WACHOVIA BANK
COMMERCIAL MORTGAGE TRUST
COMMERCIAL MORTGAGE PASS-THROUGH
CERTIFICATES
SERIES 2006-C28
UNDERWRITING AGREEMENT
Charlotte, North Carolina
October 19, 2006
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WACHOVIA CAPITAL MARKETS,
LLC
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301 South College
Street
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One Wachovia Center
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Charlotte, North Carolina
28288
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CITIGROUP GLOBAL MARKETS
INC.
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388 Greenwich Street, 11
th Floor
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New York, New York
10013
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DEUTSCHE BANK SECURITIES
INC.
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60 Wall Street
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New York, New York
10005
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GOLDMAN, SACHS &
CO.
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85 Broad Street
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New York, New York
10004
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LOOP CAPITAL MARKETS,
LLC
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200 W. Jackson, Ste.
1600
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Chicago, Illinois
60606
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Dear Sirs:
Wachovia
Commercial Mortgage Securities, Inc., a North Carolina corporation
(the “ Company ”), intends to issue its Wachovia
Bank Commercial Mortgage Trust, Commercial Mortgage Pass-Through
Certificates, Series 2006-C28 (the “ Certificates
”), in twenty-nine (29) classes (each, a “ Class
”) as designated in the Prospectus Supplement (as defined
below). Pursuant to this underwriting agreement (the “
Agreement ”), the Company further proposes to sell to
Wachovia Capital Markets, LLC (“ Wachovia Securities
”), Citigroup Global Markets Inc. (“ Citigroup
”), Deutsche Bank Securities Inc. (“ Deutsche
”), Goldman, Sachs & Co. (“ Goldman ”)
and Loop Capital Markets, LLC (“ Loop Capital ”,
and each of Wachovia Securities, Citigroup, Deutsche, Goldman and
Loop Capital individually, an “ Underwriter ”
and, collectively, the
“ Underwriters
”) the Certificates set forth in Schedule I hereto
(the “ Underwritten Certificates ”) in the
respective original principal amounts set forth in Schedule
I . The Certificates represent in the aggregate the
entire beneficial ownership interest in a trust fund (the “
Trust Fund ”) consisting of a segregated pool (the
“ Mortgage Pool ”) of two hundred and seven
(207) mortgage loans (the “ Mortgage Loans ”)
having an approximate aggregate principal balance of $3,595,196,701
as of the Cut-Off Date secured by first liens on certain fee or
leasehold interests in multifamily and commercial properties (the
“ Mortgaged Properties ”). The
Certificates will be issued on October 31, 2006 (the “
Closing Date ”), pursuant to a pooling and servicing
agreement (the “ Pooling and Servicing Agreement
”), dated as of October 1, 2006 among the Company, Wachovia
Bank, National Association, as master servicer (in such capacity,
the “ Master Servicer ”), CWCapital Asset
Management LLC, as special servicer (the “ Special
Servicer ”), Wells Fargo Bank, N.A., as trustee (the
“ Trustee ”) and U.S. Bank National Association,
as co-trustee (the “ Co-Trustee ”). One
hundred and thirteen (113) of the Mortgage Loans (the “
Wachovia Mortgage Loans ”), having an aggregate
principal balance of $2,502,246,885 as of the Cut-Off Date, were
acquired by the Company from Wachovia Bank, National Association
(“ Wachovia ”) pursuant to a mortgage loan
purchase agreement, dated as of October 1, 2006 (the “
Wachovia Mortgage Loan Purchase Agreement ”), between
Wachovia and the Company. Forty-four (44) of the Mortgage
Loans (the “ Nomura Mortgage Loans ”), having an
aggregate principal balance of $823,722,923 as of the Cut-Off Date,
were acquired by the Company from Nomura Credit & Capital, Inc.
(“ Nomura ”) pursuant to a mortgage loan
purchase agreement, dated as of October 1, 2006 (the “
Nomura Mortgage Loan Purchase Agreement ”), between
Nomura and the Company. Fifty (50) of the Mortgage Loans (the
“ Artesia Mortgage Loans ”), having an aggregate
principal balance of $269,226,893 as of the Cut-Off Date, were
acquired by the Company from Artesia Mortgage Capital Corporation
(“ Artesia ”) pursuant to a mortgage loan
purchase agreement, dated as of October 1, 2006 (the “
Artesia Mortgage Loan Purchase Agreement ” and,
together with the Wachovia Mortgage Loan Purchase Agreement and the
Nomura Mortgage Loan Purchase Agreement, the “ Mortgage
Loan Purchase Agreements ”), between Artesia and the
Company. Each of Wachovia, Nomura and Artesia is referred to
herein, individually, as a “ Mortgage Loan Seller
” and, together, as the “ Mortgage Loan Sellers
”.
