Home Equity Mortgage Loan Asset-Backed Trust, Series INABS 2007-B Home Equity Loan Asset-Backed Certificates, Series INABS 2007-B UNDERWRITING AGREEMENT
IndyMac
ABS, Inc.
Home
Equity Loan Asset-Backed Certificates,
Series
INABS 2007-B
May
22,
2007
Xxxxxx
Brothers Inc., as Representative
000
Xxxxxxx Xxxxxx
Xxx
Xxxx,
Xxx Xxxx 00000
Greenwich
Capital Markets, Inc., as Representative
000
Xxxxxxxxx Xxxx
Xxxxxxxxx,
Xxxxxxxxxxx 00000
Ladies
and Gentlemen:
IndyMac
ABS, Inc., a corporation organized and existing under the laws of the State
of
Delaware (the “Company”), proposes to cause the formation of trusts (each, a
“Trust”) from time to time and to offer for sale from time to time its
Asset-Backed Securities evidencing interests in pools of certain contracts
and
mortgage loans (the “Securities”). The Securities may be issued in various
series, and within each series, in one or more classes, in one or more offerings
on terms determined at the time of sale (each such series, a “Series” and each
such class, a “Class”). Each Trust may issue one or more classes of
Asset-Backed Notes (the “Notes”) pursuant to an Indenture to be dated as of the
respective cut-off date for the related loans or contracts conveyed to such
Trust as described below (each such cut-off date, a “Cut-off Date”) as may be
supplemented by one or more supplements to such Indenture (such Indenture,
as
supplemented by such supplements (if any), the “Indenture”) between the related
Trust and the indenture trustee named therein (the “Indenture Trustee”).
Simultaneously with the issuance of the Notes (or in lieu of issuing Notes),
the
Trust may issue Asset-Backed Certificates (the “Certificates”), each
representing a fractional undivided ownership interest in the related Trust,
pursuant to the Trust Agreement establishing such Trust (each, a “Trust
Agreement”) to be dated as of the respective Cut-off Date among the Company, the
seller named therein (the “Seller”) and the owner trustee named therein (the
“Owner Trustee”). Alternatively, each Trust may issue one or more
Classes of Certificates, each evidencing a fractional undivided interest in
the
related Trust, pursuant to a Pooling and Servicing Agreement (each, a “Pooling
and Servicing Agreement”) to be dated as of the respective Cut-off Date among
the Company, the seller and the servicer named therein (the “Servicer”) and the
trustee named therein (the “Trustee”).
The
assets of each Trust (the “Trust Assets”) will consist primarily of one or more
pools of fixed- or adjustable-rate single family mortgage loans (“SFMLs”),
multifamily mortgage loans (“MFMLs”), closed-end or revolving home equity loans
(“HELs”), home improvement installment sale contracts and installment loan
agreements (“HILs”) or manufactured housing contracts (“Contracts”) as specified
in the related Terms Agreement referred to below. The Trust Assets
will be serviced by the Servicer pursuant to the terms of the related Pooling
and Servicing Agreement or a sale and servicing agreement to be dated as of
the
respective Cut-off Date (each, a “Sale and Servicing Agreement”), among the
Trust, the Servicer, the Company and the Indenture Trustee.
If
and to
the extent specified in the related Transaction Documents (as defined below),
in
addition to the Trust Assets conveyed to the Trust on the Closing Date (such
Trust Assets so conveyed to the Trust at such time, the “Initial Trust Assets”),
the Company may convey to the Trust, from time to time during the period
commencing after the Closing Date and ending at the expiration of the period
specified in such Transaction Documents (each such period, a “Pre-Funding
Period”) (the date of any such conveyance, a “Subsequent Transfer Date”),
additional Trust Assets (any such additional Trust Assets so conveyed to the
Trust through the Pre-Funding Period, the “Subsequent Trust
Assets”).
The
Securities may have the benefit of one or more insurance policies (each, a
“Policy”) issued by the securities insurer named therein (the “Securities
Insurer”) pursuant to an insurance and indemnity agreement among the Company,
the Seller and the Securities Insurer (each, an “Insurance
Agreement”).
The
Trust
Agreement, the Sale and Servicing Agreement, the Indenture, the Insurance
Agreement and the Pooling and Servicing Agreement are sometimes referred to
herein individually as a “Transaction Document” and collectively as the
“Transaction Documents.” Capitalized terms used and not otherwise
defined herein shall have the meanings assigned thereto in the related
Transaction Documents.
Underwritten
offerings of Securities may be made through you or through an underwriting
syndicate managed by you. The Company proposes to sell one or more Series of
the
Securities (or one or more Classes of each such series of Securities) to you
and
to each of the other several underwriters, if any, participating in an
underwriting syndicate managed by you.
Whenever
the Company determines to make an offering of Securities (each, an “Offering”)
pursuant to this Underwriting Agreement through you, it will enter into an
agreement (the “Terms Agreement”, and collectively with this Underwriting
Agreement, this “Agreement”) providing for the sale of specified Classes of
Offered Securities (as defined below) to, and the purchase and public offering
thereof by, you and such other underwriters, if any, selected by you as have
authorized you to enter into such Terms Agreement on their behalf (the
underwriters designated in any such Terms Agreement being referred to herein
as
“Underwriters,” which term shall include you and each Underwriter specified in
the related Terms Agreement whether acting alone in the sale of any Offered
Securities of any Series or as a member of an underwriting
syndicate). Each such Offering which the Company elects to make
pursuant to this Agreement shall be governed by this Agreement, and this
Agreement shall inure to the benefit of and be binding upon each Underwriter
with respect to such Offering. Each Terms Agreement, which shall be
substantially in the form of Exhibit A hereto, shall specify, among other
things, the nature of the related Trust Assets, the Classes of Securities to
be
purchased by the Underwriters (the “Offered Securities”), whether such Offered
Securities constitute Notes or Certificates, the principal balance or balances
of the Offered Securities, each subject to any stated variance, the names of
the
Underwriters participating in such Offering (subject to substitution as provided
in Section 12 hereof) and the price or prices at which such Offered Securities
are to be purchased by the Underwriters from the Company, as determined on
the
applicable pricing date (the “Pricing Date”). All representations and
warranties provided by a party herein, in addition to any other date referenced
with respect to such representation and warranty, shall relate to the Pricing
Date and the date of the Prospectus Supplement
1. Representations
and Warranties. The Company represents and warrants to and agrees with the
Underwriters, as of the date of the applicable Terms Agreement,
that:
(a)
The
registration statement specified in the related Terms Agreement, on Form S-3,
including a prospectus, has been filed with the Securities and Exchange
Commission (the “Commission”) for the registration under the Securities Act of
1933, as amended (the “Act”), of asset-backed securities issuable in series,
which registration statement has been declared effective by the
Commission. As of the Closing Date (as hereinafter defined), no stop
order suspending the effectiveness of such registration statement has been
issued and no proceedings for that purpose have been initiated or to the
Company’s knowledge threatened by the Commission. The prospectus in
the form in which it will be used in connection with the offering of the Offered
Securities of the applicable Series is proposed to be supplemented by a
prospectus supplement relating to the Offered Securities of the applicable
Series and, as so supplemented, to be filed with the Commission pursuant to
Rule
424 under the Act. (Such registration statement is hereinafter
referred to as the “Registration Statement”; such prospectus supplement, as
first filed with the Commission, is hereinafter referred to as the “Prospectus
Supplement”; such prospectus, in the form in which it will first be filed with
the Commission in connection with the offering of the Offered Securities of
the
applicable Series, including documents incorporated therein as of the time
of
such filing is hereinafter referred to as the “Base Prospectus”; and such Base
Prospectus, as supplemented by the Prospectus Supplement, is hereinafter
referred to as the “Prospectus”). The Free Writing Prospectus of the
Company, dated May 22, 2007, and relating to the Offered Securities, together
with the Base Prospectus attached thereto is hereinafter referred to as the
“Preliminary Prospectus”; provided that if no Preliminary Prospectus is proposed
to be used in connection with the sale of a Series of Offered Securities,
references herein to “Preliminary Prospectus” shall be disregarded when used
with respect to such Series of Offered Securities. Any reference
herein to the Registration Statement, a Preliminary Prospectus or the Prospectus
shall be deemed to refer to and include the documents incorporated by reference
therein pursuant to Item 12 of Form S-3 which were filed under the Securities
Exchange Act of 1934, as amended (the “Exchange Act”) on or before the date on
which the Registration Statement, as amended, became effective or the issue
date
of such Preliminary Prospectus or the date on which the Prospectus is filed
pursuant to Rule 424(b) under the Act, as the case may be; and any reference
herein to the terms “amend”, “amendment” or “supplement” with respect to the
Registration Statement, any Preliminary Prospectus or the Prospectus shall
be
deemed to refer to and include the filing of any document under the Exchange
Act
after the date on which the Registration Statement became effective or the
issue
date of any Preliminary Prospectus or the date on which the Prospectus is filed
pursuant to Rule 424(b) under the Act.
(b)
The
related Registration Statement, at the time it became effective, and the
Prospectus contained therein, and any amendments thereof and supplements thereto
filed prior to the date of the related Terms Agreement, conformed in all
material respects to the requirements of the Act and the rules and regulations
of the Commission thereunder; on the date of the related Terms Agreement and
on
the related Closing Date (as defined in Section 3 below), the related
Registration Statement, the related Preliminary Prospectus and the related
Prospectus, and any amendments thereof and supplements thereto, will conform
in
all material respects to the requirements of the Act and the rules and
regulations of the Commission thereunder and, to the extent the Offered
Securities of the applicable Series include Notes, the rules and regulations
under the Trust Indenture Act of 1939, as amended (the “TIA”); such Registration
Statement, at the time it became effective, did not contain any untrue statement
of a material fact or omit to state a material fact required to be stated
therein or necessary to make the statements therein not misleading; such
Preliminary Prospectus, as of its date and as of the date hereof, will not
include any untrue statement of a material fact or omit to state a material
fact
necessary to make the statements therein, in the light of the circumstances
under which they were made, not misleading; and such Prospectus, on the date
of
any filing pursuant to Rule 424(b) and on the related Closing Date, will not
include any untrue statement of a material fact or omit to state a material
fact
required to be stated therein or necessary to make the statements therein,
in
the light of the circumstances under which they are made, not misleading;
provided, however, that the Company makes no representations or warranties
as to
the information contained in or omitted from such Registration Statement, such
Preliminary Prospectus or such Prospectus (or any supplement thereto) in
reliance upon and in conformity with written information furnished to the
Company by or on behalf of the Underwriters specifically for use in the
preparation thereof.
