EXHIBIT 99.4
MORTGAGE LOAN PURCHASE AGREEMENT
This Mortgage Loan Purchase Agreement (this "Agreement"), is
dated
and effective December 21, 2006, between General Electric Capital
Corporation as
seller (the "Seller"), and Deutsche Mortgage & Asset Receiving
Corporation, as
purchaser (the "Purchaser").
The Seller desires to sell, assign, transfer and otherwise convey
to
the Purchaser, and the Purchaser desires to purchase, subject to
the terms and
conditions set forth below, the commercial, multifamily and
manufactured housing
mortgage loans (collectively, the "Mortgage Loans") identified on
the schedule
annexed hereto as Exhibit A (the "Mortgage Loan Schedule").
It is expected that the Mortgage Loans will be transferred,
together
with other commercial, multifamily and manufactured housing
mortgage loans (such
mortgage loans, the "Other Mortgage Loans"), to COMM 2006-C8
Mortgage Trust, a
trust fund (the "Trust Fund") to be formed by the Purchaser, the
beneficial
ownership of which will be evidenced by a series of mortgage
pass-through
certificates (the "Certificates"). Certain classes of the
Certificates will be
rated by Moody's Investors Service, Inc., and Fitch, Inc.
(together, the "Rating
Agencies"). Certain classes of the Certificates (the "Registered
Certificates")
will be registered under the Securities Act of 1933, as amended
(the "Securities
Act"). The Trust Fund will be created and the Certificates will be
issued
pursuant to a pooling and servicing agreement to be dated as of
December 1, 2006
(the "Pooling and Servicing Agreement"), among the Purchaser, as
depositor,
Midland Loan Services, Inc., as the master servicer with respect to
all of the
Mortgage Loans other than the EZ Storage Portfolio Loan (the
"Master Servicer"),
LNR Partners, Inc., as special servicer with respect to all of the
Mortgage
Loans other than the EZ Storage Portfolio Loan (in such capacity,
the "Special
Servicer"), and LaSalle Bank National Association, as trustee (the
"Trustee")
and paying agent.
The Purchaser intends to sell certain of the Certificates to
Deutsche Bank Securities Inc. ("DBS"), Banc of America Securities
LLC ("BAS"),
Barclays Capital Inc. ("BCI") and Morgan Stanley & Co.
Incorporated ("Morgan
Stanley") and collectively with DBS, BAS and BCI, in such capacity
the
"Underwriters") pursuant to an underwriting agreement dated
December 13, 2006
(the "Underwriting Agreement"). The Purchaser intends to sell
certain other
Certificates (the "Non-Registered Certificates") pursuant to a
certificate
purchase agreement dated December 13, 2006 (the "Certificate
Purchase
Agreement") to Deutsche Bank Securities Inc. and Banc of America
Securities LLC
(together, in such capacity the "Initial Purchasers"). Capitalized
terms not
otherwise defined herein have the meanings assigned to them in the
Pooling and
Servicing Agreement (as of the Closing Date) or in the GECC
Indemnification
Agreement which was entered into by the Seller, the Purchaser and
the
Underwriters on December 13, 2006 (the "GECC Indemnification
Agreement").
Now, therefore, in consideration of the premises and the mutual
agreements set forth herein, the parties agree as follows:
SECTION 1. Agreement to Purchase.
Subject to the terms and conditions set forth in this Agreement,
the
Seller agrees to sell, assign, transfer and otherwise convey to the
Purchaser
upon receipt of the Mortgage Loan Purchase Price referred to in
this Section 1,
and the Purchaser agrees to purchase, the Mortgage Loans. The
purchase and sale
of the Mortgage Loans shall take place on December 21, 2006 or such
other date
as shall be mutually acceptable to the parties hereto (the "Closing
Date"). As
of the close of business on December 1, 2006 (the "Cut-off Date"),
the Mortgage
Loans will have an aggregate principal balance (the "Aggregate
Cut-off Date
Balance"), after application of all payments of principal due
thereon on or
before the Cut-off Date, whether or not received, of $567,401,793,
subject to a
variance of plus or minus 5%. The purchase price of the Mortgage
Loans
(inclusive of accrued interest and exclusive of the Seller's pro
rata share of
the costs set forth in Section 9 hereof) (the "Mortgage Loan
Purchase Price")
shall be equal to the amount set forth on the cross receipt between
the Seller
and the Purchaser dated the date hereof.
SECTION 2. Conveyance of Mortgage Loans.
(a) On the Closing Date, subject only to receipt by the Seller
of
the Mortgage Loan Purchase Price, the satisfaction of the other
closing
conditions required to be satisfied on the part of Purchaser
pursuant to Section
7 and the issuance of the Certificates, the Seller agrees to (i)
sell, transfer,
assign, set over and otherwise convey to the Purchaser, without
recourse, all
the right, title and interest of the Seller in and to the Mortgage
Loans
identified on the Mortgage Loan Schedule, including all rights to
payment in
respect thereof, which includes all interest and principal received
or
receivable by the Seller on or with respect to the Mortgage Loans
after the
Cut-off Date (subject to the proviso in the next sentence),
together with all of
the Seller's right, title and interest in and to the proceeds of
any related
title, hazard, or other insurance policies and any escrow, reserve
or other
comparable accounts related to the Mortgage Loans, subject to (i)
that certain
Servicing Rights Purchase Agreement dated as of December 21, 2006
between the
Master Servicer and the Seller, (ii) the rights of the 777 Sunrise
Highway B
Loan Noteholder under the 777 Sunrise Highway Intercreditor
Agreement, (iii) the
rights of the Sabre Office Centre B Loan Noteholder under the Sabre
Office
Centre Intercreditor Agreement, (iv) the rights of the Shoppes at
Savannah B
Loan Noteholder under the Shoppes at Savannah Intercreditor
Agreement and (v)
the rights of the Summit Park Apartments B Loan Noteholders under
the Summit
Park Apartments Intercreditor Agreement. The Purchaser shall be
entitled to
(and, to the extent received by or on behalf of the Seller, the
Seller shall
deliver or cause to be delivered to or at the direction of the
Purchaser) all
scheduled payments of principal and interest due on the Mortgage
Loans after the
Cut-off Date, and all other recoveries of principal and interest
collected
thereon after the Cut-off Date; provided, however, that all
scheduled payments
of principal and interest accrued but not paid thereon, due on or
before the
Cut-off Date and collected after the Cut-off Date shall belong to
the Seller,
and the Purchaser or its successors or assigns shall promptly remit
any such
payments to the Seller.