Three
separate real estate mortgage investment conduit (“
REMIC ”) elections will be made with respect to
certain portions of the Trust Fund for federal income tax
purposes. The Underwritten Certificates and the Mortgage Pool
are described more fully in Schedule I hereto and in a
registration statement furnished to you by the Company.
Capitalized
terms used but not otherwise defined herein shall have the
respective meanings assigned to them in the Pooling and Servicing
Agreement.
1.
Representations and Warranties . The
Company represents and warrants to, and agrees with, each
Underwriter that:
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(i) The
Company has filed with the Securities and Exchange Commission (the
“ Commission ”) a registration statement (No.
333-131262) on Form S-3 for the registration of Commercial Mortgage
Pass-Through Certificates, issuable in series, including the
Underwritten Certificates, under the Securities Act of 1933, as
amended (the “ 1933 Act ”), which registration
statement has become effective and a copy of which, as amended to
the date hereof, has heretofore been delivered to you.
The
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Company meets the requirements
for use of Form S-3 under the 1933 Act, and such registration
statement, as amended at the date hereof, meets the requirements
set forth in Rule 415(a)(1)(x) under the 1933 Act and complies in
all other material respects with the 1933 Act and the rules and
regulations thereunder. The Company proposes to file with the
Commission, with your consent, pursuant to Rule 424 under the 1933
Act, a supplement dated October 19, 2006 (the “ Prospectus
Supplement ”) to the prospectus dated October 19, 2006
(the “ Base Prospectus ”), relating to the
Underwritten Certificates and the method of distribution thereof,
and has previously advised you of all further information
(financial and other) with respect to the Underwritten Certificates
and the Mortgage Pool to be set forth therein. Such
registration statement (No. 333-131262), including all exhibits
thereto, is referred to herein as the “ Registration
Statement ”; and the Base Prospectus and the Prospectus
Supplement, together with any amendment thereof or supplement
thereto authorized by the Company prior to the Closing Date for use
in connection with the offering of the Underwritten Certificates,
are hereinafter called the “ Prospectus ”.
As used herein, “ Pool Information ” means the
mortgage pool information reflected in the Master Tape and the
Prospectus Supplement. The “ Master Tape ”
shall mean the compilation of information and data regarding the
Mortgage Loans covered by the letters rendered by KPMG LLP (a
“hard copy” of which Master Tape was produced on behalf
of the Mortgage Loan Sellers) described in Section 6(h)(ii) of this
Agreement.
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(ii) As
of the date hereof, as of the Time of Sale (as defined herein), as
of the date on which the Prospectus Supplement is first filed
pursuant to Rule 424 under the 1933 Act, as of the date on which,
prior to the Closing Date, any amendment to the Registration
Statement becomes effective, as of the date on which any supplement
to the Prospectus Supplement is filed with the Commission, and as
of the Closing Date, (i) the Registration Statement, as amended as
of any such time, and the Prospectus, as amended or supplemented as
of any such time, complies and will comply in all material respects
with the applicable requirements of the 1933 Act and the rules and
regulations thereunder, (ii) the Registration Statement, as amended
as of any such time, does not include and will not include any
untrue statement of a material fact and does not omit and will not
omit to state any material fact required to be stated therein or
necessary in order to make the statements therein not misleading,
and (iii) the Prospectus, as amended or supplemented as of any such
time, does not include and will not include any untrue statement of
a material fact and does not omit and will not omit 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; provided , however , the Company makes no
representations or warranties as to (x) statements contained in or
omitted from the Registration Statement or the Prospectus or any
amendment or supplement thereto made in reliance upon and in
conformity with information furnished in writing to the Company by
or on behalf of any Underwriter specifically for use in the
Registration Statement and the Prospectus (such information being
identified in Section 8(b) hereof), (y) the Mortgage Loan Seller
Covered Information (as defined in Section 8 hereof) or (z) any
information with respect to which any of the Master Servicer (the
“ Master Servicer Covered Information ”), the
Special Servicer (the “ Special Servicer Covered
Information ”), the Trustee (the “ Trustee
Covered Information ”) or the Co-Trustee (the “
Co-Trustee Covered Information ”)provides
indemnification pursuant to the Master
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Servicer Indemnification
Agreement, the Special Servicer Indemnification Agreement, the
Trustee Indemnification Agreement or the Co-Trustee Indemnification
Agreement, as applicable (as each is defined in Section 6
hereof).
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(iii) The Company has been
duly incorporated and is validly existing as a corporation in good
standing under the laws of the State of North Carolina with
corporate power and authority to own, lease or operate its
properties and to conduct its business as now conducted by it and
to enter into and perform its obligations under this Agreement and
the Pooling and Servicing Agreement; and the Company is duly
qualified as a foreign corporation to transact business and is in
good standing in each jurisdiction in which such qualification is
required, whether by reason of the ownership or leasing of property
or the conduct of business.
