|
|
|
|
Document Preview Underwriting Agreement |
||||
|
|
||||
|
Click "Add to Cart" button to purchase document. |
||||
|
|
||||
|
Title: |
Underwriting Agreement |
|||
|
Entities: |
Banc of America Securities LLC; Comm 2006-C7 Mortgage Trust; Deutsche Bank Securities Inc.; J.P. Morgan Securities Inc.; Lehman Brothers Inc.; McGraw-Hill Companies Inc.; Midland Loan Services, Inc.; Wells Fargo Bank, NA; Bank of America, NA; Cadwalader, Wickersham & Taft |
|||
|
Date: |
2006 |
|||
|
Size: |
Preview shows 20KB of 96KB total |
|||
|
Price: |
$41 |
|||
|
ID: |
#2433357 |
|||
|
|
||||
|
||||
|
|
||||
|
Start of Preview |
||||
COMM 2006-C7
Commercial Mortgage Pass-Through Certificates
UNDERWRITING AGREEMENT
May 26, 2006
Deutsche Bank Securities Inc.
60 Wall Street
New York, New York 10005
Banc of America Securities LLC
214 North Tryon Street
NC1-027-22-03
Charlotte, North Carolina 28255
J.P. Morgan Securities Inc.
270 Park Avenue, 6th Floor
New York, New York 10017
Merrill Lynch, Pierce, Fenner & Smith Incorporated
4 World Financial Center, 16th Floor
250 Vesey Street
New York, New York 10080
Lehman Brothers Inc.
745 Seventh Avenue
New York, New York 10019
Ladies and Gentlemen:
Deutsche Mortgage & Asset Receiving Corporation, a Delaware
corporation (the "Company"), proposes, subject to the terms and conditions
stated herein, to sell to Deutsche Bank Securities Inc. ("DBS"), Banc of America
Securities LLC ("BofA Securities"), J.P. Morgan Securities Inc. ("J.P. Morgan"),
Merrill Lynch, Pierce, Fenner & Smith Incorporated ("Merrill Lynch") and Lehman
Brothers Inc. ("Lehman") (collectively, the "Underwriters") its COMM 2006-C7,
Commercial Mortgage Pass-Through Certificates, Class A-1, Class A-2, Class A-3,
Class A-AB, Class A-4, Class A-1A, Class A-M, Class A-J, Class B and Class C
(the "Offered Certificates"). The Offered Certificates, together with the Class
X, Class D, Class E, Class F, Class G, Class H, Class J, Class K, Class L, Class
M, Class N, Class O, Class P, Class S, Class R and Class LR Certificates,
evidence the entire beneficial ownership interest in the assets of the Trust
Fund (as defined in the Pooling and Servicing Agreement referred to below)
consisting primarily of a pool of mortgage loans secured by first liens on
commercial, multifamily and manufactured housing properties (the "Mortgage
Loans"), that will have, as of the payment date occurring on each Mortgage Loan
in June 1, 2006 (such date, the "Cut-off Date"), after taking into account all
payments of principal due on the Mortgage Loans on or before such date, whether
or not received, an aggregate principal balance of $2,447,292,353 subject to a
variance of plus or minus 5%. The Mortgage Loans will be acquired by the Company
from German American Capital Corporation ("GACC"), Bank of America, National
Association ("BofA"), General Electric Capital Corporation ("GECC") and
CWCapital Mortgage Securities III LLC ("CWCMSIII," and together with GACC, BofA
and GECC, the "Loan Sellers") in exchange for immediately available funds
pursuant to four separate mortgage loan purchase agreements, each to be dated as
of June 7, 2006, between the Company and GACC, BofA, GECC and CWCMSIII,
respectively. Two separate real estate mortgage investment conduit ("REMIC")
elections will be made with respect to the Trust Fund for federal income tax
purposes. The Trust Fund is to be created and the Offered Certificates are to be
issued pursuant to a pooling and servicing agreement (the "Pooling and Servicing
Agreement") to be dated as of June 1, 2006, by and among the Company, as
depositor, Midland Loan Services, Inc., as the master servicer with respect to
all of the Mortgage Loans other than the Desert Passage Loan (the "Master
Servicer"), CWCapital Asset Management LLC, as special servicer (the "Special
Servicer") and Wells Fargo Bank, N.A., as trustee (the "Trustee") and paying
agent. The Mortgage Loans will be primary serviced by BofA (with respect to the
Mortgage Loans sold by BofA) and by CWCapital LLC (with respect to the Mortgage
Loans sold by CWCMSIII) (collectively the "Primary Servicers" and together with
the Trustee, the Master Servicer and the Special Servicer, each a "Transaction
Party" and collectively the "Transaction Parties"). Capitalized terms used
herein but not defined herein have the respective meanings given to them in the
Pooling and Servicing Agreement.