On or prior to the Closing Date, the Seller shall retain a
third
party vendor reasonably satisfactory to the Controlling Class
Representative to
complete the assignment and recordation of the related Loan
Documents, as
contemplated by the next sentence. On or promptly following the
Closing Date,
the Seller shall cause such third party vendor, to the extent
possession of
recorded copies of each Mortgage and the documents described in
clauses (iii),
(iv), (v), (viii), (xiii) and (xiv) of Exhibit B have been
delivered to it, at
the expense of the Seller, (1) to prepare and record (a) each
Assignment of
Mortgage referred to in clause (iii) of Exhibit B which has not yet
been
submitted for recording and (b) each Reassignment of Assignment of
Leases, Rents
and Profits referred to in clause (viii)(B) of Exhibit B (if not
otherwise
included in the related Assignment of Mortgage) which has not yet
been submitted
for recordation; and (2) to prepare and file each UCC assignment of
financing
statement referred to in clause (v)(B) or (xiii) of Exhibit B which
has not yet
been submitted for filing or recording. The Seller shall direct the
related
third party vendor to promptly prepare and submit (and in no event
later than 30
Business Days following the receipt of the related documents in the
case of
clause 1(a) of the prior sentence and 60 days following the receipt
of the
applicable documents in the case of clauses 1(b) and 2 of the prior
sentence)
for recording or filing, as the case may be, in the appropriate
public recording
or filing office, each such document. In the event that any such
document is
lost or returned unrecorded because of a defect therein, the
Seller, at its
expense, shall promptly prepare a substitute document for signature
by the
Purchaser or itself, as applicable, and thereafter the Seller shall
cause each
such document to be duly recorded or filed. The Seller shall,
promptly upon
receipt of the original recorded or filed copy (and in no event
later than five
Business Days following such receipt) deliver such original to the
Custodian (in
the case of each UCC financing statement or UCC assignment of
financing
statement, with evidence of filing or recording thereon).
Notwithstanding
anything to the contrary contained in this Section 2, in those
instances where
the public recording office retains the original Mortgage,
Assignment of
Mortgage or Reassignment of Assignment of Leases, Rents and
Profits, if
applicable, after any has been recorded, the obligations hereunder
of the Seller
shall be deemed to have been satisfied upon delivery to the
Custodian of a copy
of such Mortgage, Assignment of Mortgage or Reassignment of
Assignment of
Leases, Rents and Profits, if applicable, certified by the public
recording
office to be a true and complete copy of the recorded original
thereof or
otherwise with evidence of recording indicated thereon.
(b) In connection with the Seller's assignment pursuant to
subsection (a) above, the Seller shall deliver to and deposit with,
or cause to
be delivered to and deposited with, the Custodian, on or before the
Closing
Date, the documents and/or instruments referred to in clauses (i),
(ii), (vii),
(xi) and (xvii) of Exhibit B for each Mortgage Loan so assigned
(with originals
with respect to clauses (i) and (xvii) and copies with respect to
clauses (ii),
(vii) and (xi)) and, within 30 days following the Closing Date, the
remaining
applicable documents in Exhibit B for each such Mortgage Loan with
copies to the
Master Servicer.
(c) If the Seller cannot deliver, or cause to be delivered, as
to
any Mortgage Loan, the original Note, the Seller shall deliver a
copy or
duplicate original of such Note, together with an affidavit
certifying that the
original thereof has been lost or destroyed and an indemnification
in connection
therewith in favor of the Trustee.
If the Seller cannot deliver, or cause to be delivered, as to
any
Mortgage Loan, the original or a copy of any of the documents
and/or instruments
referred to in clauses (ii), (iv)(A), (v)(A), (viii)(A), (xiv) and
(xvi) of
Exhibit B and the UCC financing statements and UCC assignments of
financing
statements referred to in clause (xiii) of Exhibit B, with evidence
of recording
or filing thereon, solely because of a delay caused by the public
recording or
filing office where such document or instrument has been delivered
for
recordation or filing, or because such original recorded or filed
document has
been lost or returned from the recording or filing office and
subsequently lost,
as the case may be, the delivery requirements of this Section 2(b)
shall be
deemed to have been satisfied as to such missing item, and such
missing item
shall be deemed to have been included in the related Mortgage File,
provided
that a copy of such document or instrument (without evidence of
recording or
filing thereon, but certified (which certificate may relate to
multiple
documents and/or instruments) by the applicable public recording or
filing
office, the applicable title insurance company or by the Seller to
be a true and
complete copy of the original thereof submitted for recording or
filing, as the
case may be) has been delivered to the Trustee within 45 days after
the Closing
Date, and either the original of such missing document or
instrument, or a copy
thereof, with evidence of recording or filing, as the case may be,
thereon, is
delivered to or at the direction of the Purchaser (or any
subsequent owner of
the affected Mortgage Loan, including without limitation the
Trustee) within 180
days after the Closing Date (or within such longer period after the
Closing Date
as the Purchaser (or such subsequent owner) may consent to, which
consent shall
not be unreasonably withheld so long as the Seller has provided the
Purchaser
(or such subsequent owner) with evidence of such recording or
filing, as the
case may be, or has certified to the Purchaser (or such subsequent
owner) as to
the occurrence of such recording or filing, as the case may be, and
is, as
certified to the Purchaser (or such subsequent owner) no less often
than
quarterly, in good faith attempting to obtain from the appropriate
public
recording or filing office such original or copy).