(c)
The
Offered Securities of the related Series will conform in all material respects
to the descriptions thereof contained in the related Preliminary Prospectus
(as
amended or supplemented) and Prospectus (as amended or supplemented), and each
of such Offered Securities, when validly authenticated, issued and delivered
in
accordance with the applicable Transaction Documents, will be duly and validly
issued and outstanding and entitled to the benefits of the applicable
Transaction Document. Each Offered Security of the Classes indicated
to be “mortgage related securities” under the heading “Summary—Legal Investment”
in the related Preliminary Prospectus and Prospectus Supplement will, when
issued, be a “mortgage related security” as such term is defined in Section
3(a)(41) of the Exchange Act.
(d)
This
Agreement has been duly authorized, executed and delivered by the
Company. As of the applicable Closing Date, each Transaction Document
to which the Company is a party will have been duly authorized, executed and
delivered by the Company and will conform in all material respects to the
respective descriptions thereof contained in the related Prospectus and,
assuming the valid execution and delivery thereof by the other parties thereto,
this Agreement and each Transaction Document to which the Company is a party
will constitute a legal, valid and binding agreement of the Company enforceable
in accordance with its terms, except as the same may be limited by bankruptcy,
insolvency, reorganization or other similar laws affecting creditors’ rights
generally and by general principles of equity.
(e)
The
Company has been duly incorporated and is validly existing as a corporation
in
good standing under the laws of the State of Delaware with corporate power
and
authority to own its properties and conduct its business as described in the
related Prospectus and to enter into and perform its obligations under the
Transaction Documents to which it is a party and this Agreement.
(f)
Neither the issuance or delivery of the Offered Securities of the applicable
Series, nor the consummation of any other of the transactions contemplated
herein, nor compliance with the provisions of the Transaction Documents to
which
the Company is a party or this Agreement, will conflict with or result in the
breach of any material term or provision of, and the Company is not in breach
or
violation of or in default (nor has an event occurred which with notice or
lapse
of time or both would constitute a default) under the terms of, (i) the
certificate of incorporation or by-laws of the Company, (ii) any indenture,
contract, lease, mortgage, deed of trust, note, agreement or other evidence
of
indebtedness or other agreement, obligation or instrument to which the Company
is a party or by which it or its properties are bound, or (iii) any law, decree,
order, rule or regulation applicable to the Company of any court or
supervisory, regulatory, administrative or governmental agency, body or
authority, or arbitrator having jurisdiction over the Company, or its
properties, the default in or the breach or violation of which would have a
material adverse effect on the Company or the Offered Securities of the related
Series or the ability of the Company to perform its obligations under the
Transaction Documents to which the Company is a party or this Agreement; and
neither the delivery of the Offered Securities of the related Series, nor the
consummation of any other of the transactions contemplated herein, nor the
compliance with the provisions of the Transaction Documents to which it is
a
party or this Agreement will result in such a breach, violation or default
which
would have such a material adverse effect.
(g)
No
filing or registration with, notice to, or consent, approval, authorization
or
order or other action of any court or governmental authority or agency is
required for the consummation by the Company of the transactions contemplated
by
this Agreement or the Transaction Documents to which it is a party (other than
as required under “blue sky” or state securities laws, as to which no
representations and warranties are made by the Company), except such as have
been, or will have been prior to the applicable Closing Date, obtained under
the
Act, and such recordations of the assignment of the Trust Assets to the Trustee
or Indenture Trustee, as applicable (to the extent such recordations
are required pursuant to the Transaction Documents) that have not yet been
completed.
(h)
There
is no action, suit or proceeding before or by any court, administrative or
governmental agency now pending to which the Company is a party, or to the
best
of the Company’s knowledge threatened against the Company, which could
reasonably result individually or in the aggregate in any material adverse
change in the condition (financial or otherwise), earnings, affairs, regulatory
situation or business prospects of the Company or could reasonably interfere
with or materially and adversely affect the consummation of the transactions
contemplated in the related Transaction Documents or this
Agreement.
(i)
At
the time of execution and delivery of the Transaction Documents for the related
Series of Offered Securities, (1) the Company will own the Trust Assets being
transferred to the Trust pursuant thereto, free and clear of any lien, mortgage,
pledge, charge, encumbrance, adverse claim or other security interest
(collectively, “Liens”), except to the extent permitted in the applicable
Transaction Documents, and will not have assigned to any person other than
the
Trust any of its right, title or interest, in the Trust Assets, (2) the Company
will have the power and authority to transfer the Trust Assets to the Trust
and
to transfer the Offered Securities of the related Series to the Underwriters,
and (3) upon execution and delivery of the related Transaction Documents, and
delivery of the related Offered Securities to the Company, the Trust will own
the Trust Assets free of Liens other than Liens permitted or created
by the applicable Transaction Documents or created or granted by the
Underwriters and (4) upon payment and delivery of the Offered Securities of
the
related Series to the Underwriters, the Underwriters will acquire ownership
of
such Offered Securities, free of Liens other than Liens created or granted
by
the Underwriters.
(j)
Any
taxes, fees and other governmental charges in connection with the execution,
delivery and issuance of this Agreement, the applicable Transaction Documents
and the Offered Securities of the applicable Series have been or will be paid
by
the Company at or prior to the applicable Closing Date, except for fees for
recording assignments of the Trust Assets to the Trustee or Indenture
Trustee, as applicable, pursuant to the applicable Transaction Documents that
have not yet been completed, which fees will be paid by or on behalf of the
Company in accordance with the applicable Transaction Documents.
(k)
The
Servicer or any subservicer who will be servicing any Trust Assets pursuant
to
the applicable Transaction Documents is qualified to do business in all
jurisdictions in which its activities as servicer or subservicer of the Trust
Assets serviced by it require such qualification except where failure to be
so
qualified will not have a material adverse effect on such servicing
activities.
(l)
The
Company is not doing business with Cuba.
(m)
If
the Offered Securities of the applicable Series include Notes, at or prior
to
the related Closing Date, the Trust will have entered into the related
Indenture, Trust Agreement and Insurance Agreement, if any, and, assuming the
due authorization, execution and delivery thereof by the other parties thereto,
such Indenture, such Trust Agreement and such Insurance Agreement (on such
Closing Date) will constitute the valid and binding agreement of the Trust
enforceable in accordance with its terms, subject, as to enforceability, to
bankruptcy, insolvency, reorganization or other similar laws affecting
creditors’ rights and to general principles of equity (regardless of whether the
enforceability of such Indenture, such Trust Agreement or such Insurance
Agreement is considered in a proceeding in equity or at law.)
(n)
Neither the Company, the Trust nor any funds or accounts established thereunder
is an “investment company” (as defined in the Investment Company Act of 1940, as
amended (the “1940 Act”)) or is under the “control” (as such term is defined in
the 0000 Xxx) of an “investment company” that is registered or required to be
registered under, or is otherwise subject to the provisions of, the 0000
Xxx.
(o)
If
the Offered Securities of the applicable Series include Notes, the Indenture
has
been qualified under the TIA.
(p)
As of
the earliest time after the filing of the Registration Statement that the
Company or another offering participant made a bona fide offer (within the
meaning of Rule 164 under the Act) of the Offered Securities, the Company was
not, and will not be, an “ineligible issuer” as defined in Rule 405 under the
Act.
2. Purchase
and Sale. Subject to the execution of the Terms Agreement for a particular
Offering and subject to the terms and conditions and in reliance upon the
representations and warranties set forth in this Agreement and such Terms
Agreement, the Company agrees to sell to each Underwriter, severally and not
jointly, and each Underwriter, severally and not jointly, agrees to purchase
from the Company, the respective original principal amounts of the related
Offered Securities set forth in the related Terms Agreement opposite the name
of
such Underwriter, plus any additional original principal amount of Offered
Securities which such Underwriter may be obligated to purchase pursuant to
Section 12 hereof, at the purchase price therefor set forth in such Terms
Agreement (the “Purchase Price”).
The
parties hereto agree that settlement for all securities sold pursuant to this
Agreement shall take place on the terms set forth herein and not as set forth
in
Rule 15c6-l(a) under the Exchange Act.
3. Delivery
and Payment. Delivery of and payment for the Offered Securities of a Series
shall be made at the offices of Xxxxxxx Xxxxxxxx & Xxxx llp, Two World Xxxxxxxxx Xxxxxx, Xxx
Xxxx, Xxx Xxxx 00000 at
10:00 a.m. New York City time, on the Closing Date specified in the related
Terms Agreement, which date and time may be postponed by agreement between
the
Underwriters and the Company (such date and time being herein called the
“Closing Date”). Delivery of such Offered Securities shall be made to the
Underwriters against payment by the Underwriters of the Purchase Price thereof
to or upon the order of the Company by wire transfer in federal or other
immediately available funds. Unless delivery is made through the facilities
of
The Depository Trust Company, the Offered Securities shall be registered in
such
names and in such authorized denominations as the Underwriters may request
not
less than two full business days in advance of the applicable Closing
Date.
The
Company agrees to notify the Underwriters at least two business days before
the
applicable Closing Date of the exact principal balance evidenced by the Offered
Securities and to have such Offered Securities available for inspection,
checking and packaging in New York, New York, no later than 12:00 noon on the
business day prior to such Closing Date.