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(iv) As of the date
hereof, as of the Time of Sale (as defined herein), as of the date
on which the Prospectus Supplement is first filed pursuant to Rule
424 under the 1933 Act, as of the date on which, prior to the
Closing Date, any amendment to the Registration Statement becomes
effective, as of the date on which any supplement to the Prospectus
Supplement is filed with the Commission, and as of the Closing
Date, there has not and will not have been (i) any request by the
Commission for any further amendment to the Registration Statement
or the Prospectus or for any additional information, (ii) any
issuance by the Commission of any stop order suspending the
effectiveness of the Registration Statement or the institution or
threat of any proceeding for that purpose or (iii) any notification
with respect to the suspension of the qualification of the
Underwritten Certificates for sale in any jurisdiction or any
initiation or threat of any proceeding for such purpose.
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(v) Each of this
Agreement, the Pooling and Servicing Agreement and each Mortgage
Loan Purchase Agreement has been duly authorized, executed and
delivered by the Company and each of this Agreement, the Pooling
and Servicing Agreement, and each Mortgage Loan Purchase Agreement
constitutes legal, valid and binding agreements of the Company,
enforceable against the Company in accordance with their respective
terms, except as enforceability may be limited by (i) bankruptcy,
insolvency, reorganization, receivership, moratorium or other
similar laws affecting the enforcement of the rights of creditors
generally, (ii) general principles of equity, whether enforcement
is sought in a proceeding in equity or at law, and (iii) public
policy considerations underlying the securities laws, to the extent
that such public policy considerations limit the enforceability of
the provisions of this Agreement, the Pooling and Servicing
Agreement or any Mortgage Loan Purchase Agreement that purport to
provide indemnification from securities law liabilities.
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(vi) As of the Closing
Date, the Underwritten Certificates, the Pooling and Servicing
Agreement and the Mortgage Loan Purchase Agreements will conform in
all material respects to the respective descriptions thereof
contained in the Prospectus, the Registration Statement and the
Time of Sale Information. As of the Closing Date, the
Underwritten Certificates will be duly and validly authorized and,
when delivered in accordance with the Pooling and Servicing
Agreement to you against payment therefor as
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provided herein, will be duly and
validly issued and outstanding and entitled to the benefits of the
Pooling and Servicing Agreement.
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(vii) The Company is not in
violation of its certificate of incorporation or by laws or in
default under any agreement, indenture or instrument the effect of
which violation or default would be material to the Company or
which violation or default would have a material adverse affect on
the performance of its obligations under this Agreement, the
Pooling and Servicing Agreement or any Mortgage Loan Purchase
Agreement. Neither the issuance and sale of the Underwritten
Certificates, nor the execution and delivery by the Company of this
Agreement, any Mortgage Loan Purchase Agreement or the Pooling and
Servicing Agreement nor the consummation by the Company of any of
the transactions herein or therein contemplated, nor compliance by
the Company with the provisions hereof or thereof, did, does or
will conflict with or result in a breach of any term or provision
of the certificate of incorporation or by laws of the Company or
conflict with, result in a breach, violation or acceleration of, or
constitute a default (or an event which, with the passing of time
or notification, or both, would constitute a default) under, the
terms of any indenture or other agreement or instrument to which
the Company is a party or by which it or any material asset is
bound, or any statute, order or regulation applicable to the
Company of any court, regulatory body, administrative agency or
governmental body having jurisdiction over the Company.
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(viii) There
is no action, suit or proceeding against the Company pending, or,
to the knowledge of the Company, threatened, before any court,
arbitrator, administrative agency or other tribunal (i) asserting
the invalidity of this Agreement, the Pooling and Servicing
Agreement, any Mortgage Loan Purchase Agreement or the Underwritten
Certificates, (ii) seeking to prevent the issuance of the
Underwritten Certificates or the consummation of any of the
transactions contemplated by this Agreement, (iii) that might
materially and adversely affect the performance by the Company of
its obligations under, or the validity or enforceability of, this
Agreement, the Pooling and Servicing Agreement, any Mortgage Loan
Purchase Agreement or the Underwritten Certificates or (iv) seeking
to affect adversely the federal income tax attributes of the
Underwritten Certificates as described in the
Prospectus.
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(ix) There are no contracts,
indentures or other documents of a character required by the 1933
Act or by the rules and regulations thereunder to be described or
referred to in the Registration Statement or the Prospectus or to
be filed as exhibits to the Registration Statement which have not
been so described or referred to therein or so filed or
incorporated by reference as exhibits thereto.
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(x) No authorization,
approval or consent of any court or governmental authority or
agency is necessary in connection with the offering or sale of the
Underwritten Certificates pursuant to this Agreement, except such
as have been, or as of the Closing Date will have been, obtained or
such as may otherwise be required under applicable state securities
laws in connection with the purchase and offer and sale of the
Underwritten Certificates by the Underwriters and any recordation
of the respective assignments of the Mortgage Loans to the Trustee
pursuant to the Pooling and Servicing Agreement that have not been
completed.
