BEAR STEARNS ASSET BACKED SECURITIES
I LLC
UNDERWRITING
AGREEMENT
Bear, Stearns
& Co. Inc.
383 Madison
Avenue
New York, New
York 10179
Dear Ladies and
Gentlemen:
1.
Introduction
. Bear Stearns Asset Backed
Securities I LLC, a Delaware limited liability company (the
“Depositor”), from time to time proposes to issue and
sell Asset-Backed Certificates (“Certificates”) in
various series (each a “Series”), and, within each
Series, in various classes, in one or more offerings on terms
determined at the time of sale. The Certificates of each series
will be issued pursuant to a pooling and servicing agreement (each,
a “Pooling and Servicing Agreement”) among the
Depositor, as depositor, EMC Mortgage Corporation, as sponsor and
in certain instances, as company, one or more master servicers, a
third party trustee (the “Trustee”) and, in certain
instances, a securities administrator (the “Securities
Administrator”). Upon issuance, the Certificates of each
series will evidence undivided interests in the Trust Fund (as
defined in the Pooling and Servicing Agreement) established for
such series containing mortgages 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). 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.
Whenever the Depositor determines to make an
offering of a Series of Certificates (an “Offering”)
through you or an underwriting syndicate managed or co managed by
you, it will offer to enter into an agreement (“Terms
Agreement”) providing for the sale of such Certificates to,
and the purchase and offering thereof by, you and such other co
managers and underwriters, if any, which have been selected by you
and have authorized you to enter into such Terms Agreement and
other related documentation on their behalf (collectively, the
“Underwriters,” which term shall include you whether
acting alone in the sale of Certificates or as a co manager or as a
member of an underwriting syndicate). The Terms Agreement relating
to each Offering shall specify the principal amount of Certificates
to be issued and their terms not otherwise specified in the Pooling
and Servicing Agreement, the price at which the Certificates are to
be purchased by each of the Underwriters from the Depositor and the
initial public offering price or the method by which the price at
which the Certificates are to be sold will be determined. The Terms
Agreement, which shall be substantially in the form of Exhibit A
hereto, may take the form of an exchange of any standard form of
written telecommunication between you and the Depositor. Each
Offering governed by this Agreement, as supplemented by the
applicable Terms Agreement, shall inure to the benefit of and be
binding upon the Depositor and each of the Underwriters
participating in the Offering of such Certificates.
The Depositor hereby agrees with the
Underwriters as follows:
2.
Representations and Warranties of
the Depositor . The
Depositor represents and warrants to you as of the date hereof, and
to each Underwriter named in the applicable Terms Agreement as of
the date of such Terms Agreement, as follows:
(a) A registration statement on Form S-3, including
a prospectus, and such amendments thereto as may have been required
to the date hereof, relating to the Certificates and the offering
thereof from time to time in accordance with Rule 415 under the
Securities Act of 1933, as amended (the “Act”), have
been filed with the Securities and Exchange Commission (the
“Commission”) and such registration statement as
amended has become effective. Such registration statement as
amended and the prospectus relating to the sale of Certificates
constituting a part thereof as from time to time amended or
supplemented (including any prospectus filed with the Commission
pursuant to Rule 424 of the rules and regulations of the Commission
(the “Rules and Regulations”) under the Act, including
any documents incorporated by reference therein pursuant to Item 12
of Form S-3 under the Act which were filed under the Securities
Exchange Act of 1934, as amended (the “Exchange Act”)
on or before the Effective Date of the Registration Statement or
the date of the Prospectus Supplement, are respectively referred to
herein as the “Registration Statement” and the
“Prospectus”; provided, however, that a supplement to
the Prospectus (a “Prospectus Supplement”) prepared
pursuant to Section 5(a) hereof shall be deemed to have
supplemented the Prospectus only with respect to the Offering of
the Series of Certificates to which it relates. The conditions of
Rule 415 under the Act have been satisfied with respect to the
Depositor and the Registration Statement. The Depositor further
proposes to prepare, after the final terms of all classes of the
Certificates have been established, either a Free Writing
Prospectus 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
including the Method of Distribution section or an Iterative
Information Package (such Free Writing Prospectus, together with
the Basic Prospectus, or any Iterative Information Package, the
“Definitive Free Writing Prospectus”). The Definitive
Free Writing Prospectus must be provided to each investor prior to
the time of Contract of Sale (as defined herein). An
“Iterative Information Package” shall mean with respect
to any class of Certificates, collectively the following documents:
(i) one or more term sheets or other Written Communications,
providing information about that class of Certificates and the
structure and other cash flow characteristics thereof, information
regarding the payment priority of such certificates, the basic
terms of any credit enhancements, including any subordination, as
known at the time of such term sheet, factual information about the
Mortgage Loans (other than any Underwriter Derived Information) as
known at the time of such term sheet, information regarding the
parties to the transaction as known at the time of such term sheet,
and the tax, ERISA and SMMEA characteristics of that class of
Certificates as known at the time of such term sheet, (ii) a term
sheet supplement, containing relevant risk factors and additional
information similar to the information in the Prospectus Supplement
to the extent known at the time of such term sheet supplement, and
(iii) the Prospectus, which may be provided by a link to a website.
