such defaulting Underwriter agreed but failed or refused to
purchase is not more than one-tenth of the aggregate principal amount of
Certificates to be purchased on such date, the other Underwriters shall be
obligated to purchase the Certificates which such defaulting Underwriter agreed
but failed or refused to purchase on such date; provided that no Underwriter
shall be obligated under this Section 9 to purchase Certificates of a Class that
it is not otherwise obligated to purchase under this Agreement. If, on the
Closing Date, one of the Underwriters shall fail or refuse to purchase
Certificates that it has agreed to purchase hereunder on such date and the
aggregate principal amount of Certificates with respect to which such default
occurs is more than one-tenth of the aggregate principal amount of Certificates
to be purchased on such date and arrangements satisfactory to the non-defaulting
Underwriters and the Depositor for the purchase of such Certificates are not
made within 36 hours after such default, this Agreement shall terminate without
liability on the part of any non-defaulting Underwriter or of the Depositor,
except that Depositor will continue to be liable for the payment of expenses as
set forth in Section 5(h) and the provisions of Section 7 herein remain in
effect. In any such case either such non-defaulting Underwriters or the
Depositor shall have the right to postpone the Closing Date, but in no event for
longer than seven days, in order that the required changes, if any, in the
Prospectus or in any other documents or arrangements may be effected. Any action
taken under this paragraph shall not relieve any defaulting Underwriter from
liability in respect of any default of such Underwriter under this Agreement.
Section 10. Termination of Agreement. (a) The Lead Underwriters may
terminate its obligations under this Agreement, by notice to the Depositor, at
any time at or prior to the Closing Date if the sale of the Certificates
provided for herein is not consummated because of any failure or refusal on the
part of the Depositor to comply in all material respects with the terms, or to
fulfill in all material respects any of the conditions of, this Agreement, or if
for any reason the Depositor shall be unable to perform in all material respects
its obligations under this Agreement.
(b) The Lead Underwriters may terminate its obligations under this
Agreement in the absolute discretion of the Lead Underwriters, by notice given
to the Depositor, if (A) after the execution and delivery of this Agreement and
prior to the Closing Date (i) trading generally shall have been suspended or
materially limited on or by any of the New York Stock Exchange or the
over-the-counter market; (ii) a general moratorium on commercial banking
activities shall have been declared by federal or New York State authorities;
(iii) there shall have occurred a material disruption in securities settlement
or clearance services in the United States; or (iv) there shall have occurred
any outbreak or escalation of hostilities or any change or prospective change in
financial markets or any calamity or crisis, either within or outside the United
States, that in the judgment of the Underwriter is material and adverse and
makes it impracticable or inadvisable to proceed with the offering, sale or
delivery of the Certificates on the terms and in the manner contemplated by this
Agreement and the Prospectus.
(c) If any Underwriter terminates its obligations under this
Agreement in accordance with Section 10(a) herein, the Depositor shall reimburse
such Underwriter for all reasonable out-of-pocket expenses (including reasonable
fees and disbursements of counsel) that shall have been reasonably incurred by
such Underwriter in connection with the proposed purchase and sale of the
Certificates.
Section 11. Notices. All notices and other communications hereunder
shall be in writing and sent either by certified mail (return receipt requested)
or by courier service (proof of delivery requested) to the intended recipient at
the address for notices specified for such party in this Section 11, or as to
such party, at such other address as shall be designated by it in a notice
hereunder to the other parties hereto. Except as otherwise provided in this
Agreement, all such communications shall be deemed to have been duly given when
received in the case of a notice sent by mail or courier service. Notices to (i)
the Underwriters shall be given to the Representative at Xxxxxxx Lynch, Pierce,
Xxxxxx & Xxxxx Incorporated, c/o Global Commercial Real Estate, 4 World
Financial Center, 000 Xxxxx Xxxxxx, 00xx Xxxxx, Xxx Xxxx, Xxx Xxxx 00000,
Attention: Xxxxx X. Xxxxxxx (with copies to (a) Xxxxxxx Lynch, Pierce, Xxxxxx &
Xxxxx Incorporated, c/o Global Commercial Real Estate, 4 World Financial Center,
000 Xxxxx Xxxxxx, 00xx Xxxxx, Xxx Xxxx, Xxx Xxxx 00000, Attention: Director of
CMBS Securitizations and (b) Xxxxxxx Lynch, Pierce, Xxxxxx & Xxxxx Incorporated,
4 World Financial Center, 000 Xxxxx Xxxxxx, 00xx Xxxxx, Xxx Xxxx, Xxx Xxxx
00000, Attention: General Counsel for Global Commercial Real Estate in the
Office of the General Counsel); and (ii) the Depositor shall be given to it at
Xxxxxxx Xxxxx Mortgage Investors, Inc., x/x Xxxxxx Xxxxxxxxxx Xxxx Xxxxxx, 0
World Financial Center, 000 Xxxxx Xxxxxx, 00xx Xxxxx, Xxx Xxxx, Xxx Xxxx 00000,
Attention: Xxxxx X. Xxxxxxx (with copies to (a) Xxxxxxx Xxxxx Mortgage
Investors, Inc., x/x Xxxxxx Xxxxxxxxxx Xxxx Xxxxxx, 0 World Financial Center,
000 Xxxxx Xxxxxx, 00xx Xxxxx, Xxx Xxxx, Xxx Xxxx 00000, Attention: Director of
CMBS Securitizations; and (b) Xxxxxxx Xxxxx Mortgage Investors, Inc., 4 World
Financial Center, 000 Xxxxx Xxxxxx, 00xx Xxxxx, Xxx Xxxx, Xxx Xxxx 00000,
Attention: General Counsel for Global Commercial Real Estate in the Office of
the General Counsel); and (iii) any such party shall be given to such other
address as may hereafter be furnished by such party to the others in writing.
