EXHIBIT 1.3
RESIDENTIAL ASSET MORTGAGE
PRODUCTS, INC.
Asset-Backed Notes, Series [Deal
Name]
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Initial Principal
Amount
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Class
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Initial Pass-Through
Rate
|
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$[____]
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Class A-1 Notes
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[___]%
|
|
$[____]
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Class A-2 Notes
|
[___]%
|
|
$[____]
|
Class A-3 Notes
|
[___]%
|
FORM OF UNDERWRITING AGREEMENT
(NOTES/ITERATIVE)
[___________] [__],
20[__]
[Underwriter]
Ladies and Gentlemen:
Residential Asset Mortgage Products,
Inc., a Delaware corporation (the “Company”), proposes
to sell to you (also referred to herein as the
“Underwriter”) Asset-Backed Notes, Series [Deal Name],
Class A-1, Class A-2, Class A-3 Notes (collectively, the
“Notes”). The Collateral referred in the Indenture (as
defined below), consists primarily of a pool (the
“Pool”) of conventional, fixed-rate, one- to
four-family residential first lien and second lien mortgage loans
(the “Mortgage Loans”) as described in the Prospectus
Supplement (as hereinafter defined) to be sold by the
Company.
The Notes will be issued pursuant to
indenture dated as of [________] [__], 200[__] (the
“Indenture”), among the Company, as seller, Residential
Funding, as master servicer, and [_________], as trustee (the
“Trustee”). The Notes are described more fully in the
Base Prospectus and the Prospectus Supplement (each as hereinafter
defined), which the Company has furnished to you.
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|
1.
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Representations, Warranties and
Covenants .
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1.1 The
Company represents and warrants to, and agrees with you
that:
(a) The
Company has filed with the Securities and Exchange Commission (the
“Commission”) a registration statement (No.
333-[_____]) on Form S-3 for the registration under the Securities
Act of 1933, as amended (the “Act”), of Asset-Backed
Notes (issuable in series), including the Notes, which registration
statement has become effective, and a copy of which, as amended to
the date hereof, has heretofore been delivered to you. The Company
proposes to file with the Commission pursuant to Rule 424(b) under
the rules and regulations of the Commission under the Act (the
“1933 Act Regulations”) a prospectus supplement (the
“Prospectus Supplement”), to the prospectus dated
[________] [__], 200[__] (the “Base Prospectus”),
relating to the Notes and the method of distribution thereof. Such
registration statement (No. 333-[________]) including exhibits
thereto and any information incorporated therein by reference, as
amended at the date hereof, is hereinafter called the
“Registration Statement” and the
Base Prospectus and the Prospectus
Supplement and any information incorporated therein by reference,
together with any amendment thereof or supplement thereto
authorized by the Company on or prior to the Closing Date (as
defined herein) for use in connection with the offering of the
Notes, are hereinafter called the
“Prospectus.”
(b) The
Registration Statement has become effective, and the Registration
Statement as of the effective date (the “Effective
Date,” as defined in this paragraph), and the Prospectus, as
of the date of the Prospectus Supplement, complied in all material
respects with the applicable requirements of the Act and the 1933
Act Regulations; and the Registration Statement, as of the
Effective Date, did not contain any untrue statement of a material
fact and did not omit to state any material fact required to be
stated therein or necessary to make the statements therein not
misleading; and each Issuer Free Writing Prospectus (as defined
herein) as of its date did not and at all times prior to the date
of the Prospectus Supplement will not, and the Prospectus, as of
the date of the Prospectus Supplement did not and as of the Closing
Date will not, contain an untrue statement of a material fact and
did not and will not omit to state a material fact necessary in
order to make the statements therein, in the light of the
circumstances under which they were made, not misleading (except in
the case of any Issuer Free Writing Prospectus, any omission with
respect to information included in the definition of any Senior
Structure Information); provided , however , that
neither the Company nor Residential Funding makes any
representations or warranties as to the information contained in or
omitted from the Registration Statement or the Prospectus or any
amendment thereof or supplement thereto relating to the information
therein that is Excluded Information (as defined herein); and
provided , further , that neither the Company nor
Residential Funding makes any representations or warranties as to
either (i) any information contained in any Underwriter Prepared
Issuer FWP (as defined herein) or Underwriter Free Writing
Prospectus (as defined herein) except, in each case, to the extent
of (x) any information set forth therein that constitutes Pool
Information (as defined below) or (y) any information accurately
extracted from any Issuer Free Writing Prospectus and included in
any Underwriter Prepared Issuer FWP or Underwriter Free Writing
Prospectus, or (ii) any information contained in or omitted from
the portions of the Prospectus identified by underlining or other
highlighting as shown in Exhibit F (the “Underwriter
Information”). The Effective Date shall mean the earlier of
the date on which the Prospectus Supplement is first used and the
time of the first Contract of Sale (as defined herein) to which
such Prospectus Supplement relates. The initial effective date of
the Registration Statement was within three years of the Closing
Date. If the third anniversary of the initial effective date occurs
within six months after the Closing Date, the Company will use best
efforts to take such action as may be necessary or appropriate to
permit the public offering and sale of the Notes as contemplated
hereunder. The Company acknowledges that the Underwriter
Information constitutes the only information furnished in writing
by you or on your behalf for use in connection with the preparation
of the Registration Statement or the Prospectus, and the
Underwriter confirms that the Underwriter Information is
correct.