Each of the items described in (i) and (ii) in the preceding
sentence shall constitute a Free Writing Prospectus.
(b) On the effective date of the Registration
Statement, the Registration Statement and the Prospectus and any
static pool information provided by the Depositor pursuant to
Regulation AB Item 1105(a), (b) and (c), but deemed excluded from
the Registration Statement and the Prospectus pursuant to
Regulation AB Item 1105(d) conformed in all material respects to
the requirements of the Act and the Rules and Regulations, and did
not include any untrue statement of a material fact or omit to
state any material fact required to be stated therein or necessary
to make the statements therein not misleading, and on the date of
each Terms Agreement, the Registration Statement and the Prospectus
will conform in all material respects to the requirements of the
Act and the Rules and Regulations, and the Prospectus and any
static pool information provided by the Depositor pursuant to
Regulation AB Item 1105(a), (b) and (c), but deemed excluded from
the Registration Statement and the Prospectus pursuant to
Regulation AB Item 1105(d) will not include any untrue statement of
a material fact or omit to state any material fact required to be
stated therein or necessary in order to make the statements
therein, in light of the circumstances under which they are made,
not misleading; provided, however, that the foregoing does not
apply to any information contained in or omitted from the portions
of the Prospectus set forth under the caption “Method of
Distribution” relating to the Certificates and the
stabilization legend required by Item 502(d)(1) under Regulation
S-K of the Act (the “Underwriter Information”). In
addition, the Definitive Free Writing Prospectus, as of the date
thereof and as of the Closing Date, did not and 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. The effective date shall mean the earlier of
the date by which the Prospectus Supplement is first used and the
time of the first Contract of Sale to which such Prospectus
Supplement relates.
(c) 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
prospects of the Depositor whether or not arising in the ordinary
course of business and (B) there have been no transactions entered
into by the Depositor which are material, other than those in the
ordinary course of business.
(d) The Depositor is not, as of the date upon which
it delivers the Definitive Free Writing Prospectus, an Ineligible
Issuer, as such term is defined in Rule 405 of the 1933 Act
Regulations.
(e) This Agreement has been, and the Pooling and
Servicing Agreement when executed and delivered as contemplated
hereby and thereby will have been, duly executed and delivered by
the Depositor and each constitutes, or will constitute when so
executed and delivered, a legal, valid and binding instrument
enforceable against the Depositor 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).
(f) At the applicable Closing Date, each applicable
Terms Agreement will have been duly authorized, executed and
delivered by the Depositor and will be a legal, valid and binding
obligation of the Depositor enforceable in accordance with its
terms, subject to the effect of bankruptcy, insolvency, moratorium,
fraudulent conveyance 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).
(g) The issuance of the Certificates has been duly
authorized by the Depositor and, when such Certificates are
executed and authenticated in accordance with the Pooling and
Servicing Agreement and delivered against payment pursuant to this
Agreement, such Certificates will be validly issued and
outstanding; and the Certificates will be entitled to the benefits
provided by the Pooling and Servicing Agreement. The Certificates
are in all material respects in the form contemplated by the
Pooling and Servicing Agreement.
(h) Neither the Depositor nor the Trust Fund is or,
as a result of the offer and sale of the Certificates as
contemplated in this Agreement will become, an “investment
company” as defined in the Investment Company Act of 1940, as
amended (the “Investment Company Act”), or an
“affiliated person” of any such “investment
company” that is registered or is required to be registered
under the Investment Company Act (or an “affiliated
person” of any such “affiliated person”), as such
terms are defined in the Investment Company Act.