If the Seller cannot deliver, or cause to be delivered, as to
any
Mortgage Loan, the original or a copy of the related lender's title
insurance
policy referred to in clause (vii) of Exhibit B solely because such
policy has
not yet been issued, the delivery requirements of this Section 2(b)
shall be
deemed to be satisfied as to such missing item, and such missing
item shall be
deemed to have been included in the related Mortgage File, provided
that the
Seller has delivered to the Trustee a binder marked as binding and
countersigned
by the title insurer or its authorized agent (which may be a pro
forma or
specimen title insurance policy which has been accepted or approved
in writing
as binding by the related title insurance company) or an
acknowledged closing
instruction or escrow letter, and the Seller shall deliver to or at
the
direction of the Purchaser (or any subsequent owner of the affected
Mortgage
Loan, including without limitation the Trustee), promptly following
the receipt
thereof, the original related lender's title insurance policy (or a
copy
thereof). In addition, notwithstanding anything to the contrary
contained
herein, if there exists with respect to any group of related
cross-collateralized Mortgage Loans only one original of any
document referred
to in Exhibit B covering all the Mortgage Loans in such group, then
the
inclusion of the original of such document in the Mortgage File for
any of the
Mortgage Loans in such group shall be deemed an inclusion of such
original in
the Mortgage File for each such Mortgage Loan. On the Closing Date,
upon (i)
notification from the Seller that the purchase price referred to in
Section 1
has been received by the Seller and (ii) the issuance of the
Certificates, the
Purchaser shall be authorized to release to the Trustee or its
designee all of
the Mortgage Files in the Purchaser's possession relating to the
Mortgage Loans.
Notwithstanding anything herein to the contrary, with respect to
the
documents referred to in clause (xvii) and clause (xviii) on
Exhibit B, the
Master Servicer shall hold the original of each such document in
trust on behalf
of the Trustee in order to draw on such letter of credit on behalf
of the Trust
and the Seller shall be deemed to have satisfied the delivery
requirements of
this Agreement by delivering the original of each such document to
the Master
Servicer. The Seller shall pay any costs of assignment or amendment
of such
letter of credit required (which assignment or amendment shall
change the
beneficiary of the letter of credit to the Trust in care of the
Master Servicer)
in order for the Master Servicer to draw on such letter of credit
on behalf of
the Trust. In the event that the documents specified in clause
(xviii) on
Exhibit B are missing because the related assignment or amendment
documents have
not been completed, the Seller shall take all reasonably necessary
steps to
enable the Master Servicer to draw on the related letter of credit
on behalf of
the Trust including, if necessary, drawing on the letter of credit
in its own
name pursuant to written instructions from the Master Servicer and
immediately
remitting such funds (or causing such funds to be remitted) to the
Master
Servicer.
Contemporaneously with the execution of this Agreement by the
Purchaser and the Seller, the Seller shall deliver a power of
attorney to each
of the Master Servicer and the Special Servicer at the direction of
the
Controlling Class Representative or its assignees, to take such
other action as
is necessary to effect the delivery, assignment and/or recordation
of any
documents and/or instruments relating to any Mortgage Loan which
have not been
delivered, assigned or recorded at the time required for
enforcement by the
Trust Fund. The Seller will be required to effect at its expense
the assignment
and recordation of its Loan Documents until the assignment and
recordation of
all such Loan Documents has been completed.
(d) As to each Mortgage Loan, the Seller shall be responsible
for
all costs associated with the recording or filing, as the case may
be, of each
assignment referred to in clauses (iii) and (viii)(B) of Exhibit B
and each
UCC-2 and UCC-3 assignment of financing statement, if any, referred
to in clause
(v)(B) of Exhibit B. If any such document or instrument is lost or
returned
unrecorded or unfiled, as the case may be, because of a defect
therein, the
Seller shall promptly prepare or cause the preparation of a
substitute therefor
or cure or cause the curing of such defect, as the case may be, and
shall
thereafter deliver the substitute or corrected document to or at
the direction
of the Purchaser (or any subsequent owner of the affected Mortgage
Loan,
including without limitation the Trustee) for recording or filing,
as
appropriate, at the Seller's expense.
(e) Except as provided below, all documents and records in the
Seller's possession (or under its control) relating to the Mortgage
Loans that
are not required to be a part of a Mortgage File in accordance with
Exhibit B
but that are reasonably required to service the Mortgage Loans (all
such other
documents and records, including Environmental Reports, as to any
Mortgage Loan,
the "Servicing File"), together with all escrow payments, reserve
funds and
other comparable funds in the possession of the Seller (or under
its control)
with respect to the Mortgage Loans, shall (unless they are held by
a
sub-servicer that shall, as of the Closing Date, begin acting on
behalf of the
Master Servicer pursuant to a written agreement between such
parties) be
delivered by the Seller (or its agent) to the Purchaser (or its
designee) no
later than the Closing Date; provided, however, the Seller shall
not be required
to deliver, and the Servicing File shall not be deemed to include
drafts of Loan
Documents, attorney-client or internal communications of the Seller
or its
affiliates or Seller's credit underwriting or due diligence
analyses or related
data (as distinguished from Environmental Reports, financial
statements, credit
reports, title reports, structural and engineering reports,
appraisals and other
reports, analyses or data provided by the Borrowers or third
parties other than
the Seller's attorneys). If a sub-servicer shall, as of the Closing
Date, begin
acting on behalf of the Master Servicer with respect to any
Mortgage Loan
pursuant to a written agreement between such parties, the Seller or
its agent
shall deliver a copy of the related Servicing File to the Master
Servicer.
(f) Each of the Seller's and the Purchaser's records will
reflect
the transfer of the Mortgage Loans to the Purchaser as a sale,
including for
accounting purposes. Following the transfer of the Mortgage Loans
to the
Purchaser, the Seller will not take any action inconsistent with
the ownership
of the Mortgage Loans by the Purchaser or its assignees.
(g) Furthermore, it is the express intent of the parties hereto
that
the conveyance of the Mortgage Loans by Seller to Purchaser as
provided in this
Agreement be, and be construed as, a sale of the Mortgage Loans by
Seller to
Purchaser and not a pledge of the Mortgage Loans by Seller to
Purchaser to
secure a debt or other obligation of Seller.
(h) It is further acknowledged and agreed by the Seller that
the
Purchaser intends to convey all right, title and interest of the
Purchaser in
and to the Mortgage Loans and all rights and remedies under this
Agreement
(excluding the Purchaser's rights and remedies under Section 9
below and the
GECC Indemnification Agreement) to the Trustee on behalf of the
Certificateholders, including, without limitation, all rights and
remedies as
may be available under Section 6 to the Purchaser in the event of a
Material
Breach or a Material Defect; provided, that the Trustee on behalf
of the
Certificateholders shall be a third-party beneficiary of this
Agreement and
shall be entitled to enforce any obligations of the Seller
hereunder in
connection with a Material Breach or a Material Defect as if the
Trustee on
behalf of the Certificateholders had been an original party to this
Agreement.
SECTION 3. Examination of Mortgage Loan Files and Due Diligence
Review.