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(xi) The Company possesses all
material licenses, certificates, authorities or permits issued by
the appropriate state, federal or foreign regulatory agencies or
bodies necessary to conduct the business now operated by it, and
the Company has not received any notice of proceedings relating to
the revocation or modification of any such license, certificate,
authority or permit which, singly or in the aggregate, if the
subject of any unfavorable decision, ruling or finding, would
materially and adversely affect the condition, financial or
otherwise, or the earnings, business affairs or business prospects
of the Company.
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(xii) Any taxes, fees and other
governmental charges in connection with the execution and delivery
of this Agreement and the delivery and sale of the Underwritten
Certificates (other than such federal, state and local taxes as may
be payable on the income or gain recognized therefrom) have been or
will be paid at or prior to the Closing Date.
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(xiii) Neither the Company nor the Trust
Fund is, and neither the sale of the Underwritten Certificates in
the manner contemplated by the Prospectus nor the activities of the
Trust Fund pursuant to the Pooling and Servicing Agreement will
cause the Company or the Trust Fund to be, an “investment
company” or under the control of an “investment
company” as such terms are defined in the Investment Company
Act of 1940, as amended (the “ Investment Company Act
”).
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(xiv) Under generally accepted accounting
principles (“ GAAP ”) and for federal income tax
purposes, the Company reported the transfer of the Mortgage Loans
to the Trustee in exchange for the Certificates and will report the
sale of the Underwritten Certificates to the Underwriters pursuant
to this Agreement as a sale of the interests in the Mortgage Loans
evidenced by the Underwritten Certificates. The consideration
received by the Company upon the sale of the Underwritten
Certificates to the Underwriters will constitute reasonably
equivalent value and fair consideration for the Underwritten
Certificates. The Company will be solvent at all relevant
times prior to, and will not be rendered insolvent by, the sale of
the Underwritten Certificates to the Underwriters. In
addition, the Company was solvent at all relevant times prior to,
and was not rendered insolvent by, the transfer of the Mortgage
Loans to the Trustee on behalf of the Trust Fund. The Company
is not selling the Underwritten Certificates to the Underwriters
and did not transfer the Mortgage Loans to the Trustee on behalf of
the Trust Fund with any intent to hinder, delay or defraud any of
the creditors of the Company.
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(xv) At the Closing Date, the
respective classes of Underwritten Certificates shall continue to
have maintained ratings no lower than those set forth in
Schedule I hereto by the nationally recognized statistical
rating organizations identified in Schedule I hereto
(individually and collectively, the “ Rating Agency
”).
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(xvi) The Company is not, and on the date on
which the initial bona fide offer of the Underwritten Certificates
is made will not be, an “ineligible issuer,” as defined
in Rule 405 under the 1933 Act.
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(xvii) At or prior to the time when sales to
investors of the Underwritten Certificates were first made as
determined in accordance with Rule 159 of the 1933 Act (the “
Time of Sale ”), the Company had prepared the
following information (collectively, the “ Time of Sale
Information ”): each “free-writing
prospectus” (as defined pursuant to Rule 405 under the 1933
Act) (a “ Free Writing Prospectus ”) listed on
Annex A hereto. If, subsequent to the date of this
Agreement, the Company and the Underwriters have determined that
such information included an untrue statement of material fact or
omitted to state a material fact necessary in order to make the
statements therein, in the light of the circumstances under which
they were made, not misleading and have terminated their old
purchase contracts and entered into new purchase contracts with
purchasers of the Underwritten Certificates, then “ Time
of Sale Information ”, in connection with a particular
purchaser of the Underwritten Certificates will refer to the
information available to such purchaser at the time of entry into
the last such new purchase contract with such particular purchaser,
including any information that corrects such material misstatements
or omissions (“ Corrective Information
”).
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(xviii) The Time of Sale Information, at the Time
of Sale did not, and at the Closing Date will not, contain any
untrue statement of a material fact or omit to state a material
fact necessary in order to make the statements therein, in the
light of the circumstances under which they were made, not
misleading; provided that the Company makes no
representation and warranty with respect to (i) any statements or
omissions relating to any Underwriter made in reliance upon and in
conformity with information furnished to the Company in writing by
such Underwriter expressly for use in such Time of Sale
Information, (ii) any Mortgage Loan Seller Covered Information (as
defined in Section 8 herein) in such Time of Sale Information,
(iii) any Master Servicer Covered Information in such Time of Sale
Information, (iv) any Special Servicer Covered Information in such
Time of Sale Information, (v) any Trustee Covered Information in
such Time of Sale Information or (vi) any Co-Trustee Covered
Information in such Time of Sale Information.