(i) The representations and warranties made by the
Depositor in the Pooling and Servicing Agreement and made in any
Officer’s Certificate of the Depositor delivered pursuant to
the Pooling and Servicing Agreement will be true and correct at the
time made and on the Closing Date.
3.
Purchase, Sale and Delivery of
Certificates . Delivery
of and payment for the Certificates shall be made at your office or
at such other location as you shall make known at such time as
shall be specified in the applicable Terms Agreement, each such
time being herein referred to as a “Closing Date.”
Delivery of the Certificates shall be made by the Depositor to each
Underwriter against payment of the purchase price specified in the
applicable Terms Agreement in Federal Funds by wire or check.
Unless delivery is made through the facilities of the Depository
Trust Company, the Certificates so to be delivered will be in
definitive, fully registered form, in such denominations and
registered in such names as you request, and will be made available
for inspection and packaging at your office at least twenty four
hours prior to the applicable Closing Date.
4.
Offering by
Underwriters . It is
understood that each Underwriter proposes to offer the Certificates
for sale to the public as set forth in the Prospectus.
(a) It is understood that each Underwriter proposes
to offer and/or solicit offers for the Certificates to be purchased
by it for sale to the public as set forth in the Prospectus and
each 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 hereof, you have not offered,
pledged, sold, disposed of or otherwise transferred any Certificate
or any security backed by the Mortgage Loans, any interest in any
Certificate or such security or any Mortgage Loan.
(b) It is understood that each Underwriter will
solicit offers to purchase the Certificates as follows:
(1) 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
Certificates; provided that, you shall not accept any such offer to
purchase a Certificate or any interest in any Certificate or
Mortgage Loan or otherwise enter into any Contract of Sale for any
Certificate, any interest in any Certificate or any Mortgage Loan
prior to the investor’s receipt of the Definitive Free
Writing Prospectus.
(2) Any Free Writing Prospectus (other than the
Definitive Free Writing Prospectus) relating to the 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 Certificates shall prominently set forth
substantially the following statement:
The information
in this free writing prospectus is preliminary, and will be
superseded by the Definitive Free Writing Prospectus. This free
writing prospectus is being delivered to you solely to provide you
with information about the offering of the Certificates referred to
in this free writing prospectus and to solicit an offer to purchase
the Certificates, 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 Certificates
until we have accepted your offer to purchase Certificates. We will
not accept any offer by you to purchase Certificates, and you will
not have any contractual commitment to purchase any of the
Certificates until after you have received the Definitive Free
Writing Prospectus. You may withdraw your offer to purchase
Certificates at any time prior to our acceptance of your
offer.
“Written Communication” has the same
meaning as that term is defined in Rule 405 of the 1933 Act
Regulations.
(3) Any Free Writing Prospectus relating to the
Certificates and used by an Underwriter in connection with
marketing the Certificates, including the Definitive Free Writing
Prospectus, shall prominently set forth substantially the following
statement:
The
Certificates referred to in these materials are being sold when, as
and if issued. You are advised that Certificates may not be issued
that have the characteristics described in these materials. Our
obligation to sell such Certificates to you is conditioned on the
mortgage loans and certificates having the characteristics
described in these materials. If for any reason we do not deliver
such Certificates, we will notify you, and neither the issuer nor
any underwriter will have any obligation to you to deliver all or
any portion of the Certificates 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.
(c) It is understood that you will not enter into a
Contract of Sale with any investor until the Definitive Free
Writing Prospectus has been conveyed to the investor. For purposes
of this Agreement, “Contract of Sale” shall have the
same meaning as in Rule 159 of the 1933 Act Regulations and all
Commission guidance relating to Rule 159. The Definitive Free
Writing Prospectus shall prominently set forth substantially the
following statement:
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 delivered in connection with this offering.
(d) It is understood that each Underwriter may
prepare and provide to prospective investors certain Free Writing
Prospectuses (as defined below), subject to the following
conditions:
(1) Unless preceded or accompanied by a prospectus
satisfying the requirements of Section 10(a) of the Act, an
Underwriter shall not convey or deliver any Written Communication
to any person in connection with the initial offering of the
Certificates, unless such Written Communication (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, or Permitted
Additional Materials.
(2) Each 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.
(3) 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 C hereto and (ii) has been either prepared by, or has been
reviewed and approved by, the Depositor. “Underwriter Derived
Information” shall refer to information of the type described
in clause (5) of such footnote 271 when prepared by an Underwriter.