4. Offering
by the Underwriters. It is understood that the Underwriters
propose to offer the Offered Securities of the related Series for sale to the
public as set forth in the related Prospectus and that the Underwriters will
not
offer, sell or otherwise distribute such Offered Securities (except for the
sale
thereof in exempt transactions) in any state in which such Offered Securities
are not exempt from registration under “blue sky” or state securities laws
(except where such Offered Securities will have been qualified for offering
and
sale at the Representative’s direction under such “blue sky” or state securities
laws).
5. Agreements
and Representations. The Company agrees with each Underwriter
that:
(a)
The
Company will cause each of the Preliminary Prospectus and the Prospectus
relating to the Offered Securities of the applicable Series to be filed in
compliance with Rule 433 and Rule 424 under the Act, respectively, and, if
necessary, within 4 days of the applicable Closing Date, will file a report
on
Form 8-K setting forth specific information concerning the Trust Assets and
will
promptly advise each Underwriter when such Preliminary Prospectus and such
Prospectus as so supplemented have been so filed, and prior to the termination
of the Offering to which such Preliminary Prospectus and Prospectus relate
also
will promptly advise each Underwriter (i) when any amendment to the related
Registration Statement specifically relating to such Offered Securities shall
have become effective or any further supplement to such Preliminary Prospectus
or such Prospectus has been filed, (ii) of any request by the Commission for
any
amendment of such Registration Statement, Preliminary Prospectus or Prospectus
or for any additional information, (iii) of the issuance by the Commission
of
any stop order suspending the effectiveness of such Registration Statement
or
the institution or threatening of any proceeding for that purpose and (iv)
of
the receipt by the Company of any written notification with respect to the
suspension of the qualification of such Offered Securities for sale in any
jurisdiction or the initiation or threatening of any proceeding for such
purpose. The Company will not file any amendment of the related Registration
Statement or supplement to the related Preliminary Prospectus or Prospectus
(other than any amendment or supplement specifically relating to one or more
Series of asset-backed securities other than the Series that includes the
related Offered Securities) unless (i) the Company has given reasonable notice
to the Underwriters of its intention to file any such amendment or supplement,
(ii) the Company has furnished the Underwriters with a copy for their review
within a reasonable time prior to filing, and (iii) the Underwriters do not
reasonably object to the filing of such amendment or supplement. The Company
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.
(b)
If,
at any time when a prospectus relating to the Offered Securities of the
applicable Series is required to be delivered under the Act, any event occurs
as
a result of which the related Prospectus as then amended or supplemented would
include any untrue statement of a material fact or omit to state any material
fact required to be stated therein or necessary to make the statements therein,
in light of the circumstances under which they were made, not misleading, or
if
it shall be necessary at any time to amend or supplement the related Prospectus
to comply with the Act, the TIA or the rules thereunder, the Company promptly
will prepare and file with the Commission, subject to paragraph (a) of this
Section 5, an amendment or supplement which will correct such statement or
omission or an amendment which will effect such compliance.
(c)
The
Company will furnish to each Underwriter and counsel for the Underwriters,
without charge, as many conformed copies of the related Registration Statement
(including exhibits thereto) and, so long as delivery of a prospectus by the
Underwriters or a dealer may be required by the Act, as many copies of the
related Preliminary Prospectus and the related Prospectus and any supplements
thereto, as the Underwriters may reasonably request.
(d)
The
Company will, as between itself and the Underwriters, pay all expenses
incidental to the performance of its obligations under this Agreement, including
without limitation (i) expenses of preparing, printing and reproducing the
related Registration Statement, the related Preliminary Prospectus, the related
Prospectus, the Transaction Documents and the Offered Securities, (ii) the
cost
of delivering the Offered Securities of the applicable Series to the
Underwriters, insured to the reasonable satisfaction of the Underwriters, (iii)
the fees charged by securities rating services for rating the Offered Securities
of the applicable Series, (iv) the fees and expenses of the Trustee, the Owner
Trustee and/or the Indenture Trustee, as applicable, except for fees and
expenses of their respective counsel which will be borne by them and (v) all
other costs and expenses incidental to the performance by the Company of the
Company’s obligations hereunder which are not otherwise specifically provided
for in this subsection. It is understood that, except as provided in
this paragraph (d) and in Section 13 hereof, each Underwriter will pay all
of
its own expenses, including (i) the fees of any counsel to such Underwriter,
(ii) any transfer taxes on resale of any of the Offered Securities by it, (iii)
any advertising expenses connected with any offers that such Underwriter may
make and (iv) any expenses for the qualification of the Offered Securities
of
the applicable Series under “blue sky” or state securities laws, including
filing fees and the fee and disbursements of counsel in connection therewith
and
in connection with the preparation of any Blue Sky Survey.
(e)
So
long as any Offered Securities of the applicable Series are outstanding, upon
request of any Underwriter, the Company will, or will cause the Servicer to,
furnish to such Underwriter, as soon as available, a copy of (i) the annual
statement of compliance delivered by the Servicer pursuant to the applicable
Transaction Document, (ii) the annual independent public accountants’ servicing
report furnished pursuant to the applicable Transaction Document, (iii) each
report of the Company regarding the Offered Securities of the applicable Series
filed with the Commission under the Exchange Act or mailed to the holders of
such Offered Securities and (iv) from time to time, such other information
concerning such Offered Securities which may be furnished by the Company or
the
Servicer without undue expense and without violation of applicable
law.
(f)
The
Company will furnish such information, execute such instruments and take such
actions as may be reasonably requested by the Underwriters to qualify the
Offered Securities of a Series for sale under the laws of such jurisdictions
as
the Underwriters may designate, to maintain such qualifications in effect so
long as required for the distribution of such Offered Securities and to
determine the legality of such Offered Securities for purchase by investors;
provided, however, that the Company shall not be required to qualify to do
business in any jurisdiction where it is not qualified on the date of the
related Terms Agreement or to take any action which would subject it to general
or unlimited service of process or corporate or franchise taxation as a foreign
corporation in any jurisdiction in which it is not, on the date of the related
Terms Agreement, subject to such service of process or such
taxation.
(g)
The
Company will file or cause to be filed with the Commission such Free Writing
Prospectus that is either an Issuer Free Writing Prospectus (as defined in
Section (9) hereof) or contains Issuer Information as soon as reasonably
practicable after the date of this Agreement, but in any event, not later than
required pursuant to Rules 426 or 433, respectively, of the Act.
(h)
The
Company will timely file all reports with respect to the Trust required to
be
filed under the Exchange Act.
(i) No
fiduciary duty. Notwithstanding any preexisting relationship,
advisory or otherwise, between the parties or any oral representations or
assurances previously or subsequently made by the Underwriters, the Seller
acknowledges and agrees that in connection with the offering,: (i) there exists
no fiduciary, financial advisory or agency relationship among the Seller and
the
Underwriters; (ii) the relationship among the Seller and the Underwriters,
is
entirely and solely commercial, based on arms-length negotiations and the
Underwriters are not acting as advisors, experts or otherwise, to the
Seller. The Seller hereby waives and releases, to the fullest extent
permitted by law, any claims that the Seller may have against the Underwriters
with respect to any breach or alleged breach of fiduciary duty in connection
with the Offering. Additionally, the Underwriters are not advising
the Seller or any other person as to any legal, tax, investment, accounting
or
regulatory matters in any jurisdiction, and the Seller shall be responsible
for
making its own independent investigation of such matters.
This
Agreement supersedes all prior agreements and understandings (whether written
or
oral) among the Company, the Seller and the Underwriters, or any of them, with
respect to the subject matter hereof. Each of the Company and the
Seller hereby waives and releases, to the fullest extent permitted by law,
any
claims that either of the Company or the Seller may have against the several
Underwriters with respect to any breach or alleged breach of fiduciary
duty.
(j)
In
relation to each Member State of the European Economic Area which has
implemented the Prospectus Directive (each, a “Relevant Member State”) and with
respect to any Class of Offered Securities of a Series which is offered with
a
minimum denomination of less than $100,000, each Underwriter hereby represents
and agrees that with effect from and including the date on which the Prospectus
Directive is implemented in that Relevant Member State (the “Relevant
Implementation Date”) it has not made and will not make an offer of 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 it may, with effect from and including the Relevant
Implementation Date, make an offer of Certificates to the public in that
Relevant Member State at any time:
(i) 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;
(ii) 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
€43,000,000 and (3) an annual net revenue of more than €50,000,000, as shown in
its last annual or consolidated accounts; or
(iii) 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 representation, the expression an “offer of Certificates to the
public” in relation to any 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.
(k) Each
Underwriter hereby further represents and agrees that, with respect to the
United Kingdom and with respect to any Class of Offered Securities of a Series
which is offered with a minimum denomination of less than $100,000:
(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) 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
Act
does not apply to the Issuer; and
(ii) it
has
complied and will comply with all applicable provisions of the Financial
Services and Markets Act with respect to anything done by it in relation to
the
Certificates in, from or otherwise involving the United Kingdom.
6. Conditions
to the Obligations of the Underwriters. The several obligations of the
Underwriters to purchase the Offered Securities of any Series shall be subject
to the accuracy in all material respects of the representations and warranties
on the part of the Company contained in this Agreement, as of the date of the
applicable Terms Agreement and the related Closing Date, to the accuracy of
the
statements of the Company made in any applicable officers’ certificates pursuant
to the provisions hereof, to the performance by the Company of its obligations
under this Agreement and the applicable Transaction Documents and to the
following additional conditions applicable to the related Offering:
(a) No
stop order suspending the effectiveness of the related Registration Statement
shall have been issued and no proceedings for that purpose shall have been
instituted or threatened and the related Prospectus shall have been filed or
mailed for filing with the Commission not later than required pursuant to the
rules and regulations of the Commission.
