EXHIBIT 1
BANC OF AMERICA COMMERCIAL MORTGAGE INC.
COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES
SERIES 2007-1
UNDERWRITING AGREEMENT
February 15, 2007
BANC OF AMERICA SECURITIES LLC
000 Xxxxx Xxxxx Xxxxxx
XX0-000-00-00
Xxxxxxxxx, Xxxxx Xxxxxxxx 00000
CITIGROUP GLOBAL MARKETS INC.
000 Xxxxxxxxx Xxxxxx
Xxx Xxxx, Xxx Xxxx 00000
COMMERZBANK CAPITAL MARKETS CORP.
Two World Financial Center, 00xx Xxxxx
Xxx Xxxx, Xxx Xxxx 00000
XXXXXXX XXXXX, XXXXXX, XXXXXX & XXXXX INCORPORATED
Four World Financial Center
New York NY 10281
Dear Ladies and Gentlemen:
Banc of America Commercial Mortgage Inc., a Delaware corporation (the
"Company"), intends to issue its Commercial Mortgage Pass-Through Certificates,
Series 2007-1 (the "Certificates"), in 28 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 Banc of America Securities LLC ("BAS"), Citigroup Global Markets Inc.
("Citigroup"), Commerzbank Capital Markets Corp. ("Commerzbank") and Xxxxxxx
Lynch, Pierce, Xxxxxx & Xxxxx Incorporated ("Xxxxxxx Xxxxx") (each of BAS,
Commerzbank, Citigroup and Xxxxxxx Xxxxx individually an "Underwriter" and
collectively, the "Underwriters"), severally and not jointly, the Certificates
set forth in Schedule I hereto (the "Underwritten Certificates") in the
respective original principal or notional amounts, as applicable, set forth in
Schedule I. The Certificates represent in the aggregate the entire beneficial
ownership interest in a trust (the "Trust Fund") consisting of a segregated pool
(the "Mortgage Pool") of 157 mortgage loans having an approximate aggregate
principal balance of $3,145,214,397 as of the applicable Cut-off Date specified
in Schedule I hereto (collectively, the "Mortgage Loans") secured by first liens
on the borrowers' fee or leasehold interests in multifamily and commercial
properties (the "Mortgaged Properties"). The Certificates will be issued on
February 27, 2007 (the "Closing Date") pursuant to a pooling and servicing
agreement (the "Pooling and Servicing Agreement"), dated as of February 1, 2007,
among the Company, Bank of America, National Association, as master servicer
(the "Master Servicer"), LNR Partners, Inc., as special servicer (the "Special
Servicer"), and LaSalle Bank National Association, as trustee (in such capacity,
the "Trustee") and REMIC administrator (in such capacity the "REMIC
Administrator"). The Mortgage Loans will be acquired by the Company from (i)
Bank of America, National Association ("Bank of America") pursuant to a mortgage
loan purchase and sale agreement, dated as of February 1, 2007 (the "Bank of
America Purchase Agreement"), between Bank of America and the Company, (ii)
Eurohypo AG, New York Branch ("Eurohypo" and collectively with Bank of America
the "Mortgage Loan Sellers") pursuant to a mortgage loan purchase and sale
agreement, dated as of February 1, 2007 (the "Eurohypo Purchase Agreement"),
between Eurohypo and the Company, and (iii) with respect to Loan No. 0000000,
Bank of America and Eurohypo, jointly, pursuant to a mortgage loan purchase and
sale agreement, dated as of February 1, 2007, between Bank of America, Eurohypo
and the Company (the "BOA/Eurohypo Purchase Agreement" and, collectively with
the Bank of America Purchase Agreement and the Eurohypo Purchase Agreement, the
"Mortgage Loan Purchase Agreements"). This Agreement, the Pooling and Servicing
Agreement and the Mortgage Loan Purchase Agreements are sometimes collectively
referred to herein as the "Transaction Agreements." Two separate real estate
mortgage investment conduit ("REMIC") elections will be made with respect to 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.