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(xix) Other than the Prospectus, the
Company (including its agents and representatives other than the
Underwriters in their capacity as such) has not made, used,
prepared, authorized, approved or referred to and will not prepare,
make, use, authorize, approve or refer to any “written
communication” (as defined in Rule 405 under the 1933 Act)
that constitutes an offer to sell or solicitation of an offer to
buy the Underwritten Certificates other than (i) any document not
constituting a prospectus pursuant to Section 2(a)(10)(a) of the
1933 Act or Rule 134 under the 1933 Act, (ii) the Time of Sale
Information and (iii) each other written communication approved in
writing in advance by the Underwriters (each such communication
referred to in clause (ii) and this clause (iii) constituting an
“issuer free writing prospectus”, as defined in Rule
433(h) under the 1933 Act being referred to as an “ Issuer
Free Writing Prospectus ”). Each such Issuer Free
Writing Prospectus complied in all material respects with the 1933
Act, has been filed in accordance with Section 4(c)(iv) (to the
extent required thereby) and, when taken together with all other
material delivered at the Time of Sale, did not at the Time of
Sale, and at the Closing Date will not, contain any untrue
statements of a material fact or omit to state a material fact
necessary in order to make the statements therein, in the light of
the circumstances under which they were made, not misleading;
provided that the
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Company makes no representation
and warranty with respect to (i) any statements or omissions made
in reliance upon and in conformity with information relating to any
Underwriter furnished to the Company in writing by such Underwriter
expressly for use in any Issuer Free Writing Prospectus, (ii) any
Mortgage Loan Seller Covered Information in any Issuer Free Writing
Prospectus or (iii) any Master Servicer Covered Information in any
Issuer Free Writing Prospectus, (iv) any Special Servicer Covered
Information in any Issuer Free Writing Prospectus, (v) any Trustee
Covered Information in any Issuer Free Writing Prospectus or (vi)
any Co-Trustee Covered Information in any Free Writing
Prospectus.
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(b) Wachovia
represents and warrants to, and agrees with, each Underwriter,
that:
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(i) Wachovia is a national
banking association validly existing under the laws of the United
States of America and possesses all requisite authority, power,
licenses, permits and franchises to carry on its business as
currently conducted by it and to execute, deliver and comply with
its obligations under the terms of this Agreement.
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(ii) This Agreement has
been duly and validly authorized, executed and delivered by
Wachovia and, assuming due authorization, execution and delivery
hereof by the Company and the Underwriters, constitutes a legal,
valid and binding obligation of Wachovia, enforceable against
Wachovia in accordance with its terms, except as such enforcement
may be limited by (x) bankruptcy, insolvency, reorganization,
moratorium and other laws affecting the enforcement of
creditors’ rights in general, as they may be applied in the
context of the insolvency of a national banking association, (y)
general equity principles (regardless of whether such enforcement
is considered in a proceeding in equity or at law), and (z) public
policy considerations underlying the securities laws, to the extent
that such public policy considerations limit the enforceability of
the provisions of this Agreement which purport to provide
indemnification from liabilities under applicable securities
laws.
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(iii) The execution and
delivery of this Agreement by Wachovia and Wachovia’s
performance and compliance with the terms of this Agreement will
not (A) violate Wachovia’s articles of association or by
laws, (B) violate any law or regulation or any administrative
decree or order to which it is subject or (C) 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
contract, agreement or other instrument to which Wachovia is a
party or by which Wachovia is bound.
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(iv) Wachovia is not
in default with respect to any order or decree of any court or any
order, regulation or demand of any federal, state, municipal or
other governmental agency or body, which default might have
consequences that would materially and adversely affect the
condition (financial or other) or operations of Wachovia or its
properties or have consequences that would materially and adversely
affect its performance hereunder.
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(v) Wachovia
is not a party to or bound by any agreement or instrument or
subject to any articles of association, bylaws or any other
corporate restriction or any judgment, order, writ, injunction,
decree, law or regulation that would materially and adversely
affect the ability of Wachovia to perform its obligations under
this Agreement or that requires the consent of any third person to
the execution of this Agreement or the performance by Wachovia of
its obligations under this Agreement (except to the extent such
consent has been obtained).
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(vi) No consent,
approval, authorization or order of any court or governmental
agency or body is required for the execution, delivery and
performance by Wachovia of or compliance by Wachovia with this
Agreement or the consummation of the transactions contemplated by
this Agreement except as have previously been obtained.
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(vii) No litigation is
pending or, to the best of Wachovia’s knowledge, threatened
against Wachovia that would assert the invalidity of this
Agreement, prohibit its entering into this Agreement or materially
and adversely affect the performance by Wachovia of its obligations
under this Agreement.