(b)
The
Company shall have furnished to the Underwriters a certificate, dated the
related Closing Date, of the Company, signed by an authorized officer of the
Company, to the effect that the signer of such certificate has carefully
examined the related Registration Statement, the related Preliminary Prospectus
and Prospectus and this Agreement and that:
(i) The
representations and warranties of the Company herein are true and correct in
all
material respects on and as of such Closing Date with the same effect as if
made
on such Closing Date, and the Company has complied with all agreements and
satisfied all the conditions on its part to be performed or satisfied at or
prior to such Closing Date;
(ii) No
stop
order suspending the effectiveness of the related Registration Statement has
been issued, and no proceedings for that purpose have been instituted and are
pending or, to his knowledge, have been threatened as of such Closing Date;
and
(iii) Nothing
has come to the attention of such person that would lead him to believe that
the
related Preliminary Prospectus and Prospectus contains any untrue statement
of a
material fact or omits to state any material fact necessary in order to make
the
statements therein, in the light of the circumstances under which they were
made, not misleading.
(c) The
Seller shall have furnished to the Underwriters a certificate, dated the related
Closing Date, of the Seller, signed by an authorized officer of the Seller,
to
the effect that (i) the signer of such certificate has carefully examined the
related Prospectus and nothing has come to the attention of such person that
would lead him to believe that such Prospectus contains any untrue statement
of
a material fact with respect to the Seller or omits to state any material fact
with respect to the Seller or the Trust Assets necessary in order to make the
statements therein, in light of the circumstances under which they were made,
not misleading and (ii) the Seller has complied with all agreements and
satisfied all the conditions on its part to be performed or satisfied at or
prior to such Closing Date under this Agreement and the Transaction Documents
to
which it is a party.
(d) The
Company shall have furnished to you an opinion, dated the related Closing Date,
of Xxxxxxx Xxxxxxxx & Xxxx llp, special counsel to the Company,
substantially to the effect that:
(i) The
related Registration Statement and any amendments thereto have become effective
under the Act; to the best knowledge of such counsel, no stop order suspending
the effectiveness of such Registration Statement has been issued and not
withdrawn, no proceedings for that purpose have been instituted or threatened
and not terminated; and such Registration Statement, the related Prospectus
and
each amendment or supplement thereto, as of their respective effective or issue
dates (other than the financial and statistical information contained therein
as
to which such counsel need express no opinion), complied as to form in all
material respects with the applicable requirements of the Act and the rules
and
regulations thereunder and, if the applicable Series of Offered Securities
includes Notes, with the requirements of the TIA and the rules and regulations
thereunder;
(ii) To
the
best knowledge of such counsel, there are no material contracts, indentures
or
other documents of a character required to be described or referred to in the
related Registration Statement or the related Prospectus or to be filed as
exhibits to such Registration Statement other than those described or referred
to therein or filed or incorporated by reference as exhibits
thereto;
(iii) Assuming
that this Agreement and each Transaction Document to which the Company and/or
the Seller is a party have each been duly authorized, executed and delivered
by
the parties thereto, each constitutes a valid, legal and binding agreement
of
the Company and the Seller, as applicable, enforceable against the Company
or
the Seller in accordance with its terms, subject, as to enforceability to
bankruptcy, insolvency, reorganization, moratorium or other similar laws
affecting creditors’ rights generally and to general principles of equity
regardless of whether enforcement is sought in a proceeding in equity or at
law;
and subject to limitations of public policy under applicable securities laws
as
to rights of indemnity and contribution thereunder;
(iv) Assuming
that the Offered Securities of the applicable Series have been duly and validly
authorized, executed and authenticated in the manner contemplated in the
relevant Transaction Documents, when delivered and paid for by the Underwriters
as provided in this Agreement, such Offered Securities will be validly issued
and outstanding and entitled to the benefits of the related Transaction
Documents and, if such Offered Securities include Notes, such Notes will
constitute the valid, legal and binding obligation of the Trust, enforceable
against the Trust in accordance with their terms subject, as to enforceability,
to bankruptcy, insolvency, reorganization, moratorium or other similar laws
affecting creditors’ rights generally and to general principals of equity
regardless of whether enforcement is sought in a proceeding in equity or at
law;
(v) The
Offered Securities of the related Series and the related Transaction Documents
conform in all material respects to the descriptions thereof contained in the
related Prospectus;
(vi) The
statements in the related Prospectus and Prospectus Supplement, as the case
may
be, under the headings “Federal Income Tax Consequences,” “ERISA Considerations”
and “Legal Investment,” to the extent that they constitute matters of New York
or federal law or legal conclusions with respect thereto, have been reviewed
by
such counsel and are correct in all material respects;
(vii) The
Offered Securities, if any, indicated under the heading “Summary--Legal
Investment” in the related Prospectus Supplement to be “mortgage related
securities” will be mortgage related securities, as defined in Section 3(a)(41)
of the Exchange Act, so long as such Offered Securities are rated in one of
the
two highest rating categories by at least one nationally recognized statistical
rating organization;
(viii) Either
(a) the Pooling and Servicing Agreement is not required to be or (b) the
Indenture has been, duly qualified under the TIA, and, in either case, the
Trust
is not required to be registered under the Investment Company Act of 1940,
as
amended;
(ix) If
one or
more “real estate mortgage investment conduit” (“REMIC”) elections are indicated
in the related Prospectus Supplement, the Trust as described in such Prospectus
Supplement will qualify as a REMIC within the meaning of Section 860D of the
Internal Revenue Code of 1986, as amended (the “Code”) and the indicated Classes
of such Securities will be considered “regular interests” in the REMIC,
assuming: (i) an election is made to treat the Trust as a REMIC, (ii)
compliance with the applicable Transaction Documents and (iii) compliance with
changes in the law, including any amendments to the Code or applicable Treasury
regulations thereunder; and
(x) If
the
related Prospectus Supplement indicates that one or more Classes of Offered
Securities are to be treated as debt of the Trust for federal income tax
purposes, such Classes will be treated as debt for federal income tax purposes
and the Trust will not be considered to be a publicly traded partnership or
a
taxable mortgage pool.
Such
counsel shall also state that nothing has come to its attention that would
lead
such counsel to believe that the related Registration Statement, at the time
it
became effective, contained an untrue statement of a material fact or omitted
to
state a material fact required to be stated therein or necessary to make the
statements therein not misleading or that the related Prospectus, as of the
date
of the related Prospectus Supplement, and on the related Closing Date, contained
or contains an untrue statement of a material fact or omitted or omits 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; it being
understood that such counsel need express no view as to (i) financial and
statistical information contained therein or (ii) any description in such
Prospectus of any Securities Insurer with respect to the related Offered
Securities.
Such
opinion may express its reliance as to factual matters on the representations
and warranties made by, and on certificates or other documents furnished by
officers of, the parties to this Agreement and the applicable Transaction
Documents. Such opinion may be qualified as an opinion only on the
laws of the State of New York and the federal law of the United
States. To the extent that such firm relies upon the opinion of other
counsel in rendering any portion of its opinion, the opinion of such other
counsel shall be attached to and delivered with the opinion of such firm that
is
delivered to you.
(e) The
Company shall have furnished to the Underwriters an opinion, dated the related
Closing Date, of counsel to the Company (who may be an employee of the Company
or of an affiliate of the Company), substantially to the effect
that:
(i) The
Company has been duly incorporated, is validly existing as a corporation in
good
standing under the laws of the State of Delaware and is duly qualified to do
business in, and is in good standing as a foreign corporation under the laws
of,
the State of California;
(ii) The
Offered Securities of the applicable Series have been duly authorized and
executed and, assuming authentication and delivery in the manner contemplated
in
the relevant Transaction Documents, are validly issued and outstanding, and
upon
delivery by the Company of the Offered Securities to be purchased by the
Underwriters and payment by the Underwriters of the purchase price therefor
in
the manner contemplated by this Agreement, the Underwriters will acquire such
Offered Securities free and clear of any lien, pledge, encumbrance or other
security interest other than one created or granted by any
Underwriter;
(iii) Each
Transaction Document to which the Company is a party has been duly authorized,
executed and delivered by the Company;
(iv) This
Agreement has been duly authorized, executed and delivered by the
Company;
(v) No
consent, approval, authorization or order of any California or federal
governmental agency or body or any California or federal court is required
for
the consummation by the Company of the transactions contemplated by the terms
of
this Agreement or the Transaction Documents to which the Company is a party
except such as may be required under the “blue sky” or state securities laws of
any jurisdiction in connection with the offering, sale or acquisition of the
related Offered Securities, any recordations of the assignment of the Trust
Assets to the Trustee or the Indenture Trustee, as applicable (to the extent
such recordations are required pursuant to the Transaction Documents) that
have
not yet been completed and such other approvals as have been
obtained;
(vi) The
sale of the Offered Securities to be purchased by the Underwriters pursuant
to
this Agreement and the consummation of any of the transactions contemplated
by
the terms of the Transaction Documents or this Agreement do not conflict with
or
result in a breach or violation of any material term or provision of, or
constitute a default under, the certificate of incorporation or by-laws of
the
Company, or any indenture or other agreement or instrument to which the Company
is a party or by which it is bound, or any California or federal statute or
regulation applicable to the Company or an order of any California or federal
court, regulatory body, administrative agency or governmental body having
jurisdiction over the Company; and
(vii) There
are no legal or governmental actions, investigations or proceedings pending
to
which the Company is a party, or, to the best knowledge of such counsel,
threatened against the Company, (A) asserting the invalidity of this Agreement,
the Transaction Documents or the Offered Securities, (B) seeking to prevent
the
issuance of the Offered Securities or the consummation of any of the
transactions contemplated by this Agreement or the Transaction Documents, (C)
which might materially and adversely affect the performance by the Company
of
its obligations under, or the validity or enforceability of, this Agreement,
the
Transaction Documents or the Offered Securities or (D) seeking to affect
adversely the Federal income tax attributes of the Offered Securities as
described in the related Prospectus under the heading “Federal Income Tax
Consequences.” For purposes of the foregoing, such counsel may state
that it has not regarded any legal or governmental actions, investigations
or
proceedings to be “threatened” unless the potential litigant or governmental
authority has manifested to the legal department of the Company a present
intention to initiate such proceedings.
