AMERICAN HOME MORTGAGE
ASSETS TRUST 2006-4
Mortgage-Backed Pass-Through
Certificates, Series 2006-4
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Approximate Initial Underwritten
Certificate Principal Balance
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UNDERWRITING
AGREEMENT
Deutsche Bank
Securities Inc.
60 Wall
Street
American Home Mortgage Assets LLC, a Delaware
limited liability company (the “Company”), proposes to
sell to you (the “Underwriter”), pursuant to this
Underwriting Agreement; dated August 11, 2006 (the
“Agreement”), among the Company, the Underwriter, and
American Home Mortgage Corp. (“American Home” or the
“Seller”), the respective amounts set forth opposite
your name in Schedule I attached hereto of the American Home
Mortgage Assets Trust 2006-4, Mortgage-Backed Pass-Through
Certificates, Series 2006-4, Class I-A-1-1, Class I-A-1-2, Class
I-A-2-1, Class I-A-2-2, Class I-A-2-3, Class II-A-1, Class II-A-2,
Class II-A-3, Class M-1, Class M-2, Class M-3, Class M-4, Class
M-5, Class M-6 and Class M-7 Certificates (collectively, the
“Offered Certificates”) having the aggregate principal
amounts and Pass-Through Rates set forth above. The Offered
Certificates represent an aggregate $1,506,967,000 initial
Certificate Principal Balance of the American Home Mortgage Assets
Trust 2006-4, Mortgage-Backed Pass-Through Certificates, Series
2006-4.
The Class P, Class C, Class R and Class RX
Certificates (collectively, the “Non-Offered
Certificates” and together with the Offered Certificates, the
“Certificates” and the Offered Certificates will be
issued pursuant to a Pooling and Servicing Agreement, dated August
1, 2006 (the “Pooling and Servicing Agreement”) among
American Home Mortgage Assets LLC, as company (the
“Depositor”), Wells Fargo Bank, N.A., as master
servicer (the “Master Servicer”), and Deutsche Bank
National Trust Company, as trustee (the “Trustee”).
Upon issuance, the Certificates, other than the Class I-A-2-2
Certificates, will evidence undivided interests in the Trust Fund
(as defined in the Pooling and Servicing Agreement) established for
such series containing mortgages and in the case of the Class
I-A-2-2 Certificates, a grantor trust or, in the event the Trust
Fund, or a portion thereof, constitutes a real estate mortgage
investment conduit (“REMIC”), the Trust Fund may
contain interests issued by a trust which will contain mortgages,
all as described in the Prospectus (as defined below). The mortgage
loans included in the Trust Fund will be sold by American Home
Mortgage Corp. to the Company pursuant to a Mortgage Loan Purchase
Agreement, dated as of August 30, 2006 (the “Mortgage Loan
Purchase Agreement”), between the Seller and the Company.
Servicing of the Mortgage Loans included in the Trust Fund will be
provided for pursuant to the Servicing Agreement, dated as of
August 30, 2006 (the “Servicing Agreement”), among the
Master Servicer, the Trustee, American Home and American Home
Mortgage Servicing, Inc. (the “Servicer”). Terms not
defined herein which are defined in the Pooling and Servicing
Agreement shall have the meanings ascribed to them in the Pooling
and Servicing Agreement.
The Certificates are described more fully in the
Basic Prospectus and the Prospectus Supplement (each as hereinafter
defined) which the Company has furnished or will furnish to the
Underwriter.
1.
Representations, Warranties and
Covenants .