(c) (i)
“ABS Informational and Computational Materials” shall
have the meaning given such term in Item 1101 of Regulation
AB.
(ii) “Approved
Offering Materials” means with respect to any class of Notes
anticipated to be rated in the highest category by any Rating
Agency, collectively the following documents as most recently
provided by the
Company and designated in writing by
the Company as Approved Offering Materials prior to the time of any
Contract of Sale: (i) one or more term sheets, providing factual
information about the Notes and the structure and basic parameters
thereof (excluding information about the subdivision of the senior
classes into tranches), the basic terms of the subordination or
other credit enhancements if known, factual information about the
Mortgage Loans (which may include parameters or “stips”
or tabular data prepared by the Company), the identity of and basic
information about key parties to the transaction known to the
Company, and the tax, ERISA and SMMEA characteristics of the Notes,
(ii) a term sheet supplement, containing risk factors and
additional information of the type to appear in the Prospectus
Supplement to the extent known, and (iii) the Base Prospectus,
which may be provided by a weblink. Each of the items described in
(i) and (ii) in the preceding sentence shall constitute an Issuer
Free Writing Prospectus and any additional information provided by
the Underwriter shall constitute an Underwriter Free Writing
Prospectus or Underwriter Prepared Issuer FWP, as the case may be.
With respect to any class of Notes anticipated to be rated in the
second highest or a lower category by any Rating Agency,
“Approved Offering Materials” means the
Prospectus.
(iii) “Contract
of Sale” has the same meaning as in Rule 159 of the 1933 Act
Regulations and all Commission guidance relating to Rule
159.
(iv) “Excluded
Information” shall mean, with respect to each of the
Registration Statement and the Prospectus, the information
identified by underlining or other highlighting as shown on Exhibit
E.
(v) “Free
Writing Prospectus” shall have the meaning given such term in
Rules 405 and 433 of the 1933 Act Regulations.
(vi) “Issuer
Free Writing Prospectus” shall mean any Free Writing
Prospectus prepared by or on behalf of the Company and identified
by the Company as an Issuer Free Writing Prospectus and relating to
the Notes or the offering hereof.
(vii) “Issuer
Information” shall mean any information of the type specified
in clauses (1) – (5) of footnote 271 of Commission Release
No. 33-8591 (Securities Offering Reform), other than Underwriter
Derived Information. Consistent with such definition, “Issuer
Information” shall not be deemed to include any information
in a Free Writing Prospectus solely by reason of the
Company’s review of the materials pursuant to
Section 4.4(e) below and, consistent with Securities Offering
Reform Questions and Answers, November 30, 2005 promulgated by the
staff of the Commission, “Issuer Information” shall not
be deemed to include any information in a Free Writing Prospectus
solely by reason that the Underwriter has agreed not to use such
Free Writing Prospectus without consent of the Company.
(viii) “Permitted
Additional Materials” shall mean information that is not ABS
Informational and Computational Materials and (x) that are
referred to in Section 4.4(c) so long as any Issuer Information
provided by the Underwriter pursuant to Section 4.4(c) is limited
to information included within
the definition of ABS Informational
and Computational Materials, (y) that constitute Note price,
yield, weighted average life, subscription or allocation
information, or a trade confirmation, or (z) otherwise with
respect to which the Company has provided written consent to the
Underwriter to include in a Free Writing Prospectus.
(ix) “Pool
Information” means with respect to any Free Writing
Prospectus, the information with respect to the characteristics of
the Mortgage Loans and administrative and servicing fees, as
provided by or on behalf of the Company or Residential Funding to
the Underwriter at the time most recent to the date of such Free
Writing Prospectus.