Such
opinion may express its reliance as to factual matters on the representations
and warranties made by, and on certificates or other documents furnished by
officers of, the parties to this Agreement and the Transaction
Documents. 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 Company or its affiliates. Such opinion may be
qualified as an opinion only on the General Corporation Law of the State of
Delaware, the laws of the State of California and the federal law of the United
States. To the extent that such counsel relies upon the opinion of
other counsel in rendering any portion of its opinion, the opinion of such
other
counsel shall be attached to and delivered with the opinion of such counsel
that
is delivered to the Underwriters.
(f) The
Seller shall have furnished to the Underwriters an opinion, dated the related
Closing Date, of counsel to the Seller (who may be an employee of the Seller),
substantially to the effect that:
(i) The
Seller has been duly organized and is validly existing as a federal savings
bank
in good standing under the laws of the United States;
(ii) The
related Terms Agreement and the Transaction Documents to which the Seller is
a
party have each been duly authorized, executed and delivered by the
Seller;
(iii) No
consent, approval, authorization or order of any California or federal court
or
governmental agency or body is required for the consummation by the Seller
of
the transactions contemplated by the terms of this Agreement, or the Transaction
Documents except any such as may be required under the “blue sky” or state
securities laws of any jurisdiction in connection with the offering, sale or
acquisition of the Offered Securities, any recordations of the assignment of
the
Trust Assets to the Trustee or the Indenture Trustee, as applicable, (to the
extent such recordations are required pursuant to the Transaction Documents)
that have not yet been completed and any approvals as have been
obtained;
(iv) The
consummation of any of the transactions contemplated by the terms
of this Agreement or the Transaction Documents do not conflict with
or result in a breach or violation of any material term or provision of, or
constitute a default under, the charter or by-laws of the Seller, or, to the
best knowledge of such counsel, any indenture or other agreement or instrument
to which the Seller is a party or by which it is bound, any California or
federal statute or regulation applicable to the Seller or any order of any
California or federal court, regulatory body, administrative agency or
governmental body having jurisdiction over the Seller; and
(v) There
are no legal or governmental actions, investigations or proceedings pending
to
which the Seller is a party, or, to the best knowledge of such counsel,
threatened against the Seller, (A) asserting the invalidity of the related
Terms
Agreement or the Transaction Documents or (B) which might materially and
adversely affect the performance by the Seller of its obligations under, or
the
validity or enforceability of, the related Terms Agreement or the Transaction
Documents. For purposes of the foregoing, such counsel may state that
it has not regarded any legal or governmental actions, investigations or
proceedings to be “threatened” unless the potential litigant or governmental
authority has manifested to the legal department of the Seller a present
intention to initiate such proceedings.
Such
opinion may express its reliance as to factual matters on the representations
and warranties made by, and on certificates or other documents furnished by
officers of, the parties to the Transaction Documents. 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
Seller. Such opinion may be qualified as an opinion only on the laws
of California and the federal law of the United States. To the extent
that such counsel relies upon the opinion of other counsel in rendering any
portion of its opinion, the opinion of such other counsel shall be attached
to
and delivered with the opinion of such counsel that is delivered to the
Underwriters.
(g)
Each
party providing credit enhancement to the Offered Securities shall have
furnished to the Underwriters an opinion, dated the related Closing Date, of
its
counsel, with respect to the related Registration Statement and the related
Prospectus, and such other related matters, in the form previously agreed to
by
such provider and the Underwriters.
(h)
The
Underwriters shall have received from their counsel such opinion or opinions,
dated the related Closing Date, with respect to the issuance and sale of the
Offered Securities, the related Registration Statement and the related
Prospectus, and such other related matters as the Underwriters may reasonably
require.
(i) The
Company’s independent accountant, Deloitte & Touche LLP and/or Ernst &
Young LLP, shall have furnished to the Underwriters a letter or letters
addressed to the Underwriters and dated as of or prior to the date of first
use
of the related Prospectus Supplement in the form and reflecting the performance
of the procedures previously agreed to by the Company and the Underwriters;
provided, however, that the Underwriters are obligated to sign the agreed upon
procedures acknowledgment letter from Ernst & Young LLP.
(j)
Subsequent to the date of the applicable Terms Agreement, there shall not have
occurred any change, or any development involving a prospective change, in
or
affecting the business or properties of the Company or any of its affiliates
which in the Representative’s reasonable judgment materially impairs the
investment quality of the related Offered Securities so as to make it
impractical or inadvisable to proceed with the public offering or the delivery
of the related Offered Securities as contemplated by the related
Prospectus.
(k)
The
Classes of Offered Securities of the applicable Series shall be rated not lower
than the required ratings set forth under the heading “Ratings” in the
Prospectus Supplement, such ratings shall not have been rescinded and no public
announcement shall have been made that any such required rating of the Offered
Securities has been placed under review (otherwise than for possible
upgrading).
(l)
The
Underwriters shall have received copies of any opinions of counsel to the
Company supplied to the rating organizations relating to certain matters with
respect to the related Offered Securities. Any such opinions shall be
dated the applicable Closing Date and addressed to the Underwriters or
accompanied by reliance letters addressed to the Underwriters.
(m)
All
Classes of Offered Securities being publicly offered by the Underwriters or
privately placed by an initial purchaser shall have been issued and paid for
pursuant to the terms of this Agreement and any related purchase agreement,
respectively.
(n)
Counsel for each of the Trustee, the Owner Trustee and the Indenture Trustee,
as
applicable, shall have furnished to the Underwriters an opinion, dated the
related Closing Date, in form and substance that is customary and reasonably
acceptable to the Underwriters regarding certain matters relating to each of
the
Trustee, the Owner Trustee and the Indenture Trustee, as
applicable.
In
addition, counsel for the Owner Trustee shall furnish to the Underwriters such
opinions as to the treatment of the Trust for purposes of state tax law where
the Owner Trustee maintains possession of the Trust Assets as are customary
and
reasonably satisfactory to the Underwriters.
(o)
The
Policy relating to the Offered Securities of the related Series, if any, shall
have been duly executed and issued prior to the Closing Date, in form and
substance that is customary and reasonably satisfactory to the Underwriters,
and
shall conform in all respects to the description thereof in the Prospectus
and
the Underwriters shall have received an officer’s certificate and an opinion of
counsel from the Securities Insurer, in each case in form and substance that
is
customary and reasonably satisfactory to the Underwriters.
(p)
If
applicable, on or prior to the Closing Date, there has been no downgrading,
nor
shall any notice have been given of (i) any intended or possible downgrading
or
(ii) any review or possible changes, the direction of which has not been
indicated, of the rating accorded the Securities Insurer’s claims paying ability
by any “nationally recognized statistical rating organization” (as such term is
defined for purposes of the Exchange Act).
(q)
The
Company shall have furnished to the Underwriters such further information,
certificates and documents as the 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 Underwriters and their
counsel.
(r)
The
Company shall have furnished to the Underwriters a letter, dated the related
Closing Date, of Xxxxxxx Xxxxxxx & Xxxx llp special counsel to the Company
stating that nothing has come to its attention that would lead such counsel
to
believe that the related Preliminary Prospectus, as of its date and on the
date
hereof, contained an untrue statement of a material fact or omitted to state
a
material fact necessary in order to make the statements therein, in light of
the
circumstances under which they were made, not misleading; it being understood
that such counsel need express no view as to (i) financial and statistical
information contained therein or (ii) any description in such Preliminary
Prospectus of any Securities Insurer with respect to the related Offered
Securities.
(s)
The
Underwriters shall have received from their counsel a letter, dated the related
Closing Date, stating that nothing has come to its attention that would lead
such counsel to believe that the related Preliminary Prospectus, as of its
date
and on the date hereof, contained an untrue statement of a material fact or
omitted to state a material fact necessary in order to make the statements
therein, in light of the circumstances under which they were made, not
misleading; it being understood that such counsel need express no view as to
(i)
financial and statistical information contained therein or (ii) any description
in such Preliminary Prospectus of any Securities Insurer with respect to the
related Offered Securities.
(t)
The
Company’s independent accountant, Deloitte & Touche LLP and/or Ernst &
Young LLP, shall have furnished to the Underwriters (A) a letter or letters
addressed to the Underwriters and dated as of or prior to the date of first
use
of the related Preliminary Prospectus in the form and reflecting the performance
of the procedures previously agreed to by the Company and the Underwriters;
provided, however, that the Underwriters are obligated to sign the agreed upon
procedures acknowledgment letter from Ernst & Young LLP and (B) (a) dated as
of a date not more than 135 days prior to the date of first use of the
Prospectus Supplement, reflecting the performance of the procedures agreed
to by
the Company and such accountants with respect to securitized asset pools issued
on or after January 1, 2006 and/or vintage origination years commencing on
or
after January 1, 2006 and (b) a bring-down or reliance letter, dated as of
the
date on which the Company notifies the related Underwriter that the Company
has
chosen it to underwrite the offering of Securities, from such accountants with
respect to the letter described in (B)(a), which shall be addressed to the
Underwriters; provided that the Underwriters shall have complied with any
reasonable requests of such accountants as a condition thereto.
If
any of
the conditions specified in this Section 6 shall not have been fulfilled in
all
material respects with respect to the particular Offered Securities of a Series
when and as provided in this Agreement and the related Terms Agreement, this
Agreement (with respect to the related Offered Securities) and the related
Terms
Agreement and all obligations of the Underwriters hereunder (with respect to
the
related Offered Securities) and thereunder may be canceled at, or at any time
prior to, the related Closing Date by the Underwriters. Notice of
such cancellation shall be given to the Company in writing, or by telephone
or
electronic communication confirmed in writing.
7. Indemnification
and Contribution.