1.1 The Company represents and warrants to, and
agrees with, the Underwriter that as of the date hereof (or as of
such other date as may be specified in a particular representation
and warranty):
(a) The Company has filed with the Securities and
Exchange Commission (the “Commission”) a registration
statement (No. 333-131641) on Form S-3 for the registration under
the Securities Act of 1933, as amended (the “Act”), of
Mortgage Pass-Through Certificates and Mortgage-Backed Notes
(issuable in series), including the Certificates, which
registration statement has become effective, and a copy of which,
as amended to the date hereof, has heretofore been delivered to the
Underwriter. 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 dated August 29, 2006 (the “Prospectus
Supplement”), to the prospectus dated April 21, 2006 (the
“Basic Prospectus”), relating to the Offered
Certificates and the method of distribution thereof. Such
registration statement (No. 333-131641) including exhibits thereto
and any information incorporated therein by reference, as amended
at the date hereof, is hereinafter called the “Registration
Statement”; and the Basic 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 August 30, 2006 (the
“Closing Date”) for use in connection with the offering
of the Offered Certificates, are hereinafter called the
“Prospectus”. The Company further proposes to prepare,
after the final terms of all classes of the Offered Certificates
have been established, a term sheet and term sheet supplement that
will contain substantially all information that will appear in the
Prospectus Supplement, to the extent that such information is known
at that time and minus specific sections (such term sheet and term
sheet supplement, together with the Basic Prospectus, the
“Definitive Free Writing Prospectus”).
(b) The Registration Statement has become effective
and no stop order suspending the effectiveness of the Registration
Statement is in effect, no proceedings for such purpose are pending
before or threatened by the Commission, and the Registration
Statement as of the Effective Date (as defined in this paragraph)
complied, and as of the time of each Contract of Sale of any
Offered Certificate (the “Time of Sale”) and as of the
date hereof, complied or will comply, and the Prospectus, as of the
date of the Prospectus Supplement and as of each Time of Sale,
complied or will comply in all material respects with the
applicable requirements of the Act and the 1933 Act Regulations.
The Registration Statement, as of the Effective Date and as of each
Time of Sale, did not contain any untrue statement of a material
fact and did not omit to state any material fact required to be
stated therein or necessary to make the statements therein not
misleading, and the Prospectus and any static pool information
excluded from the Registration Statement pursuant to Regulation AB
Item 1105(d), as of the date of the Prospectus Supplement and as of
each Time of Sale, 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 required to be stated therein or
necessary in order to make the statements therein, in the light of
the circumstances under which they were made, not misleading;
provided, however, that neither the Company nor American Home makes
any representations or warranties as to either (i) any information
contained in or omitted from the portions of the Prospectus set
forth under the caption “Method of Distribution”
relating to the Offered Certificates (the
“Underwriter’s Information”) or (ii) any
decrement or yield tables set forth in the section titled
“Yield on the Certificates” in the Prospectus
Supplement (the “Decrement/Yield Tables”). In addition,
any Issuer Information (as defined below) contained in the
Definitive Free Writing Prospectus, as of the date thereof, did not
contain an untrue statement of a material fact and did 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. “Effective Date” shall mean the
earlier of the date on which the Definitive Free Writing Prospectus
is first used and the time of the first Contract of Sale to which
such Definitive Free Writing Prospectus relates. As used herein,
“Pool Information” means all loan level data with
respect to the characteristics of the Mortgage Loans and
administrative and servicing fees, as provided by or on behalf of
the Company, the Seller or American Home to the Underwriter. The
Company acknowledges that the Underwriter’s Information and
the Decrement/Yield Tables constitute 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.
(c) The Company has been duly formed and is validly
existing as a limited liability company in good standing under the
laws of the State of Delaware and has the requisite organizational
power to own its properties and to conduct its business as
presently conducted by it.
(d) The Company is not, as of the commencement of
the offering, an Ineligible Issuer, as such term is defined in Rule
405 of the 1933 Act Regulations.
(e) This Agreement has been duly authorized,
executed and delivered by the Company.
(f) As of the Closing Date (as defined herein), the
Offered Certificates will conform in all material respects to the
description thereof contained in the Prospectus and the
representations and warranties of the Company in the Pooling and
Servicing Agreement will be true and correct in all material
respects.