(x) "Senior
Structure Information" shall mean, with respect to each class of
Notes anticipated to be rated in the highest category by any Rating
Agency (collectively, the "Senior Notes"), (i) the Pass-Through
Rate if a fixed rate, or the formula for determining the
Pass-Through Rate, (ii) the terms and the provider of any yield
maintenance agreement, swap agreement or other agreement that
provides payments payable on any class of the Senior Notes, (iii)
the terms and the provider of any surety bond, financial guaranty
insurance policy, or other insurance policy regarding any class of
the Senior Notes no known to the Company when the Approved Offering
Materials were prepared, (iv) the allocation to each class of
Senior Notes of the aggregate amount of the cashflow payable among
the Senior Notes collectively, and (v) the allocation to each class
of the aggregate amount of Senior Notes of any Realized Losses
allocable to the Senior Notes collectively.
(xi) “Underwriter
Derived Information” shall refer to information of the type
described in clause (5) of such footnote 271 of the Commission
Release No. 33-8591 (Securities Offering Reform) when prepared by
the Underwriter, including traditional computational and analytical
materials prepared by the Underwriter.
(xii) “Underwriter
Free Writing Prospectus” shall mean all Free Writing
Prospectuses prepared by or on behalf of the Underwriter other than
any Underwriter Prepared Issuer FWP, including any Permitted
Additional Materials.
(xiii) “Underwriter
Prepared Issuer FWP” shall mean any Free Writing Prospectus
or portion thereof prepared by or on behalf of the Underwriter that
contains only a description of the final terms of the Notes or of
the offering of the Notes and the final terms have been established
for all classes of Senior Notes.
(xiv) “Written
Communication” shall have the meaning given such term in Rule
405 of the 1933 Act Regulations.
(d) The
Company has been duly incorporated and is validly existing as a
corporation in good standing under the laws of the State of
Delaware and has the requisite corporate power to own its
properties and to conduct its business as presently conducted by
it.
(e) The
Company was not, as of any date on or after which a bona fide offer
(as used in Rule 164(h)(2) of the 1933 Act Regulations) of the Note
is made an
Ineligible Issuer, as such term is
defined in Rule 405 of the 1933 Act Regulations. The Company shall
comply with all applicable laws and regulations in connection with
the use of Free Writing Prospectuses, including but not limited to
Rules 164 and 433 of the 1933 Act Regulations and all Commission
guidance relating to Free Writing Prospectuses, including but not
limited to Commission Release No. 33-8591.
(f) This
Agreement has been duly authorized, executed and delivered by the
Company.
(g) As
of the Closing Date (as defined herein) the Notes will conform in
all material respects to the description thereof contained in the
Prospectus and the representations and warranties of the Company in
the Indenture will be true and correct in all material
respects.
1.2 Residential
Funding represents and warrants to, and agrees with you that as of
the Closing Date the representations and warranties of Residential
Funding in the Servicing Agreement will be true and correct in all
material respects.
1.3 The
Underwriter represents and warrants to and agrees with the Company
and Residential Funding that:
(a) [reserved].
(b) The
Underwriter has no present knowledge or expectation that it will be
unable to pay any United States taxes owed by it so long as any of
the Notes remain outstanding.
(c) The
Underwriter has no present knowledge or expectation that it will
become insolvent or subject to a bankruptcy proceeding for so long
as any of the Notes remain outstanding.
(d) [reserved].
(e) [reserved].
(f) The
Underwriter hereby certifies that (i) with respect to any classes
of Notes issued in authorized denominations or Percentage Interests
of less than a notional amount of $2,000,000 or a Percentage
Interest of 20% the fair market value of each such Note sold to any
person on the date of initial sale thereof by the Underwriter will
not be less than $100,000 and (ii) with respect to each class of
Notes to be maintained on the book-entry records of The Depository
Trust Company (“DTC”), the interest in each such class
of Notes sold to any person on the date of initial sale thereof by
the Underwriter will not be less than the minimum denomination
indicated for such class of Notes in the Prospectus
Supplement.
(g) The
Underwriter will have funds available at [_________], in the
Underwriter’s account at such bank at the time all documents
are executed and the closing of the sale of the Notes is completed,
except for the transfer of funds and the delivery of the Notes.
Such funds will be available for immediate transfer into the
account of Residential Funding maintained at such bank.