Section 12. Parties. This Agreement shall inure to the benefit of
and be binding upon the Underwriters and the Depositor and their respective
successors. Nothing expressed or mentioned in this Agreement is intended or
shall be construed to give any person or entity, other than the Underwriters and
the Depositor and their respective successors and the controlling persons and
officers and directors referred to in Section 7 and their respective successors,
heirs and legal representatives, any legal or equitable right, remedy or claim
under or in respect of this Agreement or any provision herein contained. This
Agreement and all conditions and provisions hereof are intended to be for the
sole and exclusive benefit of the Underwriters and the Depositor and their
respective successors, and said controlling persons and officers and directors
and their respective successors, heirs and legal representatives, and for the
benefit of no other person or entity. No purchaser of Certificates from the
Underwriters shall be deemed to be a successor by reason merely of such
purchase.
Section 13. Governing Law. This Agreement shall be governed by and
construed in accordance with the laws of the State of New York applicable to
agreements made and to be performed in said State.
Section 14. Entire Agreement. This Agreement, together with any
contemporaneous written agreements and any prior written agreements (to the
extent not superseded by this Agreement) that relate to the offering of the
Certificates, represents the entire agreement between the Depositor, on the one
hand, and the Underwriters, on the other, with respect to the preparation of the
Prospectus, and the conduct of the offering, and the purchase and sale of the
Certificates.
Section 15. Miscellaneous. Neither this Agreement nor any term
hereof may be amended, waived, discharged or terminated except by a writing
signed by the party against whom enforcement of such amendment, waiver,
discharge or termination is sought. This Agreement may be signed in any number
of duplicate originals, each of which shall be deemed an original, which taken
together shall constitute one and the same instrument.
If the foregoing is in accordance with your understanding of our
agreement, please sign and return to the Depositor a counterpart hereof,
whereupon this instrument, along with all counterparts, will become a binding
agreement between the Underwriters and the Depositor in accordance with its
terms.
Section 16. Authority of the Representative. Any action by the
Underwriters hereunder may be taken by Xxxxxxx Lynch, Pierce, Xxxxxx & Xxxxx
Incorporated on behalf of the Underwriters, and any such action taken by Xxxxxxx
Lynch, Pierce, Xxxxxx & Xxxxx Incorporated shall be binding upon the
Underwriters.
Very truly yours,
XXXXXXX XXXXX MORTGAGE INVESTORS, INC.
By: /s/ Xxxxx X. Xxxxxxx
-----------------------------------------
Title: Executive Vice President, Chief
Officer in Charge of Commercial
Mortgage Securitization
CONFIRMED AND ACCEPTED,
as of the date first above written:
XXXXXXX LYNCH, PIERCE, XXXXXX & XXXXX INCORPORATED
For itself and on behalf of PNC Capital Markets LLC,
Xxxxxx Xxxxxxx & Co. Incorporated and Xxxxxxx, Sachs & Co.
By: /s/ Xxxxx X. Xxxxxxx
---------------------------------------
Authorized Signatory
COUNTRYWIDE SECURITIES CORPORATION
By: /s/ Xxxxxxx X. Xxxxxxxxxxxx
---------------------------------------
Name: Xxxxxxx X. Xxxxxxxxxxxx
Title: Managing Director
ANNEX A
The First Page of the Depositor's Free Writing Prospectus dated May 21, 2007
ANNEX B
The First Page of the Depositor's Free Writing Prospectus dated May 31, 2007
ANNEX C
The First Two Pages of the Preliminary Structural and
Collateral Term Sheet dated May 21, 2007
SCHEDULE I
ML-CFC Commercial Mortgage Pass-Through Certificates, Series 2007-7,
Class X-0, Xxxxx X-0, Class A-SB, Class A-4, Class A-1A, Class AM, Class AJ,
Class B, Class C and Class D.