The Seller shall reasonably cooperate with any examination of
the
Mortgage Files and Servicing Files that may be undertaken by or on
behalf of the
Purchaser. The fact that the Purchaser has conducted or has failed
to conduct
any partial or complete examination of the Mortgage Files and/or
Servicing Files
shall not affect the Purchaser's right to pursue any remedy
available in equity
or at law under Section 6 for a breach of the Seller's
representations,
warranties and covenants set forth in or contemplated by Section
4.
SECTION 4. Representations, Warranties and Covenants of the
Seller.
(a) The Seller hereby makes, as of the date hereof (or as of
such
other date specifically provided in the particular representation
or warranty),
to and for the benefit of the Purchaser, the Trustee on behalf of
the
Certificateholders and the respective successors-in-interest of the
Purchaser
and the Trustee (in each case, subject to the limitations on
assignment
described in Section 17 hereof), each of the representations and
warranties set
forth in Exhibit C subject to the exceptions set forth in Schedule
C-1 to
Exhibit C.
(b) In addition, the Seller, as of the date hereof, hereby
represents and warrants to, and covenants with, the Purchaser
that:
(i) The Seller is a corporation, duly organized, validly
existing
and in
good standing under the laws of the State of Delaware, and is
in
compliance
with the laws of each State in which any Mortgaged Property is
located to
the extent necessary to ensure the enforceability of each
Mortgage
Loan and to perform its obligations under this Agreement.
(ii) The execution and delivery of this Agreement by the Seller,
and
the
performance of, and compliance with, the terms of this Agreement
by
the
Seller, do not violate the Seller's organizational documents or
constitute
a default (or an event which, with notice or lapse of time, or
both,
would constitute a default) under, or result in the breach of,
any
material
agreement or other instrument to which it is a party or which
is
applicable
to it or any of its assets, in each case which materially and
adversely
affects the ability of the Seller to carry out the transactions
contemplated by this Agreement.
(iii) The Seller has the full power and authority to enter into
and
consummate
all transactions contemplated by this Agreement, has duly
authorized
the execution, delivery and performance of this Agreement, and
has duly
executed and delivered this Agreement.
(iv) This Agreement, assuming due authorization, execution and
delivery
by the Purchaser, constitutes a valid, legal and binding
obligation
of the Seller, enforceable against the Seller in accordance
with the
terms hereof, subject to (A) applicable bankruptcy, insolvency,
reorganization, receivership, moratorium and other laws affecting
the
enforcement of creditors' rights generally, (B) general principles
of
equity,
regardless of whether such enforcement is considered in a
proceeding
in equity or at law, and (C) public policy considerations
underlying
the securities laws, to the extent that such public policy
considerations limit the enforceability of the provisions of
this
Agreement that purport
to provide indemnification or contribution for
securities
laws liabilities.
(v) The Seller is not in violation of, and its execution and
delivery
of this Agreement and its performance of, and compliance with,
the terms
of this Agreement do not constitute a violation of, any law,
any
judgment,
order or decree of any court or arbiter, or any order,
regulation
or demand of any federal, state or local governmental or
regulatory
authority, which violation, in the Seller's good faith and
reasonable
judgment, is likely to affect materially and adversely either
the
ability of the Seller to perform its obligations under this
Agreement
or the
financial condition of the Seller.
(vi) No litigation is pending or, to the best of the Seller's
knowledge,
threatened against the Seller the outcome of which, in the
Seller's
good faith and reasonable judgment, is likely to materially and
adversely
affect the ability of the Seller to perform its obligations
under this
Agreement or the financial condition of the Seller.
(vii) The Seller has not dealt with any broker, investment
banker,
agent or
other person, other than the Purchaser, the Underwriters, the
Initial
Purchasers, and their respective affiliates, that may be
entitled
to any
commission or compensation in connection with the sale of the
Mortgage
Loans or the consummation of any of the other transactions
contemplated hereby.
(viii) Insofar as it relates to the Mortgage Loans, the
information
set forth
in Annex A-1 and Annex A-2 to the Prospectus Supplement (as
defined in
the GECC Indemnification Agreement) (the "Loan Detail") and, to
the extent
consistent therewith, the information set forth on the diskette
attached
to the Prospectus Supplement and the accompanying prospectus
(the
"Diskette"), is true and correct in all material respects. Insofar
as it
relates to
the description of the Mortgage Loans and/or the Seller and
does not
represent a restatement or aggregation of the information on
the
Loan
Detail, the information set forth in Time of Sale Information
(as
defined in
the GECC Indemnification Agreement), the Memorandum (as defined
in the
GECC Indemnification Agreement) (insofar as the Prospectus
Supplement
is an exhibit thereto) and in the Prospectus Supplement under
the
headings "Summary of the Prospectus Supplement--Relevant Parties
and
Dates--Sponsors," "--Mortgage Loan Sellers," "--Originators,"
"--The
Mortgage
Pool," "Risk Factors--Risks Related to the Mortgage Loans,"
"Transaction Parties--The Sponsors" and "Description of the
Mortgage Pool"
and the
information set forth on Annex A-1 and Annex A-2 and Annex B to
the
Prospectus Supplement, and to the extent it contains
information
consistent
with that on such Annex A-1 and Annex A-2 set forth on the
Diskette,
does not (or, in the case of the Time of Sale Information, did
not as of
the Time of Sale (as defined in the GECC Indemnification
Agreement)
contain any untrue statement of a material fact or (in the case
of the
Memorandum, when read together with the other information
specified
therein as
being available for review by investors) omit to state any
material
fact necessary to make the statements therein, in light of the
circumstances under which they were made, not misleading.
(ix) No consent,
approval, authorization or order of, registration
or filing
with, or notice to, any governmental authority or court is
required,
under federal or state law (including, with respect to any bulk
sale
laws), for the execution, delivery and performance of, or
compliance
by, the
Seller with this Agreement, or the consummation by the Seller
of
any
transaction contemplated hereby, other than (1) the filing or
recording
of financing statements, instruments of assignment and other
similar
documents necessary in connection with the Seller's sale of the
Mortgage
Loans to the Purchaser, (2) such consents, approvals,
authorizations, qualifications, registrations, filings or notices
as have
been
obtained, made or given and (3) where the lack of such consent,
approval,
authorization, qualification, registration, filing or notice
would not
have a material adverse effect on the performance by the Seller
under this
Agreement.