(g) Since the respective dates as of which
information is given in the Registration Statement and the
Prospectus except as otherwise stated therein, (A) there has been
no material adverse change in the condition, financial or
otherwise, earnings, affairs, regulatory situation or business of
the Company, the Seller or American Home, taken as a whole, whether
or not occurring in the ordinary course of business, and (B) there
have been no transactions entered into by the Company which are
material, other than those in the ordinary course of
business.
(h) The Pooling and Servicing Agreement, when
executed and delivered by the Company, will constitute a legal,
valid and binding instrument enforceable against the Company in
accordance with its terms, subject, as to the enforceability of
remedies, to applicable bankruptcy, reorganization, insolvency,
moratorium and other laws affecting the rights of creditors
generally, and to general principles of equity and the discretion
of the court (regardless of whether enforceability of such remedies
is considered in a proceeding in equity or at law).
(i) The issuance of the Offered Certificates will
have been duly authorized by the Company and, when such Offered
Certificates are executed and authenticated in accordance with the
Pooling and Servicing Agreement and delivered against payment
pursuant to this Agreement, such Offered Certificates will be
validly issued and outstanding; and the Offered Certificates will
be entitled to the benefits provided by the Pooling and Servicing
Agreement and are enforceable against the Company in accordance
with their terms. The Offered Certificates are in all material
respects in the form contemplated by the Pooling and Servicing
Agreement. Immediately prior to the delivery of the Offered
Certificates to the Underwriter, the Company will own the Offered
Certificates, and upon such delivery the Underwriter will acquire
title thereto, free and clear of any lien, pledge, encumbrance or
other security interest other than one created or granted by the
Underwriter.
(j) As of the Closing Date, the Mortgage Loan
Purchase Agreement (together with this Agreement and the Pooling
and Servicing Agreement, the “Transaction Documents”)
will have been duly authorized, executed and delivered by the
Company and the Seller and will conform in all material respects to
the description thereof contained in the Prospectus and will
constitute a valid and binding agreement of the Company and the
Seller enforceable in accordance with its terms, except as the same
may be limited by bankruptcy, insolvency, reorganization or other
laws relating to or affecting the enforcement of creditors’
rights generally, and to general principles of equity and the
discretion of the court (regardless of whether enforceability of
such remedies is considered in a proceeding in equity or at
law).
(k) Neither the issuance or delivery of the Offered
Certificates, nor the consummation of any other of the transactions
contemplated herein or in the Transaction Documents, nor compliance
with the provisions of the Transaction Documents will conflict with
or result in the breach of any term or provision of the certificate
of formation or LLC agreement of the Company, and the Company is
not in breach or violation of or in default (nor has an event
occurred which with notice or lapse of time or both would
constitute a default) under the terms of (i) any indenture,
contract, lease, mortgage, deed of trust, note agreement or other
evidence of indebtedness or other agreement, obligation or
instrument to which the Company is a party or by which it or its
properties are bound, or (ii) any law, decree, order, rule or
regulation applicable to the Company of any court or supervisory,
regulatory, administrative or governmental agency, body or
authority, or arbitrator having jurisdiction over the Company, or
its properties, the default in or the breach or violation of which
would have a material adverse effect on the Company, the trust or
the Offered Certificates or on the ability of the Company to
perform its obligations under the Transaction Documents; and
neither the delivery of the Offered Certificates, nor the execution
and delivery of the Transaction Documents or the consummation of
any other of the transactions contemplated herein or in the
Transaction Documents, nor the compliance with the provisions of
the Transaction Documents will result in such a breach, violation
or default which would have such a material adverse
effect.
(l) No filing or registration with, notice to, or
consent, approval, authorization or order or other action of, any
court or governmental authority or agency is required for the
consummation by the Company of the transactions contemplated by the
Transaction Documents (other than as required under state
securities laws or Blue Sky laws, as to which no representations
and warranties are made by the Company), except such as have been,
or will have been prior to the Closing Date, obtained under the
Act, and such recordations of the assignment of the Mortgage
Loans.