Underwriters Amount of Certificates to be Purchased Class of Certificates to be Purchased
------------------------------------- -------------------------------------- -------------------------------------
Xxxxxxx Lynch, Pierce, Xxxxxx & Xxxxx $30,650, 342 A-1
Incorporated
Countrywide Securities Corporation $22,585,658 A-1
PNC Capital Markets LLC $0 A-1
Xxxxxx Xxxxxxx & Co. Incorporated $0 A-1
Xxxxxxx, Sachs & Co. $0 A-1
Xxxxxxx Lynch, Pierce, Xxxxxx & Xxxxx $63,791,355 A-2
Incorporated
Countrywide Securities Corporation $47,006,645 A-2
PNC Capital Markets LLC $0 A-2
Xxxxxx Xxxxxxx & Co. Incorporated $0 A-2
Xxxxxxx, Sachs & Co. $0 A-2
Xxxxxxx Lynch, Pierce, Xxxxxx & Xxxxx $59,172,156 A-SB
Incorporated
Countrywide Securities Corporation $43,602,844 A-SB
PNC Capital Markets LLC $0 A-XX
Xxxxxx Xxxxxxx & Co. Incorporated $0 A-XX
Xxxxxxx, Xxxxx & Co. $0 A-XX
Xxxxxxx Lynch, Pierce, Xxxxxx & Xxxxx $453,653,960 A-4
Incorporated
Countrywide Securities Corporation $334,289,040 A-4
PNC Capital Markets LLC $0 A-4
Xxxxxx Xxxxxxx & Co. Incorporated $0 A-4
Xxxxxxx, Sachs & Co. $0 A-4
Xxxxxxx Lynch, Pierce, Xxxxxx & Xxxxx $348,822,376 A-1A
Incorporated
Countrywide Securities Corporation $257,040,624 A-1A
PNC Capital Markets LLC $0 A-1A
Xxxxxx Xxxxxxx & Co. Incorporated $0 A-1A
Xxxxxxx, Sachs & Co. $0 A-1A
Xxxxxxx Lynch, Pierce, Xxxxxx & Xxxxx $134,465,737 AM
Incorporated
Countrywide Securities Corporation $99,085,263 AM
PNC Capital Markets LLC $0 AM
Xxxxxx Xxxxxxx & Co. Incorporated $0 AM
Xxxxxxx, Sachs & Co. $0 AM
Xxxxxxx Lynch, Pierce, Xxxxxx & Xxxxx $100,385,684 AJ
Incorporated
Countrywide Securities Corporation $73,972,316 AJ
PNC Capital Markets LLC $0 XX
Xxxxxx Xxxxxxx & Co. Incorporated $0 XX
Xxxxxxx, Sachs & Co. $0 XX
Xxxxxxx Lynch, Pierce, Xxxxxx & Xxxxx $32,074,734 B
Incorporated
Countrywide Securities Corporation $23,635,266 B
PNC Capital Markets LLC $0 B
Xxxxxx Xxxxxxx & Co. Incorporated $0 B
Xxxxxxx, Sachs & Co. $0 B
Xxxxxxx Lynch, Pierce, Xxxxxx & Xxxxx $16,037,367 C
Incorporated
Countrywide Securities Corporation $11,817,633 C
PNC Capital Markets LLC $0 C
Xxxxxx Xxxxxxx & Co. Incorporated $0 C
Xxxxxxx, Sachs & Co. $0 C
Xxxxxxx Lynch, Pierce, Xxxxxx & Xxxxx $26,060,505 D
Incorporated
Countrywide Securities Corporation $19,203,495 D
PNC Capital Markets LLC $0 D
Morgan Xxxxxxx & Co. Incorporated $0 D
Goldman, Sachs & Co. $0 D
SCHEDULE I (CONTINUED)
Class Initial Aggregate Approximate Initial Purchase Rating(3)
Designation Principal Amount of Class(1) Pass-Through Rate Price(2) Moody's/S&P
----------- ---------------------------- ------------------- --------- -----------
A-1 $53,236,000 5.549% 100.24865% Aaa/AAA
A-2 $110,798,000 5.693% 100.54942% Aaa/AAA
A-SB $102,775,000 5.745% 100.54940% Aaa/AAA
A-4 $787,943,000 5.750% 100.54561% Aaa/AAA
A-1A $605,863,000 5.750% 100.00000% Aaa/AAA
AM $233,551,000 5.750% 100.00000% Aaa/AAA
AJ $174,358,000 5.750% 99.99723% Aaa/AAA
B $55,710,000 5.750% 99.47732% Aa2/AA
C $27,855,000 5.750% 98.81872% Aa3/AA-
D $45,264,000 5.750% 98.02117% A2/A
----------
(1) Subject to a variance of plus or minus 5.0%
(2) Expressed as a percentage of the aggregate stated or notional amount, as
applicable, of the relevant class of Certificates to be purchased. The
purchase price for each class of the Certificates shown is net accrued
interest. The purchase price to be paid will include accrued interest at
the initial Pass-Through Rate therefor on the aggregate stated or notional
amount, plus, if applicable, accrued interest on the actual principal
amount or notional amount thereof at the applicable Pass-Through Rate from
June 1, 2007 to but not including the Closing Date. The purchase price
does not reflect any underwriting discount.
(3) By each of Xxxxx'x Investors Service, Inc. ("Moody's") and Standard &
Poor's, a division of The XxXxxx-Xxxx Companies, Inc. ("S&P").