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(viii) Each representation and
warranty of the Company set forth in Section 1(a) hereof is true
and correct as of the date hereof or as of the date specified in
such representation and warranty.
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(c) Each
Underwriter represents and warrants to the Company that:
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(i) In
relation to each Member State of the European Economic Area which
has implemented the Prospectus Directive (each, a “Relevant
Member State”), each Underwriter 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
Publicly Offered 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 Publicly Offered Certificates to the public in that
Relevant Member State at any time:
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(A) to
legal entities which are authorized or regulated to operate in the
financial markets or, if not so authorized or regulated, whose
corporate purpose is solely to invest in securities;
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(B) to
any legal entity which has two or more of (1) an average of at
least 250 employees during the last financial year; (2) a total
balance sheet of more than €43,000,000 and (3) an annual net
turnover of more than €50,000,000, as shown in its last annual
or consolidated accounts; or
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(C) in
any other circumstances which do not require the publication by the
issuer of a prospectus pursuant to Article 3 of the Prospectus
Directive.
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For the purposes of this
provision, the expression an “offer of Publicly Offered
Certificates to the public” in relation to any Publicly
Offered 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 Publicly Offered
Certificates to be offered so as to enable an investor to decide to
purchase or subscribe the Publicly Offered 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 the European Commission
Directive 2003/71/EC and includes any relevant implementing measure
in each Relevant Member State.
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(ii) Each Underwriter 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
United Kingdom Financial Services and Markets Act 2000 (the
“FSMA”)) received by it in connection with the issue or
sale of the Publicly Offered Certificates in circumstances in which
Section 21(1) of the FSMA does not apply to the issuer.
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(iii) Each Underwriter has complied
and will comply with all applicable provisions of the FSMA with
respect to anything done by it in relation to the Publicly Offered
Certificates in, from or otherwise involving the United
Kingdom.
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(iv) As of the date hereof and as of
the Closing Date, such Underwriter has complied in all material
respects with all of its obligations under Section 4
hereof.
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2.
Purchase and Sale . Subject to the terms and
conditions and in reliance upon the representations and warranties
set forth herein, the Company agrees to sell to the Underwriters,
and the Underwriters agree, severally and not jointly, to purchase
from the Company, at the applicable purchase prices set forth in
Schedule I hereto, the respective principal amounts of the
Underwritten Certificates set forth opposite the name of each
Underwriter set forth in Schedule II hereto, and any
additional portions of the Underwritten Certificates that any such
Underwriter may be obligated to purchase pursuant to Section
10 hereof, in all cases plus accrued interest as set forth in
Schedule I .
3.
Delivery and Payment . Delivery of and payment
for the Underwritten Certificates shall be made in the manner, at
the location(s), on the Closing Date at the time specified in
Schedule I hereto (or such later date not later than ten
business days after such specified date as you shall designate),
which date and time may be changed by agreement between you and the
Company or as provided in Section 10 hereof. Delivery
of the Underwritten Certificates shall be made either directly to
you or through the facilities of The Depository Trust Company
(“ DTC ”), as specified in Schedule I
hereto, for the respective accounts of the Underwriters against
payment by the respective Underwriters of the purchase price
therefor in immediately available funds wired to such bank as may
be designated by the Company, or such other manner of payment as
may be agreed upon by the Company and you. Any Class of
Underwritten Certificates to be delivered through the facilities of
DTC shall be represented by one or more global Certificates
registered in the name of Cede & Co., as nominee of DTC, which
global Certificate(s) shall be placed in the custody of DTC not
later than 10:00
-10-
a.m. (New York City time) on the
Closing Date pursuant to a custodial arrangement to be entered into
between the Trustee or its agent and DTC. Unless delivered
through the facilities of DTC, the Underwritten Certificates shall
be in fully registered certificated form, in such denominations and
registered in such names as you may have requested in writing not
less than one full business day in advance of the Closing
Date.
The
Company agrees to have the Underwritten Certificates, including the
global Certificates representing the Underwritten Certificates to
be delivered through the facilities of DTC, available for
inspection, checking and, if applicable, packaging by you in
Charlotte, North Carolina, not later than the close of business
(New York City time) on the business day preceding the Closing
Date.
References
herein, including, without limitation, in the Schedules hereto, to
actions taken or to be taken following the Closing Date with
respect to any Underwritten Certificates that are to be delivered
through the facilities of DTC shall include, if the context so
permits, actions taken or to be taken with respect to the interests
in such Certificates as reflected on the books and records of
DTC.
4.
Offering by Underwriters; Free Writing Prospectuses
.
(a) It
is understood that the Underwriters propose to offer the
Underwritten Certificates for sale to the public, including,
without limitation, in and from the State of New York, as set forth
in the Prospectus Supplement. It is further understood that
the Company, in reliance upon an exemption from the Attorney
General of the State of New York to be granted pursuant to Policy
Statement 104 and 105, has not and will not file the offering
pursuant to Section 352-e of the General Business Law of the State
of New York with respect to the Underwritten
Certificates.