1. Representations and Warranties. The Company represents and
warrants to, and agrees with, the Underwriters that:
(a) The Company has filed with the Securities and Exchange
Commission (the "Commission") a registration statement (No. 333-130390) on Form
S-3 for registration under the Securities Act of 1933, as amended (the "Act"),
of mortgage pass-through certificates, including the Offered Certificates, which
registration statement has become effective, and copies of which, as amended to
the date hereof, have heretofore been delivered to you. Such registration
statement meets the requirements set forth in Rule 415(a)(1) under the Act and
complies in all other material respects with such rule. The Company proposes to
file with the Commission pursuant to Rule 424 under the Act a supplement, dated
May 26, 2006, to the prospectus, dated May 26, 2006, relating to the Offered
Certificates and the method of distribution thereof and has previously advised
you of all further information (financial and other) with respect to the Offered
Certificates set forth therein. Such registration statement, including the
exhibits thereto and any information incorporated therein by reference, as
amended on the date hereof is hereinafter called the "Registration Statement";
such prospectus, in the form in which it will be filed with the Commission
pursuant to Rule 424 under the Act, is hereinafter called the "Base Prospectus";
such supplement to the Base Prospectus, in the form in which it will be filed
with the Commission pursuant to Rule 424 of the Act, is hereinafter called the
"Prospectus Supplement"; and the Base Prospectus and the Prospectus Supplement
together are hereinafter called the "Prospectus". The Company shall make a good
faith and reasonable effort to file the Prospectus within the time required
under Rule 424 of the Act and, in the event that the Company fails to timely
file the Prospectus, the Company shall file the Prospectus as soon as
practicable thereafter. The Company will not, without your prior consent, file
any other amendment to the Registration Statement or make any change in the Base
Prospectus or the Prospectus Supplement until after the period during which a
prospectus is required to be delivered to purchasers of the Offered Certificates
under the Act (the "Prospectus Delivery Period"). The Company will file with the
Commission within fifteen days of the issuance of the Offered Certificates a
report on Form 8-K setting forth specific information concerning the Offered
Certificates (the "Form 8-K").
(b) As of or prior to the time when sales to purchasers of the
Offered Certificates were first made in accordance with Rule 159 of the Act,
which was approximately 10:40 a.m. (New York City time) on the date hereof (the
"Time of Sale"), the Company had prepared and filed with the Commission the
following information: (i) the Free Writing Prospectus (as defined below), dated
May 17, 2006, the first page of which is attached hereto as Exhibit A, (the
"Preliminary FWP"); and (ii) the Free Writing Prospectus, dated May 23, 2006,
the first page of which is attached hereto as Exhibit B (the "Revised FWP"). The
Preliminary FWP, the Revised FWP and any additional Disclosure Information (as
defined below) delivered to the investors prior to the Time of Sale is
collectively referred to as the "Time of Sale Information." If, subsequent to
the date of this Agreement, the Company or the Underwriters determine that, as
to the investors in one or more Classes of the Offered Certificates, such
initial Time of Sale Information includes an untrue statement of material fact
or omits to state a material fact necessary in order to make the statements
therein, in light of the circumstances under which they were made, not
misleading, and the Underwriters terminate their old purchase contracts and
enter into new purchase contracts with investors in such Classes of the Offered
Certificates, then "Time of Sale Information" shall refer to all of the
information conveyed to investors at the time of entry into the new purchase
contract (each, a "Subsequent Time of Sale"), including any information that
corrects such material misstatements or omissions ("Corrective Information").