(h) As
of the date hereof and as of the Closing Date, the Underwriter has
complied with all of its obligations hereunder and all information
contained in any Underwriter Free Writing Prospectus and in any
Underwriter Prepared Issuer FWP as used in connection with any
Contract of Sale and all Underwriter Information are accurate in
all material respects (taking into account the assumptions
explicitly set forth in such Underwriter Prepared Issuer FWP or
Underwriter Free Writing Prospectus), except to the extent of (x)
any errors therein that are caused by errors or omissions in the
Pool Information or (y) information accurately extracted from any
Issuer Free Writing Prospectus and included in any Underwriter
Prepared Issuer FWP or Underwriter Free Writing
Prospectus.
(i) Prior
to the Closing Date, the Underwriter shall notify the Company and
Residential Funding of the earlier of (x) the date on which the
Prospectus Supplement is first used and (y) the time of the first
Contract of Sale to which such Prospectus Supplement
relates.
1.4 [Reserved].
2.
Purchase and Sale . Subject to the terms and conditions and
in reliance upon the representations and warranties herein set
forth, the Company agrees to sell to you, and you agree to purchase
from the Company, the Notes at a price equal to [_____]% of the
aggregate certificate principal balance of the Notes as of the
Closing Date (as defined herein). There will be added to the
purchase price of the Notes an amount equal to interest accrued
thereon from the Cut-off Date up to but not including the Closing
Date.
3.
Delivery and Payment . Delivery of and payment for the Notes
shall be made at the office of [Mayer, Brown, Rowe & Maw LLP]
[Orrick, Herrington & Sutcliffe LLP] at 10:00 a.m., New York
City time, on [________] [__], 200[__] or such later date as you
shall designate, which date and time may be postponed by agreement
between you and the Company (such date and time of delivery and
payment for the Notes being herein called the “Closing
Date”). Delivery of the [Deal Name], Class A-1, Class A-2 and
Class A-3 Notes shall be made to you through the Depository Trust
Company (“DTC”) (such Notes, the “DTC Registered
Notes”).
4.
Offering by Underwriter .
4.1 It
is understood that you propose to offer the Notes for sale to the
public as set forth in the Prospectus and you agree that all such
offers and sales by you shall be made in compliance with all
applicable laws and regulations. Prior to the date of the first
Contract of Sale made based on the Approved Offering Materials, you
have not pledged, sold, disposed of or otherwise transferred any
Note, Mortgage Loans or any interest in any Note.
4.2 It
is understood that you will solicit offers to purchase the Notes as
follows:
(a) Prior
to the time you have received the Approved Offering Materials you
may, in compliance with the provisions of this Agreement, solicit
offers to purchase Notes; provided, that you shall not accept any
such offer to purchase a Note or any interest in any Note or
Mortgage Loan or otherwise enter into any Contract of Sale for any
Note, any interest in any Note or any Mortgage Loan prior to your
conveyance of Approved Offering Materials to the
investor.
(b) any
Written Communication relating to the Notes made by an Underwriter
in compliance with the terms of this Agreement prior to the time
such Underwriter has entered into a Contract of Sale for Notes with
the recipient shall prominently set forth the following statements
(or a substantially similar statements approved by the
Company):
The information in this free writing
prospectus, if conveyed prior to the time of your contractual
commitment to purchase any of the Notes, supersedes any information
contained in any prior similar materials relating to the Notes. The
information in this free writing prospectus is preliminary, and is
subject to completion or change. This free writing prospectus is
being delivered to you solely to provide you with information about
the offering of the Notes referred to in this free writing
prospectus and to solicit an offer to purchase the Notes, when, as
and if issued. Any such offer to purchase made by you will not be
accepted and will not constitute a contractual commitment by you to
purchase any of the Notes, until we have accepted your offer to
purchase Notes.
The Notes referred to in these
materials are being sold when, as and if issued. The issuer is not
obligated to issue such Notes or any similar security and the
underwriter’s obligation to deliver such Notes is subject to
the terms and conditions of the underwriting agreement with the
issuer and the availability of such Notes when, as and if issued by
the issuer. You are advised that the terms of the Notes, and the
characteristics of the mortgage loan pool backing them, may change
(due, among other things, to the possibility that mortgage loans
that comprise the pool may become delinquent or defaulted or may be
removed or replaced and that similar or different mortgage loans
may be added to the pool, and that one or more classes of Notes may
be split, combined or eliminated), at any time prior to issuance or
availability of a final prospectus. You are advised that Notes may
not be issued that have the characteristics described in these
materials. The underwriter’s obligation to sell such Notes to
you is conditioned on the mortgage loans and Notes having the
characteristics described in these materials. If for any reason the
issuer does not deliver such Notes, the underwriter will notify
you, and neither the issuer nor any underwriter will have any
obligation to you to deliver all or any portion of the Notes which
you have committed to purchase, and none of the issuer nor any
underwriter will be liable for any costs or damages whatsoever
arising from or related to such non-delivery.