(c) Upon discovery by any of the Seller or the parties to the
Pooling and Servicing Agreement of a breach of any of the
representations and
warranties made pursuant to and set forth in subsection (b) above
which
materially and adversely affects the interests of the Purchaser or
a breach of
any of the representations and warranties made pursuant to
subsection (a) above
and set forth in Exhibit C which materially and adversely affects
the value of
any Mortgage Loan, the value of the related Mortgaged Property or
the interests
therein of the Purchaser, the Trustee on behalf of the
Certificateholders or any
Certificateholder, the party discovering such breach shall give
prompt written
notice to the Seller and/or the other parties, as applicable.
SECTION 5.
Representations, Warranties and Covenants of the
Purchaser.
(a) The Purchaser, as of the date hereof, hereby represents and
warrants to, and covenants with, the Seller that:
(i) The Purchaser is a corporation duly organized, validly
existing
and in
good standing under the laws of State of Delaware.
(ii) The execution and delivery of this Agreement by the
Purchaser,
and the
performance of, and compliance with, the terms of this
Agreement
by the
Purchaser, do not violate the Purchaser's organizational
documents
or
constitute a default (or an event which, with notice or lapse of
time,
or both,
would constitute a default) under, or result in the breach of,
any
material agreement or other instrument to which it is a party or
which
is
applicable to it or any of its assets.
(iii) The Purchaser has the full power and authority to enter
into
and
consummate all transactions contemplated by this Agreement, has
duly
authorized
the execution, delivery and performance of this Agreement, and
has duly
executed and delivered this Agreement.
(iv) This Agreement, assuming due authorization, execution and
delivery
by the Seller, constitutes a valid, legal and binding
obligation
of the
Purchaser, enforceable against the Purchaser in accordance with
the
terms
hereof, subject to (A) applicable bankruptcy, insolvency,
reorganization, receivership, moratorium and other laws affecting
the
enforcement of creditors' rights generally, and (B) general
principles of
equity,
regardless of whether such enforcement is considered in a
proceeding
in equity or at law.
(v) The Purchaser is not in violation of, and its execution and
delivery
of this Agreement and its performance of, and compliance with,
the terms
of this Agreement will not constitute a violation of, any law,
any
judgment, order or decree of any court or arbiter, or any
order,
regulation
or demand of any federal, state or local governmental or
regulatory
authority, which violation, in the Purchaser's good faith and
reasonable
judgment, is likely to affect materially and adversely either
the
ability of the Purchaser to perform its obligations under this
Agreement
or the financial condition of the Purchaser.
(vi) No litigation is pending or, to the best of the
Purchaser's
knowledge,
threatened against the Purchaser which would prohibit the
Purchaser
from entering into this Agreement or, in the Purchaser's good
faith and
reasonable judgment, is likely to materially and adversely
affect
either the ability of the Purchaser to perform its obligations
under this
Agreement or the financial condition of the Purchaser.
(vii) The Purchaser has not dealt with any broker, investment
banker,
agent or other person, other than the Seller, the Underwriters,
the
Initial Purchasers and their respective affiliates, that may be
entitled
to any commission or compensation in connection with the sale
of
the
Mortgage Loans or the consummation of any of the transactions
contemplated hereby.
(viii) No consent, approval, authorization or order of,
registration
or filing
with, or notice to, any governmental authority or court is
required,
under federal or state law, for the Purchaser's execution,
delivery
and performance of or compliance by the Purchaser with this
Agreement, or
the consummation by the Purchaser of any transaction
contemplated hereby, other than (1) such consents, approvals,
authorizations, qualifications, registrations, filings or notices
as have
been
obtained, made or given and (2) where the lack of such consent,
approval,
authorization, qualification, registration, filing or notice
would not
have a material adverse effect on the performance by the
Purchaser
under this Agreement.
(b) Upon discovery by any of the parties hereto of a breach of
any
of the representations and warranties set forth above which
materially and
adversely affects the interests of the Seller, the party
discovering such breach
shall give prompt written notice to the other party hereto.
SECTION 6. Repurchases; Substitutions.
(a) If any of the parties to this Agreement discovers that any
document constituting a part of a Mortgage File has not been
delivered within
the time periods provided for herein, has not been properly
executed, is
missing, does not appear to be regular on its face or contains
information that
does not conform in any material respect with the corresponding
information set
forth in the Mortgage Loan Schedule (each, a "Defect"), or
discovers or receives
notice of a breach of any representation or warranty of the Seller
made pursuant
to Section 4(a) of this Agreement with respect to any Mortgage Loan
(a
"Breach"), such party shall give prompt written notice thereof to
each of the
Rating Agencies, the Seller, the parties to the Pooling and
Servicing Agreement
and the Controlling Class Representative. If any such Defect or
Breach
materially and adversely affects the value of any Mortgage Loan,
the value of
the related Mortgaged Property or the interests therein of the
Purchaser, the
Trustee or any Certificateholders, then such Defect shall
constitute a "Material
Defect" or such Breach shall constitute a "Material Breach," as the
case may be;
provided, however, that if any of the documents specified in
clauses (i), (ii),
(vii), (xi) and (xvii) of the definition of "Mortgage File" is not
delivered,
and is certified as missing, pursuant to the first paragraph of
Section 2.01(b)
of the Pooling and Servicing Agreement, it shall be deemed a
Material Defect.