The Preliminary FWP and the Revised FWP are the only Issuer Free Writing
Prospectuses (as defined below) prepared by or on behalf of the Company as of
the date hereof.
(c) As of the date hereof, when the Registration Statement became
effective, as of the Time of Sale, when the Prospectus Supplement is first filed
pursuant to Rule 424 under the Act, at the time of any Subsequent Time of Sale,
when, prior to the Closing Date, any amendment to the Registration Statement
becomes effective, when any supplement to the Prospectus Supplement is filed
with the Commission, and on 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, complied, complies and will comply in all material respects
with the applicable requirements of the Act and the rules thereunder, (ii) the
Registration Statement, as amended as of any such time, did not, does not and
will not contain any untrue statement of a material fact and did not, does not
and will not omit to state any material fact required to be stated therein or
necessary to make the statements therein not misleading and the Prospectus, as
amended or supplemented as of any such time, did not, does not and will not
contain an untrue statement of a material fact and did not, does not and will
not omit to state a material fact necessary in order to make the statements
therein, in light of the circumstances under which they were made, not
misleading and (iii) the initial Time of Sale Information did not (when
evaluated as of the Time of Sale only), and the Time of Sale Information
existing at any Subsequent Time of Sale, if any, will not, as of such Subsequent
Time of Sale, contain an untrue statement of a material fact or omit to state a
material fact necessary in order to make the statements therein, in light of the
circumstances under which they were made, not misleading; provided, however,
that the Company makes no representations or warranties as to (A) the
Underwriter Supplied Information (as defined in Section 8(b) hereof), (B) the
Loan Sellers' Information (as defined in Section 8(a) hereof) or (C) the
Transaction Party Information (as defined in Section 8(a) hereof). Any Issuer
Information (as defined below) provided by the Company to any Underwriter as of
the date hereof for inclusion in an Underwriter Free Writing Prospectus (as
defined below), did not, as of the date that such Issuer Information was so
provided, and does not, as of the date of this Agreement, contain an untrue
statement of a material fact or omit to state a material fact necessary in order
to make the statements therein, in light of the circumstances under which they
were made, not misleading; provided, however, that the Company shall not be in
breach of this representation if the Company provided Issuer Information to the
Underwriters, correcting such untrue statement or omission of a material fact
contained in previously delivered Issuer Information, so long as the Company
delivered the corrected information to the Underwriter at a reasonable time
prior to the date hereof.
(d) The Company is a corporation, duly organized, validly existing
and in good standing under the laws of the State of Delaware with full power and
authority (corporate and other) to own its properties and conduct its business,
as described in the Prospectus, and to enter into and perform its obligations
under this Agreement, the Mortgage Loan Purchase Agreements and the Pooling and
Servicing Agreement, and is conducting its business so as to comply in all
material respects with all applicable statutes, ordinances, rules and
regulations of the jurisdictions in which it is conducting business.
(e) The Company has not received and is not aware of (i) any request
by the Commission for any further amendment of the Registration Statement or the
Prospectus or for any additional information, (ii) the issuance by the
Commission of any stop order suspending the effectiveness of the Registration
Statement or the institution or threatening of any proceeding for that purpose
or (iii) any notification with respect to the suspension of the qualification of
the Offered Certificates for sale in any jurisdiction or the initiation or
threatening of any proceeding for such purpose.
(f) On or prior to the Closing Date, the Company will have entered
into the Pooling and Servicing Agreement; this Agreement and the Mortgage Loan
Purchase Agreements have been duly authorized, executed and delivered by the
Company, and the Pooling and Servicing Agreement, when delivered by the Company,
will have been duly authorized, executed and delivered by the Company, and this
Agreement and the Mortgage Loan Purchase Agreements will constitute, and the
Pooling and Servicing Agreement will constitute, valid and binding agreements of
the Company, enforceable against the Company in accordance with their terms,
except as such enforceability may be limited by (i) bankruptcy, insolvency,
liquidation, moratorium, receivership, reorganization or similar laws affecting
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 any provisions of this
Agreement that purport to provide indemnification from securities law
liabilities.