(b) In
connection with the offering of the Underwritten Certificates, the
Underwriters may each prepare and provide to prospective investors
Free Writing Prospectuses (as defined below), or portions thereof,
which the Company is required to file with the Commission in
electronic format and will use reasonable efforts to provide to the
Company such Free Writing Prospectuses, or portions thereof, in
either Microsoft Word® or Microsoft Excel® format and not
in Adobe Acrobat® PDF format, except to the extent that the
Company, in its sole discretion, waives such requirements, subject
to the following conditions (to which such conditions each
Underwriter agrees (provided that no Underwriter is responsible for
any breach of the following conditions by any other
Underwriter)):
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(i) Unless
preceded or accompanied by a prospectus satisfying the requirements
of Section 10(a) of the 1933 Act, the Underwriters shall not convey
or deliver any written communication to any person in connection
with the initial offering of the Underwritten Certificates, unless
such written communication (1) is made in reliance on Rule 134
under the 1933 Act, (2) constitutes a prospectus satisfying the
requirements of Rule 430B under the 1933 Act or (3) constitutes a
Free Writing Prospectus. The Underwriter shall not convey or
deliver in connection with the initial offering of the Underwritten
Certificates any “ABS informational and computational
material,” as
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defined in Item 1101(a) of
Regulation AB under the 1933 Act (“ ABS Informational and
Computational Material ”), in reliance upon Rules 167 and
426 under the 1933 Act.
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(ii) Each
Underwriter shall deliver to the Company, no later than two
business days prior to the date of first use thereof, (a) any Free
Writing Prospectus prepared by or on behalf of the Underwriter that
contains any “issuer information,” as defined in Rule
433(h) under the 1933 Act and footnote 271 of the
Commission’s Securities Offering Reform Release No. 33-8591
(“ Issuer Information ”) (which the parties
hereto agree includes, without limitation, Mortgage Loan Seller
Covered Information), and (b) any Free Writing Prospectus or
portion thereof that contains only a description of the final terms
of the Underwritten Certificates. Notwithstanding the
foregoing, any Free Writing Prospectus that contains only ABS
Informational and Computational Materials may be delivered by such
Underwriter to the Company not later than the later of (a) two
business days prior to the due date for filing of the Prospectus
pursuant to Rule 424(b) under the 1933 Act or (b) the date of first
use of such Free Writing Prospectus.
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(iii) Each
Underwriter represents and warrants to the Company that the Free
Writing Prospectuses to be furnished to the Company by such
Underwriter pursuant to Section 4(b)(ii) will constitute all Free
Writing Prospectuses of the type described therein that were
furnished to prospective investors by such Underwriter in
connection with its offer and sale of the Underwritten
Certificates.
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(iv) Each
Underwriter represents and warrants to the Company that each Free
Writing Prospectus required to be provided by it to the Company
pursuant to Section 4(b)(ii) did not, when read together with all
other materials delivered to investors prior to the Time of Sale,
as of the Time of Sale and at the Closing Date will not, contain
any untrue statement of a material fact, or omit any material fact
necessary to make the statements contained therein, in light of the
circumstances under which they were made, not misleading;
provided , however , that such Underwriter makes no
representation to the extent such misstatements or omissions were
the result of any inaccurate Issuer Information supplied by the
Company or any Mortgage Loan Seller to such Underwriter, which
information was not corrected by Corrective Information
subsequently supplied by the Company or any Mortgage Loan Seller to
such Underwriter prior to the Time of Sale.
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(v) The
Company agrees to file with the Commission the
following:
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(A) Any
Issuer Free Writing Prospectus to the extent required to be filed
with the Commission by Rule 433 under the 1933 Act;
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(B) Any
Free Writing Prospectus or portion thereof delivered by the
Underwriter to the Company pursuant to Section 4(b)(ii);
and
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(C) Any
Free Writing Prospectus for which the Company or any person acting
on its behalf provided, authorized or approved information that is
prepared and published or disseminated by a person unaffiliated
with the
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Company or any other offering
participant that is in the business of publishing, radio or
television broadcasting or otherwise disseminating
communications.