(a)
The
Company agrees to indemnify and hold harmless each Underwriter and each person
who controls an Underwriter within the meaning of either the Act or the Exchange
Act against any and all losses, claims, damages or liabilities, joint or
several, to which they may become subject under the Act, the Exchange Act,
or
other federal or state statutory law or regulation, at common law or otherwise,
insofar as such losses, claims, damages or liabilities (or actions in respect
thereof) arise out of or are based upon any untrue statement or alleged untrue
statement of a material fact contained in the Company Preliminary Prospectus
Information, the Company Prospectus Information, the Company Registration
Information or the Static Pool Data or in any revision or amendment thereof
or
supplement thereto or arise out of or are based upon the omission or alleged
omission to state in the Company Registration Information, the Company
Preliminary Prospectus Information, the Company Prospectus Information or the
Static Pool Data or in any revision or amendment thereof or supplement thereto
a
material fact required to be stated therein or necessary to make the statements
therein, in the light of the circumstances under which they were made, not
misleading, in each case, excluding any Derived Information or Underwriter
Information incorporated therein and agrees to reimburse each such indemnified
party for any legal or other expenses reasonably incurred by it or him in
connection with investigating or defending any such loss, claim, damage,
liability or action. This indemnity agreement will be in addition to
any liability which the Company may otherwise have.
(b)
Each
Underwriter severally agrees to indemnify and hold harmless the Company, its
officers who signed the applicable Registration Statement or any amendment
thereof, its directors, and each person who controls the Company within the
meaning of either the Act or the Exchange Act against any and all losses,
claims, damages or liabilities (or actions in respect thereof) to which they
may
become subject, insofar as such losses, claims, damages or liabilities (or
actions in respect thereof) arise out of or are based upon (A) such
Underwriter’s failure to comply with Section 8(a) of this Agreement or (B) any
untrue statement or alleged untrue statement of any material fact contained
in
(i) the Derived Information of such Underwriter and (ii) the Registration
Statement, the Preliminary Prospectus, the Prospectus, or any amendment or
supplement thereto, or arise out of, or are based upon, the omission or the
alleged omission to state therein a material fact required to be stated in
clause (b)(B)(i) or (ii) above or necessary to make the statements made therein
not misleading, but with respect to clause (b)(B)(ii) above, only to the extent
that such untrue statement or alleged untrue statement or omission or alleged
omission was made in reliance upon and in conformity with the Underwriter
Information of such Underwriter; provided, however, that any such
omission or alleged omission relating to the Derived Information of such
Underwriter shall be determined by reading such Derived Information in
conjunction with the Preliminary Prospectus or the Prospectus, as applicable,
as
an integral document and in light of the circumstances under which such
statements in such Derived Information and Prospectus were made. This
indemnity agreement will be in addition to any liability which any Underwriter
may otherwise have.
(c) Promptly
after receipt by an indemnified party under this Section 7 of notice of the
commencement of any action, such indemnified party shall, if a claim in respect
thereof is to be made against the indemnifying party under this Section 7,
notify the indemnifying party in writing of the commencement thereof, but the
omission so to notify the indemnifying party will not relieve the indemnifying
party from any liability which it may have to any indemnified party otherwise
than under Section 7(a) or (b). In case any such action is brought
against any indemnified party and it notifies the indemnifying party of the
commencement thereof, the indemnifying party shall be entitled to participate
therein, and to the extent that it may elect by written notice delivered to
the
indemnified party promptly after receiving the aforesaid notice from such
indemnified party, to assume the defense thereof, with counsel satisfactory
to
such indemnified party; provided, however, that if the defendants
in any such action include both the indemnified party and the indemnifying
party
and the indemnified party or parties shall have reasonably concluded that there
may be legal defenses available to it or them and/or other indemnified parties
that are different from or additional to those available to the indemnifying
party, the indemnified party or parties shall have the right to elect separate
counsel to assert such legal defenses and to otherwise participate in the
defense of such action on behalf of such indemnified party or
parties. Upon receipt of notice from the indemnifying party to such
indemnified party of its election so to assume the defense of such action and
approval by the indemnified party of counsel, the indemnifying party will not
be
liable for any legal or other expenses subsequently incurred by such indemnified
party in connection with the defense thereof, unless (i) the indemnified party
shall have employed separate counsel in connection with the assertion of legal
defenses in accordance with the proviso to the next preceding sentence (it
being
understood, however, that the indemnifying party shall not be liable for the
expenses of more than one separate counsel for each of, and approved by, the
applicable Underwriter, in the case of paragraph (a) of this Section 7,
representing the related indemnified parties under such paragraph (a) who are
parties to such action), (ii) the indemnifying party shall not have employed
counsel satisfactory to the indemnified party to represent the indemnified
party
within a reasonable time after notice of commencement of the action or (iii)
the
indemnifying party has authorized the employment of counsel for the indemnified
party at the expense of the indemnifying party; and except that, if clause
(i)
or (iii) is applicable, such liability shall only be in respect of the counsel
referred to in such clause (i) or (iii). No indemnifying party shall,
without the consent of the indemnified party, effect any settlement of any
pending or threatened proceeding in respect of which any indemnified party
is or
could have been a party and indemnity could have been sought hereunder by such
indemnified party, unless such settlement includes an unconditional release
of
such indemnified party from all liability on claims that are the subject matter
of such proceeding.
(d)
If
the indemnification provided for in Section 7 is unavailable or insufficient
to
hold harmless an indemnified party under Section 7 (a) or (b), then each
indemnifying party shall contribute to the amount paid or payable by such
indemnified party as a result of the losses, claims, damages or liabilities
referred to in Section 7(a) or (b) above in such proportion as is appropriate
to
reflect the following: (A) in the case of any Underwriter which did not furnish
Computational Materials as provided in Section 8 hereof (i) in such proportion
as is appropriate to reflect the relative benefits received by the Company
on
the one hand and the Underwriters on the other from the offering of the Offered
Securities 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 Company on the one hand and the Underwriters on the other in
connection with the statements or omissions or alleged statements or alleged
omissions which resulted in such losses, claims, damages or liabilities as
well
as any other relevant equitable considerations; or (B) in the case of any
Underwriter which did so furnish Computational Materials or which failed to
comply with Section 8(a) of this Agreement, (i) the relative benefits received
by the Company on the one hand and the Underwriters on the other from the
offering of the Offered Securities and (ii) the relative fault of the Company
on
the one hand and the Underwriters on the other in connection with the statements
or omissions or alleged statements or alleged omissions which resulted in such
losses, claims, damages or liabilities as well as any other relevant equitable
considerations. The relative benefits received by the Company on the
one hand and the Underwriters on the other shall be in such proportion so that
the Underwriters are responsible for an amount equal to the amount of the loss
multiplied by a fraction, the numerator of which is the Spread and the
denominator of which is the initial public offering price as set forth on the
Prospectus Supplement and the Company is responsible for the
balance. The relative benefits received by an Underwriter shall be
the Spread of such Underwriter, in the case of each Underwriter. The
relative fault shall be determined by reference to, among other things, whether
the untrue or alleged untrue statement of a material fact or the omissions
or
alleged omission to state a material fact relates to information supplied by
the
Company or by the Underwriters and the parties’ relative intent, knowledge,
access to information and opportunity to correct or prevent such untrue
statement or omission. The amount paid by an indemnified party as a
result of the losses, claims, damages or liabilities referred to in the first
sentence of this Section 7(d) shall be deemed to include any legal or other
expenses reasonably incurred by such indemnified party in connection with
investigating or defending any action or claim which is the subject of this
Section 7(d). An Underwriter shall not be required to contribute any
amount in excess of (x) the applicable Spread over (y) the amount of any damages
which the applicable Underwriter has otherwise been required to pay by reason
of
such untrue or alleged untrue statement or omission or alleged omission;
provided, however, that if the statements or omissions or alleged
statements or alleged omissions which resulted in contribution were contained
in
or omitted from Computational Materials, the preceding limitation on
contribution shall be inapplicable to the Underwriter which furnished such
Computational Materials. No person guilty of fraudulent
misrepresentation (within the meaning of Section 11(f) of the Act) shall be
entitled to contribution from any person who was not guilty of such fraudulent
misrepresentation.
(e)
The
obligations of the Company under this Section 7 shall be in addition to any
liability which the Company may otherwise have and shall extend, upon the same
terms and conditions, to each person, if any, who controls an Underwriter within
the meaning of the Act or the Exchange Act; and the obligations of each
Underwriter under this Section 7 shall be in addition to any liability which
such Underwriter may otherwise have and shall have extended upon the same terms
and conditions, to the officers of the Company who signed the applicable
Registration Statement or any amendment thereof, to its directors, and to each
person who controls the Company within the meaning of either the Act or the
Exchange Act.
8. Marketing.
(a) Each
Underwriter represents and agrees with the Company that prior to entering into
any Contract of Sale, the Underwriter shall convey the Preliminary Prospectus
to
each prospective investor. The Underwriter shall keep sufficient
records to document its conveyance of the Preliminary Prospectus to each
potential investor prior to the related Contract of Sale.
(b) An
Underwriter may convey a Preliminary Term Sheet or Issuer Free Writing
Prospectus to a potential investor prior to entering into a Contract of Sale
with such investor; provided, however, that (x) such Underwriter shall not
enter
into a Contract of Sale with such investor unless the Underwriter has conveyed
the Preliminary Prospectus to such potential investor prior to such Contract
of
Sale, (y) such Underwriter shall deliver a copy of the proposed Preliminary
Term
Sheet or Issuer Free Writing Prospectus to the Company and its counsel at least
24 hours prior to the anticipated first use and shall not convey any
such Preliminary Term Sheet or Issuer Free Writing Prospectus to
which the Company and its counsel reasonably objects.
(c)
Each
Underwriter who has conveyed Computational Materials represents to the Company
that assuming the accuracy of the Seller Asset Information, the Derived
Information included in the Computational Materials of such Underwriter does
not
contain an untrue statement of a material fact or, when read in conjunction
with
the Prospectus as an integral document, omit to state a material fact necessary
to make such statements, in light of the circumstances under which they were
made, not misleading; provided, however, that the Underwriter
makes no representation that the Prospectus does not include any untrue
statements of a material fact and does not omit to state any material facts
necessary to make the statements contained therein, in light of the
circumstances under which they were made, not misleading.
(d) An
Underwriter may convey Computational Materials (x) to a potential investor
prior
to entering into a Contract of Sale with such investor; provided, however,
that
such Underwriter shall not enter into a Contract of Sale with such investor
unless the Underwriter has conveyed the Preliminary Prospectus to such potential
investor prior to such Contract of Sale and (y) to an investor after a Contract
of Sale. Each Underwriter agrees that it shall not broadly
disseminate any Computational Materials.