“Permitted Additional Materials” shall mean information
that is not ABS Informational and Computational Materials and (x)
that are referred to in Section 4(d)(12)), (y) that constitute
Certificate price, yield, weighted average life, subscription or
allocation information, or a trade confirmation, or (z) otherwise
with respect to which the Depositor has provided written consent to
the Underwriter to include in a Free Writing Prospectus. As used
herein with respect to any Free Writing Prospectus, “Pool
Information” shall mean the information with respect to the
characteristics of the Mortgage Loans and administrative and
servicing fees, as provided by or on behalf of the Depositor to the
Underwriter at the time most recent to the date of such Free
Writing Prospectus.
(4) All Free Writing Prospectuses provided to
prospective investors, whether or not filed with the Commission,
shall bear a legend including substantially the following
statement:
“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
ISSUER HAS FILED WITH THE SEC FOR MORE COMPLETE INFORMATION ABOUT
THE ISSUER AND THE OFFERING. YOU MAY GET THESE DOCUMENTS AT NO
CHARGE BY VISITING EDGAR ON THE SEC WEB SITE AT WWW.SEC.GOV, AT
HTTP://WWW.BEARSTEARNS.COM/PROSPECTUS/BSABS , OR AT
UNDERWRITER WEBSITE. 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
1-866-803-9204 OR VIA E-MAIL AT____________.
The Depositor 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 with the approval of the Underwriter (which shall
not be unreasonably withheld).
(5) Each Underwriter shall deliver to the Depositor
and its counsel, (in such format as required by the Depositor)
prior to the proposed date of first use thereof, (i) any Free
Writing Prospectus prepared by or on behalf of that Underwriter
that contains any information that, if reviewed and approved by the
Depositor, would be Issuer Information, and (ii) any Free Writing
Prospectus or portion thereof prepared by that Underwriter that
contains only a description of the final terms of the Certificates
after such terms have been established for all classes of
Certificates being publicly offered. No information in any Free
Writing Prospectus (other than the Definitive Free Writing
Prospectus) shall consist of information of a type that is not
included within the definition of ABS Informational and
Computational Materials, or is not Permitted Additional Materials.
To facilitate filing to the extent required by Section 5(b) or
4(f), as applicable, all Underwriter Derived Information shall be
set forth in a document separate from the document including Issuer
Information. All Free Writing Prospectuses described in this
subsection (5) must be approved by the Depositor before the
Underwriter provides the Free Writing Prospectus to investors
pursuant to the terms of this Agreement. Notwithstanding the
foregoing, the Underwriter shall not be required to deliver any
Free Writing Prospectus to the extent that it does not contain
substantive changes from or additions to any Free Writing
Prospectus previously approved by the Depositor.
(6) Bear, Stearns & Co. shall provide the
Depositor with a letter from Deloitte & Touche LLP, certified
public accountants, prior to the Closing Date, with respect to any
Free Writing Prospectus provided by that Underwriter to the
Depositor under Section 4(d)(5), satisfactory in form and substance
to the Depositor and their counsel and the Underwriter, to the
effect that such accountants have performed certain specified
procedures, all of which have been agreed to by the Depositor and
the Underwriter, as a result of which they determined that all
accounting, financial or statistical information that is included
in such Free Writing Prospectus, is accurate except as to such
matters that are not deemed by the Depositor and the Underwriter to
be material. The foregoing letter shall be at the expense of the
respective Underwriter.
(7) None of the information in the Free Writing
Prospectuses may conflict with the information contained in the
Prospectus or the Registration Statement.
(8) The Depositor shall not be obligated to file any
Free Writing Prospectuses that have been determined to contain any
material error or omission, unless the Depositor is required to
file the Free Writing Prospectus pursuant to Section 5(b) below. In
the event that an Underwriter becomes aware that, as of the date on
which an investor entered into an agreement to purchase any
Certificates, any Free Writing Prospectus prepared by or on behalf
of that 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 (such Free Writing Prospectus, a “Defective Free
Writing Prospectus”), such Underwriter shall notify the
Depositor thereof as soon as practical but in any event within one
business day after discovery.
(9) If any Underwriter does not provide any Free
Writing Prospectuses to the Depositor pursuant to subsection (5)
above, that 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 Certificates that is required to be filed
with the Commission by the Depositor as a Free Writing Prospectus
(other than the Definitive Free Writing Prospectus) in accordance
with the 1933 Act Regulations.