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(vi) Any Free Writing Prospectus
required to be filed pursuant to Section 4(b)(v) by the Company
shall be filed with the Commission not later than the date of first
use of the Free Writing Prospectus, except that:
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(A) Any
Free Writing Prospectus or portion thereof required to be filed
that contains only the description of the final terms of the
Underwritten Certificates shall be filed by the Company with the
Commission within two days of the later of the date such final
terms have been established for all classes of Underwritten
Certificates and the date of first use;
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(B) Any Free Writing Prospectus or
portion thereof required to be filed that contains only ABS
Informational and Computational Material shall be filed by the
Company with the Commission not later than the later of the due
date for filing the final Prospectus relating to the Underwritten
Certificates pursuant to Rule 424(b) under the 1933 Act or two
business days after the first use of such Free Writing
Prospectus;
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(C) Any Free Writing Prospectus
required to be filed pursuant to Section 4(b)(v)(C) shall, if no
payment has been made or consideration has been given by or on
behalf of the Company for the Free Writing Prospectus or its
dissemination, be filed by the Company with the Commission not
later than four business days after the Company becomes aware of
the publication, radio or television broadcast or other
dissemination of the Free Writing Prospectus; and
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(D) The Company shall not be required
to file (1) Issuer Information contained in any Free Writing
Prospectus of an Underwriter or any other offering participant
other than the Company, if such information is included or
incorporated by reference in a prospectus or Free Writing
Prospectus previously filed with the Commission that relates to the
offering of the Underwritten Certificates, or (2) any Free Writing
Prospectus or portion thereof that contains a description of the
Underwritten Certificates or the offering of the Underwritten
Certificates which does not reflect the final terms
thereof.
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(vii) Each Underwriter shall file with the
Commission any Free Writing Prospectus that is used or referred to
by it and distributed by or on behalf of such Underwriter in a
manner reasonably designed to lead to its broad, unrestricted
dissemination not later than the date of the first use of such Free
Writing Prospectus.
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(viii) Notwithstanding the provisions of Section
4(b)(vii), each Underwriter shall file with the Commission any Free
Writing Prospectus for which such Underwriter or any person acting
on its behalf provided, authorized or approved information that is
prepared and published or disseminated by a person unaffiliated
with the Company or any other offering participant that is in the
business of publishing, radio or television broadcasting or
otherwise disseminating written communications and for
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which no payment was made or
consideration given by or on behalf of the Company or any other
offering participant, not later than four business days after such
Underwriter becomes aware of the publication, radio or television
broadcast or other dissemination of the Free Writing
Prospectus.
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(ix) Notwithstanding the provisions of
Sections 4(b)(v) and 4(b)(vii), neither the Company nor any
Underwriter shall be required to file any Free Writing Prospectus
that does not contain substantive changes from or additions to a
Free Writing Prospectus previously filed with the
Commission.
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(x) The Company and the
Underwriters each agree that any Free Writing Prospectuses prepared
by it shall contain the following legend:
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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 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 if you request it by calling toll-free
1-800-745-2063.
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(xi) The Company and the
Underwriters agree to retain all Free Writing Prospectuses that
they have used and that are not required to be filed pursuant to
this Section 4 for a period of three years following the initial
bona fide offering of the Underwritten Certificates.
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(xii) In the event that the Company
becomes aware that, as of the Time of Sale, any Issuer Free Writing
Prospectus contains any untrue statement of a material fact or
omits to state a material fact necessary in order to make the
statements contained therein, in light of the circumstances under
which they were made, not misleading (a “ Defective Issuer
Free Writing Prospectus ”), the Company shall notify the
Underwriters thereof within one business day after discovery and
the Company shall, if requested by the Underwriters, prepare and
deliver to the Underwriters a Free Writing Prospectus that corrects
the material misstatement or omission in the Defective Issuer Free
Writing Prospectus (such corrected Issuer Free Writing Prospectus,
a “ Corrected Issuer Free Writing Prospectus
”).
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(A) In the event that any
Underwriter becomes aware that, with respect to any purchaser of an
Underwritten Certificate, any Free Writing Prospectus prepared by
or on behalf of such Underwriter (each, an “ Underwriter
Free Writing Prospectus ”) and delivered to such
purchaser 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 light of the circumstances under
which they were made, not misleading, when considered in
conjunction with the Time of Sale Information (together with the
Defective Issuer Free Writing Prospectus, a “ Defective
Free Writing Prospectus ”), such Underwriter shall notify
the Company and each other Underwriter thereof within one business
day after discovery.
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(B) Each Underwriter shall, if
requested by the Company:
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(1) if the Defective Free Writing
Prospectus was an Underwriter Free Writing Prospectus, prepare a
Free Writing Prospectus which corrects the material misstatement in
or omission from the Defective Free Writing Prospectus (together
with a Corrected Issuer Free Writing Prospectus, a “
Corrected Free Writing Prospectus ”);
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(2) deliver the Corrected Free Writing
Prospectus to each Underwriter and the Company so that the
Underwriters can each deliver the Corrected Free Writing Prospectus
to their respective purchasers of an Underwritten Certificate which
received the Defective Free Writing Prospectus prior to entering
into a contract of sale;
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(3) if after the Time of Sale, notify
such purchaser in a prominent fashion that the prior agreement to
purchase Certificates has been terminated, and of the
purchaser’s rights as a result of termination of such
agreement;
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(4) &n
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