(m) There is no action, suit or proceeding before or
by any court, administrative or governmental agency, or other
tribunal, domestic or foreign, now pending to which the Company is
a party, or, to the best of the Company’s knowledge,
threatened against the Company, which could reasonably result
individually or in the aggregate in any material adverse change in
the condition (financial or otherwise), earnings, affairs,
regulatory situation or business prospects of the Company or could
reasonably interfere with or materially and adversely affect the
consummation of the transactions contemplated in the Transaction
Documents.
(n) At the time of execution and delivery of the
Pooling and Servicing Agreement, the Company will own the mortgage
notes (the “Mortgage Notes”) being transferred to the
Trustee pursuant to the Pooling and Servicing Agreement, free and
clear of any lien, mortgage, pledge, charge, encumbrance, adverse
claim or other security interest (collectively,
“Liens”), except to the extent permitted in the Pooling
and Servicing Agreement, and will not have assigned to any person
other than the Trustee any of its right, title or interest in the
Mortgage Notes. The Company will have the power and authority to
transfer the Mortgage Notes to the Trustee and to transfer the
Offered Certificates to the Underwriter, and, upon execution and
delivery pursuant to the terms of the Pooling and Servicing
Agreement, payment by the Underwriter for the Offered Certificates,
and delivery to the Underwriter of the Offered Certificates, the
Trustee on behalf of the Certificateholders will own the Mortgage
Notes and the Underwriter will acquire title to the Offered
Certificates, in each case free of Liens except to the extent
permitted by the Pooling and Servicing Agreement.
(o) Any taxes, fees and other governmental charges
in connection with the execution, delivery and issuance of the
Transaction Documents and the Offered Certificates have been or
will be paid by the Company on or prior to the Closing Date, except
for fees for recording assignments of Mortgage Loans to the Trustee
or, if applicable, to MERS on behalf of the Trustee, pursuant to
the Pooling and Servicing Agreement that have not yet been
completed, which fees will be paid by the Company in accordance
with the Pooling and Servicing Agreement.
(p) Neither the Company nor the Trust Fund is an
“investment company” or an entity
“controlled” by an “investment company,” as
such terms are defined in the Investment Company Act of 1940, as
amended.
(q) The Company acknowledges and agrees that the
relationship between itself and the Underwriter is an arms-length
commercial relationship that creates no fiduciary duty on the part
of the Underwriter, and each party expressly disclaims any
fiduciary relationship.
1.2 American Home represents and warrants to, and
agrees with, the Underwriter that as of the Closing Date the
representations and warranties of the Seller in Section 3.1(a) of
the Mortgage Loan Purchase Agreement will be true and correct in
all material respects.
1.3 The Underwriter represents and warrants to and
agrees with the Company and American Home that:
(a) The Underwriter hereby acknowledges that each
Offered Certificate is to be maintained on the book-entry records
of The Depository Trust Company (“DTC”). The Class A
certificates will be issued in minimum denominations of $100,000
principal balance and integral multiples of $1 in excess thereof.
The Class M certificates will be issued in minimum denominations of
$250,000 principal balance and integral multiples of $1 in excess
thereof.
(c) As of the date hereof and as of the Closing
Date, the Underwriter has complied with all of its obligations
hereunder. With respect to all Free Writing Prospectuses provided
by the Underwriter to any investor, if any, such Free Writing
Prospectuses are accurate in all material respects (taking into
account the assumptions explicitly set forth in the Free Writing
Prospectuses, except to the extent of any errors therein that are
caused by errors in the Pool Information, and except for any Issuer
Information therein). The Free Writing Prospectuses provided by the
Underwriter to the Company pursuant to Section 4.4 constitute a
complete set of all Free Writing Prospectuses furnished to any
investor by the Underwriter in connection with the offering of any
Offered Certificates, other than any Underwriter Derived
Information.