Promptly upon receiving written notice of any such Material Defect
or Material
Breach with respect to a Mortgage Loan (including through a written
notice given
by any party hereto, as provided above), the Seller shall, not
later than 90
days from the Seller's receipt of notice from the Master Servicer,
the Special
Servicer, the Trustee or the Custodian of such Material Defect or
Material
Breach, as the case may be (or, in the case of a Material Defect or
Material
Breach relating to a Mortgage Loan not being a "qualified mortgage"
within the
meaning of the REMIC Provisions, not later than 90 days after the
Seller or any
party to the Pooling and Servicing Agreement discovering such
Material Defect or
Material Breach) (any such 90-day period, the "Initial Resolution
Period"), (i)
cure the same in all material respects, (ii) repurchase the
affected Mortgage
Loan at the applicable Repurchase Price or (iii) substitute a
Qualifying
Substitute Mortgage Loan for such affected Mortgage Loan (provided
that in no
event shall such substitution occur later than the second
anniversary of the
Closing Date) and pay to the Master Servicer for deposit into the
Collection
Account any Substitution Shortfall Amount in connection therewith;
provided,
however, that with respect to any Material Defect arising from a
missing
document as to which the Trustee closing date certification stated
the Trustee
was not in possession of such document on the Closing Date pursuant
to the first
sentence of the second paragraph of Section 2.02 of the Pooling and
Servicing
Agreement, the related Mortgage Loan Seller shall have 30 days to
cure such
Material Defect; provided, further, that with respect to any
Material Defect
arising from a missing document as to which the Trustee
inadvertently certified
its possession of such document (x) as of the Closing Date, in the
form of
Exhibit S-1 to the Pooling and Servicing Agreement or (y) no later
than 45 days
following the Closing Date, in the form of Exhibit S-2 to the
Pooling and
Servicing Agreement, the Seller shall have 30 days to cure the
Material Defect
relating to the missing document; provided, further, that if (i)
such Material
Defect or Material Breach (other than one relating to the
immediately preceding
proviso) is capable of being cured but not within the Initial
Resolution Period,
(ii) such Material Defect or Material Breach is not related to any
Mortgage
Loan's not being a "qualified mortgage" within the meaning of the
REMIC
Provisions and (iii) the Seller has commenced and is diligently
proceeding with
the cure of such Material Defect or Material Breach within the
Initial
Resolution Period, then the Seller shall have an additional period
equal to the
applicable Resolution Extension Period to complete such cure or,
failing such
cure, to repurchase the Mortgage Loan or substitute a Qualifying
Substitute
Mortgage Loan. The Seller shall have an additional 90 days (without
duplication
of the additional 90-day period set forth in the last sentence of
the definition
of Resolution Extension Period) to cure such Material Defect or
Material Beach,
provided that, the Seller has commenced and is diligently
proceeding with the
cure of such Material Defect or Material Breach and such failure to
cure is
solely the result of a delay in the return of documents from the
local filing or
recording authorities. Notwithstanding the foregoing, if a Mortgage
Loan is not
secured by a hotel, restaurant (operated by a Borrower), healthcare
facility,
nursing home, assisted living facility, self-storage facility,
theatre,
manufactured housing or fitness center (operated by a Borrower)
property, then
the failure to deliver to the Trustee copies of the UCC financing
statements
with respect to such Mortgage Loan shall not be a Material
Defect.
If the Seller is notified of a Defect in any Mortgage File that
corresponds to information set forth in the Mortgage Loan Schedule,
the Seller
shall promptly correct such Defect and provide a new, corrected
Mortgage Loan
Schedule to the Purchaser, which corrected Mortgage Loan Schedule
shall be
deemed to amend and replace the existing Mortgage Loan Schedule for
all
purposes. The failure of the Master Servicer, the Special Servicer
or the
Trustee to notify the Seller of a Material Defect or Material
Breach shall not
constitute a waiver of any cure or repurchase obligation, provided
that the
Seller must receive written notice thereof as described in this
Section 6(a)
before commencement of the Initial Resolution Period.
Notwithstanding the foregoing, if (x) there exists a Breach of
any
representation or warranty on the part of the Seller as set forth
in, or made
pursuant to, clause 38 of Exhibit C to this Agreement relating to
fees and
expenses payable by the Borrower associated with the exercise of a
defeasance
option, a waiver of a "due-on-sale" provision or a
"due-on-encumbrance"
provision or the release of any Mortgaged Property, and (y) the
related Mortgage
Loan documents specifically prohibit the Master Servicer or Special
Servicer
from requiring the related Borrower to pay such fees and expenses,
then, upon
notice by the Master Servicer or Special Servicer, the Seller shall
transfer to
the Collection Account, within 90 days of the Seller's receipt of
such notice,
the amount of any such fees and expenses borne by the Trust Fund
that are the
basis of such Breach. Upon its making such deposit, the Seller
shall be deemed
to have cured such Breach in all respects. Provided such payment is
made, this
paragraph describes the sole remedy available to the Purchaser and
its assignees
regarding any such Breach, regardless of whether it constitutes a
Material
Breach, and the Seller shall not be obligated to repurchase or
otherwise cure
such Breach.
(b) In connection with any repurchase of, or substitution for,
a
Mortgage Loan contemplated by this Section 6, (A) the Trustee, the
Master
Servicer (with respect to any such Mortgage Loan other than a
Specially Serviced
Loan) and the Special Servicer (with respect to any such Mortgage
Loan that is a
Specially Serviced Loan) shall each tender to the Seller, and the
Seller shall
be entitled to receive therefrom, upon delivery (i) to each of the
Master
Servicer or the Special Servicer, as applicable, of a trust receipt
and (ii) to
the Trustee by the Master Servicer or the Special Servicer, as
applicable, of a
Request for Release and an acknowledgement by the Master Servicer
or applicable
Special Servicer, as applicable, of its receipt of the Repurchase
Price or the
Substitution Shortfall Amount from the Seller, (1) all portions of
the Mortgage
File and other documents pertaining to such Mortgage Loan possessed
by it and
(2) each document that constitutes a part of the Mortgage File that
was endorsed
or assigned to the Trustee shall be endorsed or assigned without
recourse in the
form of endorsement or assignment provided to the Trustee by the
Seller, as the
case may be, to the Seller as shall be necessary to vest in the
Seller the legal
and beneficial ownership of each Removed Mortgage Loan to the
extent such
ownership was transferred to the Trustee, and (B) the Trustee shall
release, or
cause the release of, any escrow payments and reserve funds held by
or on behalf
of the Trustee, the Master Servicer or the Special Servicer, in
respect of such
Removed Mortgage Loan(s) to the Seller.
(c) This Section 6 provides the sole remedies available to the
Purchaser, and its successors and permitted assigns (i.e., the
Trustee and the
holders of the Certificates) in respect of any Defect in a Mortgage
File or any
Breach. If the Seller defaults on its obligations to cure, to
repurchase, or to
substitute for, any Mortgage Loan in accordance with this Section
6, or disputes
its obligation to cure, to repurchase, or to substitute for, any
Mortgage Loan
in accordance with Section 6, the Purchaser or the Trustee, as
applicable, may
take such action as is appropriate to enforce such payment or
performance,
including, without limitation, the institution and prosecution of
appropriate
proceedings. To the extent the Purchaser or the Trustee, as
applicable, prevails
in such proceeding, the Seller shall reimburse the Purchaser or the
Trustee, as
applicable, for all necessary and reasonable costs and expenses
incurred in
connection with the enforcement of such obligation of the Seller to
cure, to
repurchase, or to substitute for, any Mortgage Loan in accordance
with this
Section 6.