4.3 It
is understood that you will not enter into a Contract of Sale with
any investor until the Approved Offering Materials have been
conveyed to the investor with respect to the Notes which are the
subject of such Contract of Sale.
4.4 It
is understood that you may prepare and provide to prospective
investors certain Free Writing Prospectuses, subject to the
following conditions:
(a) 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 Notes, unless such Written
Communication (i) is made in reliance on Rule 134 under the Act,
(ii) constitutes a prospectus satisfying the requirements of Rule
430B under the Act or (iii) constitutes a Free Writing Prospectus
(as defined in Section 1.1(c) above) consisting solely of
(x) information of a type included within the definition of
ABS Informational and Computational Materials (as defined below),
(y) Permitted Additional Materials or (z) information
accurately extracted from any Issuer Free Writing Prospectus and
included in any Underwriter Prepared Issuer FWP or Underwriter Free
Writing Prospectus.
(b) The
Underwriter shall comply with all applicable laws and regulations
in connection with the use of Free Writing Prospectuses, including
but not limited to Rules 164 and 433 of the 1933 Act Regulations
and all Commission guidance relating to Free Writing Prospectuses,
including but not limited to Commission Release No.
33-8591.
(c) It
is understood and agreed that all information provided by the
Underwriter to or through Bloomberg or Intex or similar entities
for use by prospective investors, or imbedded in any CDI file
provided to prospective investors, to the extent constituting a
Free Writing Prospectus, shall be deemed an Underwriter Free
Writing Prospectus.
(d) All
Free Writing Prospectuses provided to prospective investors,
whether or not filed with the Commission, shall bear a legend
including the following statement (or a substantially similar
statement approved by the Company):
“THE DEPOSITOR HAS FILED A
REGISTRATION STATEMENT (INCLUDING A PROSPECTUS) WITH THE SECURITIES
AND EXCHANGE COMMISSION (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 THE OFFERING. YOU MAY GET THESE
DOCUMENTS AT NO CHARGE BY VISITING EDGAR ON THE SEC WEB SITE AT
WWW.SEC.GOV. ALTERNATIVELY, THE DEPOSITOR, ANY UNDERWRITER
OR ANY DEALER PARTICIPATING IN THE OFFERING WILL ARRANGE TO SEND
YOU THE PROSPECTUS AT NO CHARGE IF YOU REQUEST IT BY CALLING
TOLL-FREE 1–8[XX–XXX–XXXX] OR VIA EMAIL AT
______________.
Each of the Underwriter and the
Company shall have the right to request additional specific legends
or notations to appear on any Free Writing Prospectus and shall
have the
right to require changes regarding
the use of terminology and the right to determine the types of
information appearing therein with the approval of the other (which
shall not be unreasonably withheld).
(e) The
Underwriter shall deliver to the Company and its counsel (in such
format as reasonably required by the Company), no later than the
business day prior to the date of the required filing under Section
5.10, an Underwriter Prepared Issuer FWP. To facilitate filing to
the extent required by Section 5.10 or 5.11, as applicable, all
Underwriter Derived Information shall be set forth in a document
separate from any Underwriter Prepared Issuer FWP including Issuer
Information.
(f) The
Underwriter shall provide the Company with a letter from
[____________], certified public accountants, prior to the Closing
Date, satisfactory in form and substance to the Company,
Residential Funding and their respective counsels and the
Underwriter, to the effect that such accountants have performed
certain specified procedures, all of which have been agreed to by
the Company and the Underwriter, as a result of which they
determined that certain information of an accounting, financial or
statistical nature that is included in any Underwriter Prepared
Issuer FWP, other than any Pool Information therein and any
information accurately extracted from any Issuer Free Writing
Prospectus and included in such Underwriter Prepared Issuer FWP, is
accurate except as to such matters that are not deemed by the
Company and the Underwriter to be material. The foregoing letter
shall be at the expense of the Underwriter.
(g) None
of the information in any Free Writing