(10) In the event of any delay in the delivery by the
Underwriter to the Depositor of any Free Writing Prospectuses
required to be delivered in accordance with subsection (5) above,
or in the delivery of the accountant’s comfort letter in
respect thereof pursuant to subsection (6) above, the Depositor
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 Depositor to comply with its agreement set forth in
Section 5(b) to file the Free Writing Prospectuses by the time
specified therein.
(11) Each 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
Certificates. In addition, each Underwriter shall, for a period of
at least three years after the date hereof, maintain written and/or
electronic records of any Free Writing Prospectus used to solicit
offers to purchase Certificates to the extent not filed with the
Commission.
(12) It is understood and agreed that all information
provided by any 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 for all
purposes hereof to be a Free Writing Prospectus not containing
Issuer Information. In connection therewith, the Underwriter agrees
that it shall not provide any information constituting Issuer
Information through the foregoing media unless that information is
contained either in the Definitive Free Writing Prospectus or in a
Free Writing Prospectus delivered in compliance with Section
4(d)(5).
(e) Each Underwriter covenants with the Depositor
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. It is understood and agreed
that the use of written information in accordance with the
preceding sentence is not a Free Writing Prospectus and is not
otherwise restricted or governed in any way by this
Agreement.
(f) Each Underwriter shall file any Free Writing
Prospectus that has been distributed by that Underwriter in a
manner that could lead to its broad, unrestricted dissemination not
later than the date of first use; provided that, if that Free
Writing Prospectus contains only information of a type included
within the definition of ABS Informational and Computational
Materials then such filing shall be made within the later of (i)
two business days after the Underwriter first provides this
information to investors and (ii) the date upon which the Depositor
is required to file the Prospectus Supplement with the Commission
pursuant to Rule 424(b)(5) of the 1933 Act Regulations; provided
further, that the Depositor shall not 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.
(g) Each Underwriter further agrees that (i) if the
Prospectus is not delivered with the confirmation in reliance on
Rule 172, it will include in every confirmation sent out the notice
required by Rule 173 informing the investor that the sale was made
pursuant to the Registration Statement and that the investor may
request a copy of the Prospectus from such Underwriter; (ii) if a
paper copy of the Prospectus is requested by a person who receives
a confirmation, such Underwriter shall deliver a paper copy of such
Prospectus; (iii) if an electronic copy of the Prospectus is
delivered by an Underwriter for any purpose, such copy shall be the
same electronic file containing the Prospectus in the identical
form transmitted electronically to such Underwriter by or on behalf
of the Depositor specifically for use by such Underwriter pursuant
to this Section 4(h); for example, if the Prospectus is delivered
to an Underwriter by or on behalf of the Depositor in a single
electronic file in .pdf format, then such Underwriter will deliver
the electronic copy of the Prospectus in the same single electronic
file in .pdf format. Each Underwriter further agrees that (i) if it
delivers to an investor the Prospectus in .pdf format, upon such
Underwriter’s receipt of a request from the investor within
the period for which delivery of the Prospectus is required, such
Underwriter will promptly deliver or cause to be delivered to the
investor, without charge, a paper copy of the Prospectus and (ii)
it will provide to the Depositor any Free Writing Prospectuses, or
portions thereof, which the Depositor is required to file with the
Commission in electronic format and will use reasonable efforts to
provide to the Depositor such Free Writing Prospectuses, or
portions thereof, in either Microsoft Word® or Microsoft
Excel® format and not in .pdf format, except to the extent that
the Depositor, in its sole discretion, waives such
requirements.
5.
Covenants of the
Depositor . The Depositor
covenants and agrees with you and the several Underwriters
participating in the Offering of any Series of Certificates
that:
(a) In connection with the execution of each Terms
Agreement, the Depositor will prepare a Prospectus Supplement to be
filed under the Act setting forth the principal amount of
Certificates covered thereby and their terms not otherwise
specified in the Prospectus, the price at which the Certificates
are to be purchased by the several Underwriters from the Depositor,
either the initial public offering price or the method by which the
price at which the Certificates are to be sold will be determined,
the selling concession and reallowance, if any, any delayed
delivery arrangements, and such other information as you and the
Depositor deem appropriate in connection with the offering of the
Certificates, but the Depositor will not file any amendments to the
Registration Statement or any amendments or supplements to the
Prospectus, unless it shall first have delivered copies of such
amendments or supplements to you, and yo
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