(d) If one or more (but not all) of the Mortgage Loans
constituting
a cross-collateralized group of Mortgage Loans are to be
repurchased or
substituted by the Seller as contemplated by this Section 6, then,
prior to the
subject repurchase or substitution, the Seller or its designee
shall use its
reasonable efforts, subject to the terms of the related Mortgage
Loan(s), to
prepare and, to the extent necessary and appropriate, have executed
by the
related Borrower and record, such documentation as may be necessary
to terminate
the cross-collateralization between the Mortgage Loan(s) in
such
cross-collateralized group of Mortgage Loans that are to be
repurchased or
substituted, on the one hand, and the remaining Mortgage Loan(s)
therein, on the
other hand, such that those two groups of Mortgage Loans are each
secured only
by the Mortgaged Properties identified in the Mortgage Loan
Schedule as directly
corresponding thereto; provided that, no such termination shall be
effected
unless and until the Controlling Class Representative, if one is
then acting,
has consented in its sole discretion and the Trustee has received
from the
Seller (i) an Opinion of Counsel to the effect that such
termination would not
cause an Adverse REMIC Event to occur and (ii) written confirmation
from each
Rating Agency that the then current rating assigned to any of the
Certificates
that are currently being rated by such Rating Agency will not be
qualified,
downgraded or withdrawn by reason of such termination; provided,
further, that
the Seller, in the case of the related Mortgage Loans, may, at its
option and
within the 90-day cure period described above (and any applicable
extension
thereof), purchase or substitute for the entire subject
cross-collateralized
group of Mortgage Loans in lieu of effecting a termination of
the
cross-collateralization. All costs and expenses incurred by the
Trustee or any
Person acting on its behalf pursuant to this paragraph shall be
included in the
calculation of the Repurchase Price for the Mortgage Loan(s) to be
repurchased
or substituted. If the cross-collateralization of any
cross-collateralized group
of Mortgage Loans cannot be terminated as contemplated by this
paragraph, then
the Seller shall repurchase or substitute the entire subject
cross-collateralized group of Mortgage Loans.
Notwithstanding the foregoing, if there is a Material Breach or
Material Defect with respect to one or more Mortgaged Properties
with respect to
a Mortgage Loan or cross-collateralized group of Mortgage Loans,
the Seller will
not be obligated to repurchase the Mortgage Loan or
cross-collateralized group
of Mortgage Loans if (i) the affected Mortgaged Property may be
released
pursuant to the terms of any partial release provisions in the
related Loan
Documents (and such Mortgaged Property is, in fact, released), (ii)
the
remaining Mortgaged Property(ies) satisfy the requirements, if any,
set forth in
the Loan Documents and the Seller provides an Opinion of Counsel to
the effect
that such release would not cause an Adverse REMIC Event to occur
and (iii) each
Rating Agency then rating the Certificates shall have provided
written
confirmation that such release would not cause the then-current
ratings of the
Certificates rated by it to be qualified, withdrawn or
downgraded.
As to any Qualifying Substitute Mortgage Loan, at the direction
of
the Trustee, the Seller shall deliver to the Custodian for such
Qualifying
Substitute Mortgage Loan (with a copy to the Master Servicer), the
related
Mortgage File with the related Note endorsed as required by Exhibit
B hereto.
Pursuant to the Pooling and Servicing Agreement, Monthly Payments
due with
respect to Qualifying Substitute Mortgage Loans in or prior to the
month of
substitution shall not be part of the Trust Fund and will be
retained by the
Master Servicer and remitted by the Master Servicer to the related
Seller on the
next succeeding Distribution Date. For the month of repurchase or
substitution,
distributions to Certificateholders pursuant to the Pooling and
Servicing
Agreement will include the Monthly Payment(s) due on the related
Removed
Mortgage Loan and received by the Master Servicer or the Special
Servicer on
behalf of the Trust on or prior to the related date of repurchase
or
substitution, as applicable, and the Seller shall be entitled to
retain all
amounts received thereafter in respect of such Removed Mortgage
Loan.
In any month in which the Seller substitutes one or more
Qualifying
Substitute Mortgage Loans for one or more Removed Mortgage Loans,
pursuant to
the Pooling and Servicing Agreement, the Master Servicer will
determine the
applicable Substitution Shortfall Amount. At the direction of the
Trustee, the
Seller shall deposit cash equal to such amount into the Collection
Account
concurrently with the delivery of the Mortgage Files for such
Qualifying
Substitute Mortgage Loans, without any reimbursement thereof. At
the direction
of the Trustee, the Seller shall give written notice to the
Purchaser and the
Master Servicer of such deposit.
SECTION 7. Closing.
The closing of the purchase and sale of the Mortgage Loans (the
"Closing") shall be held at the offices of Cadwalader, Wickersham
& Taft LLP,
One World Financial Center, New York, New York 10281 at 10:00 a.m.,
New York
City time, on the Closing Date.
The Closing shall be subject to each of the following
conditions:
(i) All of the representations and warranties of the Seller and
the
Purchaser
specified herein shall be true and correct as of the Closing
Date, and
the Aggregate Cut-off Date Balance shall be within the range
permitted
by Section 1 of this Agreement;
(ii) All documents specified in Section 8 (the "Closing
Documents"),
in such
forms as are agreed upon and acceptable to the Purchaser and,
in
the case
of the Pooling and Servicing Agreement (insofar as such
Agreement
affects
the obligations of the Seller hereunder) and other documents to
be
delivered
by or on behalf of the Purchaser, to the Seller, shall be duly
executed
and delivered by all signatories as required pursuant to the
respective
terms thereof;
(iii) The Seller shall have delivered and released to the
Trustee,
the
Purchaser or the Purchaser's designee, as the case may be, all
documents
and funds required to be so delivered on or before the Closing
Date
pursuant to Section 2;
(iv) The result of any examination of the Mortgage Files and
Servicing
Files performed by or on behalf of the Purchaser pursuant to
Section 3
shall be satisfactory to the Purchaser in its reasonable
determination;
(v) All other terms and conditions of this Agreement required to
be
complied
with on or before the Closing Date shall have been complied
with,
and the
Seller shall have the ability to comply with all terms and
conditions
and perform all duties and obligations required to be complied
with or
performed after the Closing Date;
(vi) The Seller shall have received the Mortgage Loan Purchase
Price, and
the Seller shall have paid or agreed to pay all fees, costs and
expenses
payable by it to the Purchaser pursuant to this Agreement; and
(vii) Neither the Underwriting Agreement nor the Certificate
Purchase
Agreement shall have been terminated in accordance with its
terms.