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 the Underwriter,
and the Underwriter agrees to purchase from the Company, the
Offered Certificates indicated on Schedule I hereto which shall be
transferred by the Company to the Underwriter at a price equal to
100.15% of the aggregate Certificate Principal Balance of the
Offered Certificates as of the Closing Date, plus accrued interest,
if applicable.
3.
Delivery and Payment.
Delivery of and payment for the
Offered Certificates shall be made at the office of Thacher
Proffitt & Wood llp at 10:00 a.m., New York City time, on
August 30, 2006 or such later date as the Underwriter shall
designate, which date and time may be postponed by agreement
between the Underwriter and the Company (such date and time of
delivery and payment for the Offered Certificates being herein
called the “Closing Date”). Delivery of the Offered
Certificates shall be made to the Underwriter through DTC (such
Offered Certificates, the “DTC Registered
Certificates”).
4.
Offering by
Underwriter .
4.1 It is understood that the Underwriter proposes
to offer and/or solicit offers for the Offered Certificates to be
purchased by it for sale to the public as set forth in the
Prospectus and the Underwriter agrees that all such offers,
solicitations and sales by it 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 Definitive Free Writing
Prospectus, you have not sold any Offered Certificate or any
security backed by the Mortgage Loans, any interest in any Offered
Certificate or such security or any Mortgage Loan.
4.2 It is understood that the Underwriter will
solicit offers to purchase the Offered Certificates as
follows:
(a) Prior to the time you have received the
Definitive Free Writing Prospectus you may, in compliance with the
provisions of this Agreement, solicit offers to purchase the
Offered Certificates; provided, that you shall not accept any such
offer to purchase an Offered Certificate or any interest in any
Offered Certificate or Mortgage Loan or otherwise enter into any
Contract of Sale for any Offered Certificate, any interest in any
Certificate or any Mortgage Loan prior to the investor’s
receipt of the Definitive Free Writing Prospectus.
(b) Any Free Writing Prospectus (other than the
Definitive Free Writing Prospectus) relating to the Offered
Certificates used 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 Offered Certificates shall prominently set
forth the following statement or its equivalent:
This free
writing prospectus is not required to contain all information that
is required to be included in the base prospectus and the
prospectus supplement. The information in this free writing
prospectus is preliminary and is subject to completion or change.
The information in this free writing prospectus, if conveyed prior
to the time of your commitment to purchase, supersedes information
contained in any prior similar free writing prospectus relating to
these securities. This free writing prospectus is not an offer to
sell or a solicitation of an offer to buy these securities in any
state where such offer, solicitation or sale is not
permitted.
“Written
Communication” has the same meaning as that term is defined
in Rule 405 of the 1933 Act Regulations.
(c) Any Free Writing Prospectus relating to Offered
Certificates and used by the Underwriter in connection with
marketing the Offered Certificates, including the Definitive Free
Writing Prospectus, shall prominently set forth the following
statement or its equivalent:
This free
writing prospectus is not required to contain all information that
is required to be included in the base prospectus and the
prospectus supplement. The information in this free writing
prospectus is preliminary and is subject to completion or change.
The information in this free writing prospectus, if conveyed prior
to the time of your commitment to purchase, supersedes information
contained in any prior similar free writing prospectus relating to
these securities. This free writing prospectus is not an offer to
sell or a solicitation of an offer to buy these securities in any
state where such offer, solicitation or sale is not
permitted.