(g) The Offered Certificates and the Pooling and Servicing
Agreement: (i) conform in all material respects to the descriptions thereof
contained in each of (A) the Prospectus, (B) the initial Time of Sale
Information and (C) any Issuer Information (as may have been revised and
corrected if such revised or corrected information was delivered a reasonable
time prior to the Time of Sale) delivered to any Underwriter for inclusion in an
Underwriter Free Writing Prospectus; and (ii) will conform in all material
respects to the descriptions thereof in the Time of Sale Information (as
constituted at any Subsequent Time of Sale). The Offered Certificates have been
duly and validly authorized by the Company, and will, when duly and validly
executed and authenticated by the Trustee and delivered to and paid for by the
Underwriters in accordance with this Agreement and the Pooling and Servicing
Agreement, be validly outstanding and entitled to the benefits of the Pooling
and Servicing Agreement.
(h) As of the Closing Date, the representations and warranties of
the Company set forth in Section 2.03 of the Pooling and Servicing Agreement
will be true and correct.
(i) Neither the issuance and sale of the Offered Certificates, nor
the consummation of any other of the transactions contemplated herein, nor the
fulfillment of any of the terms of the Pooling and Servicing Agreement, the
Mortgage Loan Purchase Agreements or this Agreement, will result in the breach
of any term or provision of the certificate of incorporation or by-laws of the
Company or conflict with, result in a material breach, violation or acceleration
of or constitute a default under, the terms of any indenture or other agreement
or instrument to which the Company or any of its subsidiaries is a party or by
which it is bound, or any statute, order or regulation applicable to the Company
or any of its subsidiaries of any court, regulatory body, administrative agency
or governmental body having jurisdiction over the Company or any of its
subsidiaries. Neither the Company nor any of its subsidiaries is a party to,
bound by or in breach or violation of any indenture or other agreement or
instrument, or subject to or in violation of any statute, order or regulation of
any court, regulatory body, administrative agency or governmental body having
jurisdiction over it, which materially and adversely affects the ability of the
Company to perform its obligations under each of this Agreement, the Mortgage
Loan Purchase Agreements and the Pooling and Servicing Agreement.
(j) There are no actions or proceedings against, or investigations
of, the Company pending, or, to the knowledge of the Company, threatened, before
any court, administrative agency or other tribunal (i) asserting the invalidity
of this Agreement, the Pooling and Servicing Agreement or the Offered
Certificates, (ii) seeking to prevent the issuance of the Offered Certificates
or the consummation of any of the transactions contemplated by this Agreement or
the Pooling and Servicing Agreement, (iii) which 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 or the
Offered Certificates or (iv) seeking to affect adversely the federal income tax
attributes of the Offered Certificates described in the Prospectus.
(k) There has not been any material adverse change in the business,
operations, financial condition, properties or assets of the Company since the
date of its latest audited financial statements which would have a material
adverse effect on the ability of the Company to perform its obligations under
this Agreement or the Pooling and Servicing Agreement.
(l) Any taxes, fees and other governmental charges in connection
with the execution, delivery and performance of this Agreement and the Pooling
and Servicing Agreement (other than income taxes, franchise taxes and recording
and filing fees) and the execution, delivery and sale of the Offered
Certificates have been or will be paid on or prior to the Closing Date.
(m) Immediately prior to the assignment of the Mortgage Loans to the
Trustee, the Company will have good title to, and will be the sole owner of,
each Mortgage Loan free and clear of any pledge, mortgage, lien, security
interest or other encumbrance of any other person, except for any retained
servicing.
(n) No authorization, approval or consent of or filing or
registration with, any court or governmental authority or agency is necessary in
connection with the offering, issuance or sale of the Offered Certificates
hereunder or the execution, delivery or performance by the Company of the
Pooling and servicing Agreement or this Agreement, except such as have been, or
as of the Closing Date will have been, obtained or completed, as applicable, or
such as may otherwise be required under applicable state securities laws in
|
End of Preview |
Home Intelligence Services Subscriptions News About Us