(e) Unless
preceded or accompanied by a prospectus satisfying the requirements of Section
10(a) of the Act, the Underwriter shall not convey or deliver 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 Act, (2) constitutes a prospectus satisfying the requirements
of
Rule 430B under the Act or (3) is a Free Writing Prospectus.
(f) Each
Preliminary Term Sheet shall contain legends substantially similar to the
following:
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 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 (000)-000-0000.
The
attached tables and other statistical analyses (the “Computational Materials”)
have been prepared and furnished to you by Xxxxxx Brothers Inc. and Greenwich
Capital Markets, Inc. The issuer of the securities did not
participate in the preparation of these Computational Materials.
Numerous
assumptions were used in preparing the Computational Materials, which may or
may
not be reflected therein. As such, no assurance can be given as to
whether the Computational Materials and/or the assumptions upon which they
are
based reflect present market conditions or future market
performance. These Computational Materials should not be construed as
either projections or predictions or as legal, tax, financial or accounting
advice.
Any
weighted average lives, yields and principal payment periods shown in the
Computational Materials are based on prepayments assumptions, and changes in
such prepayment assumptions may dramatically affect such weighted average lives,
yields and principal payment periods. In addition, it is possible
that prepayments on the underlying assets will occur at rates slower or faster
than the rates shown in the attached Computational
Materials. Furthermore, unless otherwise provided, the Computational
Materials assume no losses on the underlying assets and no interest
shortfall. The specific performance characteristics of the securities
may differ from those shown in the Computational Materials due to differences
between the actual underlying assets and the hypothetical underlying assets
used
in preparing the Computational Materials. The principal amount and
designation of any security described in the Computational Materials are subject
to change prior to issuance. There can be no assurance as to the
actual rate or timing of payments on any of the underlying assets or the
payments or yield on the securities.
This
communication shall not constitute an offer to sell or the solicitation of
an
offer to buy nor shall there be any sale of the securities, discussed in this
communication in any state in which such offer, solicitation or sale would
be
unlawful prior to registration or qualification of such securities under the
securities laws of any such state.
Please
be
advised that the securities herein may not be appropriate for all investors.
Potential investors must be willing to assume, among other things, market price
volatility, prepayment, yield curve and interest rate
risks. Investors should make every effort to consider the risks of
these securities.
If
you
have received this communication in error, please notify the sending party
immediately by telephone and return the original to such party by
mail.
THE
INFORMATION CONTAINED HEREIN IS PRELIMINARY AND SUBJECT TO CHANGE AND SUPERSEDES
INFORMATION CONTAINED IN ANY PRIOR TERM SHEET FOR THIS TRANSACTION.
(g) Any
Computational Materials shall include legends substantially similar to the
following, in addition to those specified in paragraph (e) above:
The
information in this free writing prospectus may be based on preliminary
assumptions about the pool assets and the structure. Any such
assumptions are subject to change.
The
information in this free writing prospectus may reflect parameters, metrics
or
scenarios specifically requested by you. If so, prior to the time of
your commitment to purchase, you should request updated information based on
any
parameters, metrics or scenarios specifically required by you.
Neither
the issuer of the securities nor any of its affiliates prepared, provided,
approved or verified any statistical or numerical information presented in
this
free writing prospectus, although that information may be based in part on
loan
level data provided by the issuer or its affiliates.
(h) At
or prior to the time any Preliminary Term Sheet is furnished to the Company
for
filing on the Form 8-K, if Computational Materials are conveyed at or about
the
same time, the Underwriter furnishing such Computational Materials will provide
to the Company and such Underwriter a letter, in form and substance reasonably
satisfactory to the Company and such Underwriter, of a firm of independent
public accountants of national reputation to the effect that such accountants
have performed certain specified procedures with respect to such Computational
Materials and have found no exceptions, other than such exceptions as are
acceptable to the Company and the Underwriter.
(i) In
the event that any Underwriter or the Company becomes aware that any Free
Writing Prospectus or any Preliminary Prospectus prepared by or on behalf of
the
Underwriter and, in each case, delivered to a purchaser of an Offered Security
contained any untrue statement of a material fact or omitted to state a material
fact necessary in order to make the statements contained therein, in the light
of the circumstances under which they were made, not misleading (such Free
Writing Prospectus or Preliminary Prospectus, a “Defective Prospectus”),
then:
(i) The
Underwriter or the Company shall notify the other parties to this Agreement
within one business day after discovery;
(ii) The
party responsible for the incorrect or omitted information, if requested by
the
Company or an Underwriter, as appropriate, shall prepare a Free Writing
Prospectus or Preliminary Prospectus, as applicable, with corrective information
that corrects the material misstatement in or omission from the Defective
Prospectus (such corrected Free Writing Prospectus, a “Corrected
Prospectus”);
(iii) The
Underwriters shall deliver the Corrected Prospectus to each purchaser of an
Offered Security which received the Defective Prospectus;
(iv) The
Underwriters shall notify such purchaser in a prominent fashion that the prior
agreement to purchase Offered Securities has been terminated, and of such
purchaser’s rights as a result of termination of such agreement;
and
(v) The
Underwriters shall provide such purchaser with an opportunity to affirmatively
agree to purchase such Offered Securities on the terms described in the
Corrected Free Writing Prospectus.
9. Certain
Defined Terms. The following terms shall have the meanings set
forth below, unless the context clearly indicates otherwise:
Company
Preliminary Prospectus Information: All information contained or
incorporated in the Preliminary Prospectus other than the Underwriter
Information.
Company
Prospectus Information: All information contained or incorporated
in the Prospectus other than the Underwriter Information.
Company
Registration Information: All information contained or
incorporated in the Registration Statement.
Computational
Materials: Any Free Writing Prospectus prepared by the
Underwriter that contains only (i) information specified in paragraph (5) of
the
definition of ABS Informational and Computational Materials in Item 1101 (a)
of
Regulation AB or (ii) information that is not Issuer Information.
Contract
of Sale: The meaning set forth in Rule 159 under the
Act.
Derived
Information: Such information, if any, in any Free Writing
Prospectus prepared by any Underwriter that is not contained in either (i)
the
Registration Statement, the Base Prospectus, the Preliminary Prospectus or
the
Prospectus or amendments or supplements thereto, taking into account information
incorporated therein by reference or (ii) any Seller Asset
Information.
Form
8-K: The Current Report on Form 8-K, if any, filed by or on
behalf of the Company with respect to the Trust Assets.
Free
Writing Prospectus: A written communication within the meaning of
Rule 405 under the Act that describes the Offered Securities or the Trust
Assets.
Issuer
Information: Such information as defined in Rule 433(h) under the
Act and which shall not include information that is merely based on or derived
from such information.
Issuer
Free Writing Prospectus: The meaning set forth in Rule 405 of the
Act except that (i) Computational Materials shall not be an Issuer Free Writing
Prospectus; (ii) any Free Writing Prospectus or portion thereof prepared by
or
on behalf of an Underwriter that includes any Issuer Information that is not
approved by the Depositor for use therein shall not be an Issuer Free Writing
Prospectus.
Preliminary
Term Sheet: A Free Writing Prospectus that contains information
described in paragraphs (1) – (3) of the definition of ABS Informational and
Computational Materials in Item 1101(a) of Regulation AB but which does not
include Derived Information.
Seller
Asset Information: Information relating to the Trust Assets
furnished by the Seller to any Underwriter upon which the mathematical
calculations reflected in the Computational Materials of such Underwriter are
based.
Spread: As
to any Underwriter, the underwriting discount set forth on the cover of the
applicable Prospectus Supplement.
Static
Pool Data: The information required in the Prospectus Supplement
by Item 1105 of Regulation AB under the Act, whether or not such information
is
incorporated in the Prospectus Supplement or the Registration
Statement.
Underwriter
Information: As to any Underwriter, the only written information
furnished by or on behalf of such Underwriter to the Company specifically for
use in connection with the preparation of the related Registration Statement,
the Preliminary Prospectus or the Prospectus, such information being (i) the
information relating to such Underwriter set forth in the Prospectus Supplement
in the last paragraph of the cover page thereof and under the
caption “Method of Distribution” therein and (ii) any Derived
Information included in ABS ICM prepared by such Underwriter, furnished to
the
Company and included in the Form 8-K; provided, however, that such Derived
Information shall not include any Seller Asset Information or any errors in
the
mathematical calculations reflected in such Derived Information to the extent
such errors result from such Seller Asset Information.
10. Termination.
This Agreement (with respect to a particular Offering) and the related Terms
Agreement shall be subject to termination in the absolute discretion of the
Underwriters, by notice given to the Company prior to delivery of and payment
for the related Offered Securities, if prior to the related Closing Date (i)
trading in securities generally on the New York Stock Exchange shall have been
suspended or materially limited, (ii) a general moratorium on commercial banking
activities in New York shall have been declared by either federal or New York
State authorities, or (iii) there shall have occurred any outbreak or material
escalation of hostilities or other calamity or crisis the effect of which on
the
financial markets of the United States is such as to make it, in the reasonable
judgment of the Underwriters, impracticable to market such Offered
Securities.
11. Representations
and Indemnities to Survive Delivery. The agreements, representations,
warranties, indemnities and other statements of the Company, and the Seller
or
the officers of either and of each Underwriter set forth in or made pursuant
to
this Agreement will remain in full force and effect, regardless of any
investigation made by or on behalf of any Underwriters or the Company, or any
of
the officers, directors or controlling persons referred to in Section 7 hereof,
and will survive delivery of and payment for the related Offered Securities.
The
provisions of Sections 7, 13 and 14 hereof shall survive the termination or
cancellation of this Agreement.