4.3 It is understood that you will not enter into a
Contract of Sale with any investor until the investor has received
the Definitive Free Writing Prospectus. For purposes of this
Agreement, Contract of Sale has the same meaning as in Rule 159 of
the 1933 Act Regulations and all Commission guidance relating to
Rule 159, including without limitation the Commission’s
statement in Securities Act Release No. 33-8501 that “a
contract of sale can occur under the federal securities laws before
there is a bilateral contract under state law, for example when a
purchaser has taken all actions necessary to be bound but a
seller’s obligations remain conditional under state
law.” The Definitive Free Writing Prospectus shall
prominently set forth the following statement or its
equivalent:
This Definitive
Free Writing Prospectus supersedes the information in any free
writing prospectus previously delivered in connection with this
offering, to the extent that this Definitive Free Writing
Prospectus is inconsistent with any information in any free writing
prospectus previously delivered in connection with this
offering.
4.4 It is understood that you may prepare and
provide to prospective investors certain Free Writing Prospectuses
(as defined below), 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
Offered Certificates, unless such Written Communication either (i)
is made in reliance on Rule 134 under the Act, (ii) constitutes a
prospectus satisfying the requirements of Rule 430B under the Act,
(iii) is the Definitive Free Writing Prospectus, or (iv) both (1)
constitutes a Free Writing Prospectus (as defined below) used in
reliance on Rule 164 and (2) includes only information that is
within the definition of ABS Informational and Computational
Materials as defined in Item 1100 of Regulation AB. Notwithstanding
the foregoing, the Company agrees that the Underwriter may
disseminate information on Bloomberg to prospective investors
relating solely to i) information of the type identified in Rule
134 of the Act, ii) information included in the Definitive Free
Writing Prospectus iii) the status of allocations and subscriptions
of the Offered Certificates, expected pricing parameters of the
Offered Certificates and the yields and weighted average lives of
the Offered Certificates, and iv) information constituting final
terms of the Offered Certificates within the meaning of Rule
433(d)(5)(ii) under the Act.
(c) For purposes hereof, “Free Writing
Prospectus” shall have the meaning given such term in Rules
405 and 433 of the 1933 Act Regulations. “Issuer
Information” shall mean information included in a Free
Writing Prospectus that both (i) is within the types of information
specified in clauses (1) to (5) of footnote 271 of Commission
Release No. 33-8591 (Securities Offering Reform) as shown in
Exhibit I hereto and (ii) has been either prepared by, or has been
reviewed and approved by, the Company. “Underwriter Derived
Information” shall refer to information of the type described
in clause (5) of such footnote 271 when prepared by the
Underwriter.
(d) All Free Writing Prospectuses provided to
prospective investors, whether or not filed with the Commission,
shall bear a legend on each page including the following statement
or its equivalent:
THE DEPOSITOR
HAS FILED A REGISTRATION STATEMENT (INCLUDING A PROSPECTUS) WITH
THE SEC FOR THE OFFERING TO WHICH THIS FREE WRITING PROSPECTUS
RELATES. BEFORE YOU INVEST, YOU SHOULD READ THE PROSPECTUS IN THAT
REGISTRATION STATEMENT AND OTHER DOCUMENTS THE ISSUER HAS FILED
WITH THE SEC FOR MORE COMPLETE INFORMATION ABOUT THE ISSUER AND THE
OFFERING. YOU MAY GET THESE DOCUMENTS FOR FREE BY VISITING EDGAR ON
THE SEC WEB SITE AT WWW.SEC.GOV. ALTERNATIVELY, THE ISSUER, 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 1-800-503-4611.
The Company
shall have the right to require additional specific legends or
notations to appear on any Free Writing Prospectus, the right to
require changes regarding the use of terminology and the right to
determine the types of information appearing therein.
(e) The Underwriter shall deliver to the Company and
its counsel, no later than one business day prior to the proposed
date of first use thereof, (i) any Free Writing Prospectus prepared
by or on behalf of the Underwriter that contains any information
that, if reviewed and approved by the Company, would be Issuer
Information, and (ii) any Free Writing Prospectus or portion
thereof that contains only a description of the final terms of the
Offered Certificates after such terms have been established for all
classes of Offered Certificates being publicly offered. 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 the document including Issuer
Information. The Underwriter shall provide to the Company, for
filing as provided in Section 5.10, copies (in such format as
required by the Company) of all Free Writing Prospectuses required
to be filed with the SEC. All Free Writing Prospectuses described
in this subsection (e) must be approved by the Company before the
Underwriter provides the Free Writing Prospectus to investors
pursuant to the terms of this Agreement.