Both parties agree to use their best efforts to perform their
respective obligations hereunder in a manner that will enable the
Purchaser to
purchase the Mortgage Loans on the Closing Date.
SECTION 8. Closing Documents.
The Closing Documents shall consist of the following:
(a) This Agreement and a bill of sale duly executed and delivered
by
the Purchaser and the Seller;
(b) An Officer's Certificate substantially in the form of
Exhibit
D-1 hereto, executed by the Secretary or an assistant secretary of
the Seller,
and dated the Closing Date, and upon which the Purchaser, the
Initial Purchasers
and each Underwriter may rely, attaching thereto as exhibits the
Certificate of
Incorporation and the By-Laws of the Seller;
(c) A certificate of good standing regarding the Seller from
the
Secretary of State for the State of Delaware, dated not earlier
than 30 days
prior to the Closing Date;
(d) Written opinions of counsel (which may include opinions of
in-house counsel, outside counsel or a combination thereof) for the
Seller, in
form reasonably acceptable to counsel for the Purchaser and subject
to such
reasonable assumptions and qualifications as may be requested by
counsel for the
Seller and acceptable to counsel for the Purchaser, dated the
Closing Date and
addressed to the Purchaser, the Initial Purchasers and each
Underwriter;
(e) Any other opinions of counsel for the Seller reasonably
requested by the Rating Agencies in connection with the issuance of
the
Certificates, each of which shall include the Purchaser, the
Initial Purchasers
and each Underwriter as an addressee; and
(f) Such further certificates, opinions and documents as the
Purchaser may reasonably request.
SECTION 9. Costs.
The Seller shall pay (or shall reimburse the Purchaser to the
extent
that the Purchaser has paid) (a) the fees and expenses of counsel
to the Seller,
(b) the expenses of filing or recording UCC assignments of
financing statements,
assignments of Mortgage and Reassignments of Assignments of Leases,
Rents and
Profits with respect to the Mortgage Loans as contemplated by
Article 2 of the
Pooling and Servicing Agreement and (c) on the Closing Date, the
Seller's pro
rata portion of the aggregate of the following amounts (the
Seller's pro rata
portion to be determined according to the percentage that the
aggregate
principal balance of the Mortgage Loans as of the Cut-off Date
represents of the
aggregate principal balance of the Mortgage Loans and the Other
Mortgage Loans
as of the Cut-off Date): (i) the costs and expenses of printing (or
otherwise
reproducing) and delivering a preliminary and final Prospectus
relating to the
Certificates; (ii) the up front fees, costs, and expenses of the
Trustee
(including reasonable attorneys' fees) incurred in connection with
the Trustee
entering into and performing certain of its obligations under the
Pooling and
Servicing Agreement; (iii) the filing fee charged by the Securities
and Exchange
Commission for registration of the Certificates so registered; (iv)
the fees
charged by the Rating Agencies to rate the Certificates so rated;
(v) the fees
and expenses of counsel to the Underwriters; (vi) the fees and
expenses of
counsel to the Purchaser; (vii) the fees and expenses of counsel to
the Master
Servicer; (viii) the cost of obtaining a "comfort letter" from a
firm of
certified public accountants selected by the Purchaser and the
Seller with
respect to numerical information in respect of the Mortgage Loans
and the Other
Mortgage Loans included in the Prospectus; and (ix) other
miscellaneous costs
and expenses agreed upon by the parties hereto. All other costs and
expenses in
connection with the transactions contemplated hereunder shall be
borne by the
party incurring such expense.
SECTION 10. Notices.
All demands, notices and communications hereunder shall be in
writing and shall be deemed to have been duly given if (a)
personally delivered,
(b) mailed by registered or certified mail, postage prepaid and
received by the
addressee, (c) sent by overnight mail or courier service and
received by the
addressee or (d) transmitted by facsimile (or any other type of
electronic
transmission agreed upon by the parties) and confirmed by a writing
delivered by
any of the means described in (a), (b) or (c), if (i) to the
Purchaser,
addressed to Deutsche Mortgage & Asset Receiving Corporation,
60 Wall Street,
New York, New York 10005, Attention: Lainie Kaye, facsimile no.
(212) 797-4487,
with a copy to Anna Glick, Esq., Cadwalader, Wickersham & Taft
LLP, One World
Financial Center, New York, New York 10281, facsimile no. (212)
909-5870, or
such other address or facsimile number as may hereafter be
furnished to the
Seller in writing by the Purchaser; and if (ii) to the Seller,
addressed to
General Electric Capital Corporation, 280 Park Avenue, 8th Floor,
New York, New
York 10017, Attention: Anuj Gupta, Managing Director, facsimile no.
(212)
716-8960, with a copy to David Martindale, facsimile no. (972)
728-7650 and
Patricia A. DeLuca, Esq., facsimile no. (203) 357-6768 or to such
other address
or facsimile number as the Seller may designate in writing to the
Purchaser.
SECTION 11. Notice of Exchange Act Reportable Events.
The Seller hereby agrees to deliver to the Purchaser and the
Trustee
any disclosure information relating to any event, specifically
relating to the
Seller, reasonably determined in good faith by the Purchaser as
required to be
reported on Form 8-K, Form 10-D or Form 10-K by the Trust Fund (in
formatting
reasonably appropriate for inclusion in such form), insofar as such
disclosure
is required under Items 1117 and 1119 of Regulation AB and Item
1.03 to Form
8-K. The Seller shall use reasonable efforts to deliver proposed
disclosure
language relating to any event, specifically relating to the
Seller, described
under Items 1117 and 1119 of Regulation AB and Item 1.03 to Form
8-K to the
Trustee and the Purchaser as soon as reasonably practicable after
the Seller
becomes aware of such event and in no event more than two business
days
following the occurrence of such event if such event is reportable
under Item
1.03 to Form 8-K. The obligation of the Seller to provide the above
referenced
disclosure materials will terminate upon notice or other written
confirmation
from the Purchaser or the Trustee that the Trustee has filed a Form
15 with
respect to the Trust Fund as to that fiscal year i