12. Default
by One or More of the Underwriters. If one or more of the Underwriters shall
fail on the applicable Closing Date to purchase the Offered Securities which
it
or they are obligated to purchase hereunder and under the applicable Terms
Agreement (the “Defaulted Securities”), you shall have the right, within 24
hours thereafter, to make arrangements for one or more of the non-defaulting
Underwriters, or any other underwriters, to purchase all, but not less than
all,
of the Defaulted Securities in such amounts as may be agreed upon and upon
the
terms set forth herein and in the applicable Terms Agreement. If, however,
you
have not completed such arrangements within such 24-hour period,
then:
(a) if
the aggregate original principal balance of Defaulted Securities equals or
does
not exceed 10% of the aggregate original principal balance of the Offered
Securities to be purchased pursuant to such Terms Agreement, the non-defaulting
Underwriters named in such Terms Agreement shall be obligated to purchase the
full amount thereof in the proportions that their respective underwriting
obligations thereunder bear to the underwriting obligations of all
non-defaulting Underwriters; and
(b) if
the aggregate original principal balance of Defaulted Securities exceeds 10%
of
the aggregate original principal balance of the Offered Securities to be
purchased pursuant to such Terms Agreement, the applicable Terms Agreement
shall
terminate without any liability on the part of any non-defaulting
Underwriter.
No
action
taken pursuant to this Section 12 and nothing in this Agreement shall relieve
any defaulting Underwriter from liability in respect of its
default.
In
the
event of any such default which does not result in a termination of this
Agreement either you or the Company shall have the right to postpone the Closing
Date for a period of time not exceeding seven days in order to effect any
required changes in the Registration Statement or in any other documents or
arrangements.
13. Reimbursement
of Underwriter Expenses If for any reason other than default by
an Underwriter in its obligation to purchase the Offered Securities or
termination by an Underwriter pursuant to Section 10 hereof, the Offered
Securities are not delivered by or on behalf of the Company as provided herein,
the Company will reimburse each Underwriter for all out-of-pocket expenses
of
such Underwriter, including reasonable fees and disbursements of its counsel,
reasonably incurred by such Underwriter in making preparations for the purchase,
sale and delivery of the Offered Securities, but the Company shall then be
under
no further liability to any Underwriter with respect to the Offered Securities,
except as provided in Section 5(d) hereof.
14. Seller
Obligation. The Seller agrees with each Underwriter, for the sole and
exclusive benefit of such Underwriter and each person who controls such
Underwriter within the meaning of either the Act or the Exchange Act and not
for
the benefit of any assignee thereof or any other person or persons dealing
with
such Underwriter, to indemnify and hold harmless such Underwriter and each
person who controls such Underwriter within the meaning of either the Act or
the
Exchange Act against any failure by the Company to perform any of its
obligations under this Agreement. The Seller agrees that there are no
conditions precedent to the obligations of the Seller hereunder other than
written demand to the Company to perform its obligations under this
Agreement.
15. Successors.
This Agreement will inure to the benefit of and be binding upon the parties
hereto and thereto and their respective successors and the officers, directors
and controlling persons referred to in Section 7 hereof, and their successors
and assigns, and no other person will have any right or obligation hereunder
or
thereunder. No purchaser of any Offered Security from the Underwriters shall
be
deemed a successor or assign by reason of such purchase.
16. APPLICABLE
LAW. THIS AGREEMENT AND THE RELATED TERMS AGREEMENT WILL BE GOVERNED BY, AND
CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK APPLICABLE
TO
AGREEMENTS MADE AND TO BE PERFORMED THEREIN.
17. Miscellaneous. (a) This
Agreement supersedes all prior and contemporaneous agreements and understandings
relating to the subject matter hereof. This Agreement or any term of this
Agreement may not be changed, waived, discharged or terminated except by an
affirmative written agreement made by the party against whom enforcement of
the
change, waiver, discharge or termination is sought. The headings in this
Agreement are for purposes of reference only and shall not limit or otherwise
affect the meaning hereof or thereof. This Agreement and any Terms
Agreement may be executed in counterparts, each of which shall be an original,
all of which, taken together, shall constitute one and the same
instrument.
(b) Any
costs and expenses incurred in connection with the qualification of any of
the
Offered Securities under the “blue sky” or securities laws of any state shall be
paid by the Underwriter requesting such action. Unless otherwise
agreed to among the Underwriters, any advertising or “tombstone” expenses shall
be paid by the Underwriter incurring the same. Each Underwriter shall
be responsible for all costs and expenses incurred by it in connection with
the
purchase and sale of the Offered Securities.
(c) If
an Underwriter fails to provide the Company with original issue discount (“OID”)
calculations within five business days after the applicable Closing Date for
any
Offered Securities purchased by such Underwriter, such Underwriter agrees to
reimburse the Trust for any penalties actually incurred by the Trust resulting
from the failure of the Trust to legend the Offered Securities with OID
information or for any delay in legending, as well as for any other penalties
actually imposed on the Trust resulting from not having the OID information
or
for having such information late.
(d) Each
Underwriter hereby authorizes Xxxxxx Brothers Inc. and Greenwich Capital
Markets, Inc. to execute the cross-receipt and the registration instructions
on
behalf of such Underwriter.
18. Notices. All
communications hereunder shall be in writing and effective only on receipt
and,
if sent to an Underwriter, shall be delivered to the address specified on page
one hereof, or if sent to the Company or the Seller, shall be delivered to
0000
Xxxx Xxxxxxxx, Xxxxxxxx, XX 00000, attention of Secondary
Marketing.
19. Confidentiality. (i) Each
Underwriter agrees that all nonpublic personal information relating to the
consumers and customers of the Seller and its affiliates (“Customer Confidential
Information”) acquired by the Underwriters from the Seller or its affiliates may
only be used in connection with the purchase and sale of the Offered
Securities. If an Underwriter proposes to disclose Customer
Confidential Information to a third party in order to perform under this
Agreement, such Underwriter shall remain responsible for any breach of these
covenants by such party. The restrictions on use and disclosure set
forth above shall not apply when, and to the extent that, the Customer
Confidential Information is required to be disclosed by any Underwriter as
a
matter of law. The provisions of this section shall survive the
termination of this Agreement.
If
the
foregoing is in accordance with your understanding of our agreement, please
sign
and return to the undersigned a counterpart hereof, whereupon this letter and
your acceptance shall represent a binding agreement among the Company, the
Seller and the Underwriters.
|
Very
truly yours,
INDYMAC
ABS, INC.
|
|||
|
By:
|
/s/
Xxxx Xxxxxxxx
|
||
|
Name:
Xxxx Xxxxxxxx
|
|||
|
Title: Vice
President
|
|||
|
INDYMAC
BANK, F.S.B., as Seller
|
|||
|
By:
|
/s/
Xxxx Xxxxxxxx
|
||
|
Name:
Xxxx Xxxxxxxx
|
|||
|
Title:
Vice President
|
|||
The
foregoing Agreement is
hereby
confirmed and accepted
as
of the
date first above written
on
behalf
of itself and as representative
of
the
Underwriters
|
XXXXXX
BROTHERS INC.
|
||
|
By:
|
/s/
Xxxxxx X’Xxxx
|
|
|
Name:
Xxxxxx X’Xxxx
|
||
|
Title:
Managing
Director
|
||
|
GREENWICH
CAPITAL MARKETS, INC.
|
||
|
By:
|
/s/ Xxx Xxx | |
|
Name:
Xxx
Xxx
|
||
|
Title:
Vice
President
|
||
EXHIBIT
A
INDYMAC
ABS, INC.
ASSET-BACKED
SECURITIES
TERMS
AGREEMENT
dated
__________________
among
the
Company, and the Representative)
|
IndyMac
ABS, Inc.
000
Xxxxx Xxxx
Xxxxxx
Xxxxxxxx,
XX 00000
|
_______,
200_
|
This
letter supplements and modifies the captioned Underwriting Agreement (the
“Underwriting Agreement”) with respect to the Series _-_ Securities solely as it
relates to the purchase and sale of the Offered Securities described below.
The
Series _-_ Securities are registered with the Securities and Exchange Commission
by means of an effective Registration Statement (No. 333-_______). Capitalized
terms used and not defined herein have the meanings given them in the
Underwriting Agreement. Each of the undersigned Underwriters
agrees to be bound by the terms and provisions of the Underwriting Agreement
as
supplemented by this Terms Agreement.
Section
1. The Trust Assets: The Trust Assets
for the Series -_ Securities shall consist of [SFMLs, MFMLs, HELs, HILs or
Contracts] having the characteristics described in the Prospectus Supplement
dated the date hereof.
Section
2. The Securities: The Offered
Securities shall be issued as follows:
(a) Classes:
The Offered Securities shall be issued with the following Class designations,
interest rates and principal balances, subject in the aggregate to the variance
referred to in the Prospectus:
|
Class
|
Principal
Balance
|
Interest
Rate
|
Class
Purchase
Price
Percentage
|
Each
of
the Underwriters agrees, severally and not jointly, subject to the terms and
provisions herein and of the captioned Underwriting Agreement, to purchase
the
principal balances of the Classes of Series -_ Securities specified opposite
its
name below.
|
Class
|
Underwriter
|
Underwriter
|
Underwriter
|
Underwriter
|
(b) The
Offered Securities shall have such other characteristics as described in the
related Prospectus.
Section
3. Purchase Price: The
Purchase Price for each Class of the Offered Securities shall be the Class
Purchase Price Percentage therefor (as set forth in Section 2(a) above) of
the
initial class principal balance thereof plus accrued interest at the applicable
interest rate per annum of each such Class from and including the Cut-off Date
up to, but not including, (the “Closing Date”).
Section
4. Securities
Insurer:
If
the
foregoing is in accordance with your understanding of our agreement, please
sign
and return to the undersigned a counterpart hereof, whereupon this letter and
your acceptance shall represent a binding agreement between the Underwriters
and
the Company.
|
Very
truly yours,
|
|||
|
By:
|
|||
|
Name:
|
|||
|
Title:
|
|||
The
foregoing Agreement is
hereby
confirmed and accepted
as
of the
date first above written.
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INDYMAC
ABS, INC.
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By:
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/s/ | |
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Name:
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Title:
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ACKNOWLEDGED
BY:
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By:
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/s/ | |
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Name:
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Title:
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