(f) The Underwriter agrees that all information
included in the Free Writing Prospectuses shall be prepared, to the
extent possible, based on the information contained in the
Registration Statement and anticipated to be included in the
Prospectus.
(g) The Company shall not be obligated to file any
Free Writing Prospectuses that have been determined to contain any
material error or omission, unless the Company is required to file
the Free Writing Prospectus pursuant to Section 5.10 below. In the
event that the Underwriter becomes aware that, as of the date on
which an investor entered into an agreement to purchase any Offered
Certificates, any Free Writing Prospectus prepared by or on behalf
of the Underwriter and delivered to such investor 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, the Underwriter shall notify the Company thereof as
soon as practical but in any event within one business day after
discovery.
(h) If the Underwriter does not provide any Free
Writing Prospectuses to the Company pursuant to subsection (e)
above, the Underwriter shall be deemed to have represented, as of
the Closing Date, that it did not provide any prospective investors
with any information in written or electronic form in connection
with the offering of the Offered Certificates that is required to
be filed with the Commission by the Company as a Free Writing
Prospectus (other than the Definitive Free Writing Prospectus) in
accordance with the 1933 Act Regulations.
(i) In the event of any delay in the delivery by the
Underwriter to the Company of any Free Writing Prospectuses
required to be delivered in accordance with subsection (e) above,
or in the delivery of the accountant’s comfort letter in
respect thereof pursuant to section 6.1 below, the Company shall
have the right to delay the release of the Prospectus to investors
or to the Underwriter, to delay the Closing Date and to take other
appropriate actions in each case as necessary in order to allow the
Company to comply with its agreement set forth in Section 5.10 to
file the Free Writing Prospectuses by the time specified
therein.
(j) The Underwriter represents that it has in place,
and covenants that it shall maintain internal controls and
procedures which it reasonably believes to be sufficient to ensure
full compliance with all applicable legal requirements of the 1933
Act Regulations with respect to the generation and use of Free
Writing Prospectuses in connection with the offering of the Offered
Certificates. In addition, the Underwriter shall, for a period of
at least three years after the date hereof, maintain written and/or
electronic records of the following:
(i)
Any Written Communications in
respect of the Offered Certificates not deemed a Prospectus or a
Free Writing Prospectus because its content is limited to the
statements permitted by Rule 134 of the Securities Act;
(ii)
any Free Writing Prospectus used to
solicit offers to purchase the Offered Certificates but not filed
with the Commission;
(iii)
regarding each Free Writing
Prospectus delivered to a prospective investor, the date of such
delivery and identity of such prospective investor;
(iv)
regarding each offer to purchase
the Offered Certificates received by the Underwriter, the identity
of the offeror, the date the offer was made and the proposed terms
and allocation of the Offered Certificates offered to be purchased;
and
(v)
regarding each Contract of Sale
entered into by the Underwriter, the date, identity of the investor
and the terms of such Contract of Sale, including the amount and
price of Offered Certificates subject to such Contract of
Sale.
(k) The Underwriter covenants with the Company that
after the final Prospectus is available such Underwriter shall not
distribute any written information concerning the Certificates to a
prospective investor unless such information is preceded or
accompanied by the final Prospectus.
(l) The Underwriter agrees to provide written notice
to the Company of the date it first enters into any Contract of
Sale for an Offered Certificate.
4.5 The Underwriter further agrees that on or prior
to the sixth day after the Closing Date, the Underwriter shall
provide the Company with a certificate, substantially in the form
of Exhibit G attached hereto, setting forth (i) in the case of each
clas
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