At or prior to the time when sales to investors of the
Underwritten Certificates were first made, which was approximately 1:15 p.m. on
February 15, 2007 with respect to the Underwritten Certificates other than the
Class XW Certificates and 10:15 a.m. on February 22, 2007 with respect to the
Class XW Certificates (the "Time of Sale"), the Company had prepared the
following information (collectively, the "Time of Sale Information"): (i) the
Company's Free Writing Prospectus dated February 15, 2007 (the cover page of
which is attached hereto as Annex A) to the Basic Prospectus (defined below) and
the Basic Prospectus (collectively with such Free Writing Prospectus, the
"Transaction FWP"), (ii) a Term Sheet dated February 2007 (the "Term Sheet"),
(iii) the information attached hereto on Schedule III and (iv) each "free
writing prospectus" (as defined pursuant to Rule 405 under the Securities Act)
(a "Free Writing Prospectus"). If, subsequent to the date of this Agreement, the
Company and the Underwriters determine 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 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" will refer to the information
conveyed to purchasers at the time of entry into the first such new purchase
contract, including any information that corrects such material misstatements or
omissions ("Corrective Information").
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.
(i) The Company represents and warrants to, and agrees with, each
Underwriter that:
(a) The Company has filed with the Securities and Exchange
Commission (the "Commission") a registration statement (No. 333-130755)
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 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, the prospectus dated February
15, 2007 (the "Basic Prospectus"), a supplement dated February 15, 2007
(the "Prospectus Supplement") to the Basic 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.
333-130755), including all exhibits thereto, is referred to herein as
the "Registration Statement"; and the Basic 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 referred to as the "Prospectus". If so stated in the
Prospectus Supplement, the Company will file with the Commission within
fifteen days of the issuance of the Underwritten Certificates a report
on Form 8-K ("8-K") setting forth specific information concerning the
Mortgage Pool and the Underwritten Certificates to the extent that such
information is not set forth in the Prospectus Supplement. 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 letter rendered by Xxxxx & Young LLP (a
"hard copy" of which Master Tape was produced on behalf of each Mortgage
Loan Seller) described in Section 6(h)(2) in this Agreement.
(b) As of the date hereof, 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 of its
effective date or deemed effective date pursuant to Rule 430B under the
1933 Act, 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, (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 light of the circumstances
under which they were made, not misleading, and (iv) the Transaction FWP
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 light of the
circumstances under which they were made, not misleading; provided,
however, that the Company makes no representations or warranties as to
statements contained in or omitted from the Registration Statement, the
Prospectus or the Transaction FWP or any amendment thereof 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, the Prospectus or
the Transaction FWP (such information being identified in Section 8(b)).
(c) 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 made in reliance upon and in conformity with the Underwriter
Information or (ii) any Seller's Information contained in or omitted
from such Time of Sale Information. The parties acknowledge that none of
the Underwriters has furnished any Underwriter Information to the
Company expressly for use in the Time of Sale Information.
(d) 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 make, use, prepare, 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
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 of the Company or its agents and representatives 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 or, if used after the date
hereof, will comply, in all material respects with the 1933 Act and the
rules and regulations promulgated thereunder, has been filed or will be
filed in accordance with Section 4 (to the extent required thereby) and
did not at the Time of Sale, and at the Closing Date will not, contain
any untrue statements of a material fact or (when read in conjunction
with the other Time of Sale Information) 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 that
the Company makes no representation or warranty with respect to (i) any
statements or omissions made in reliance upon and in conformity with the
Underwriter Information or (ii) any Mortgage Loan Seller Information
contained in or omitted from any Issuer Free Writing Prospectus. The
parties acknowledge that none of the Underwriters has furnished any
Underwriter Information to the Company expressly for use in any Issuer
Free Writing Prospectus.
(e) The Company has been duly incorporated and is validly
existing as a corporation in good standing under the laws of the State
of Delaware 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, the
Mortgage Loan Purchase Agreements and the Pooling and Servicing
Agreement and is conducting its business so as to comply in all material
aspects with all applicable statutes, ordinances, rules and regulations
of the jurisdictions in which it is conducting business; 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.
(f) As of the date hereof, 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.
(g) On or prior to the Closing Date, the Company will have
entered into the Pooling and Servicing Agreement, this Agreement and
each Mortgage Loan Purchase Agreement; each of this Agreement, the
Pooling and Servicing Agreement and the Mortgage Loan Purchase
Agreements has been duly authorized, executed and delivered by the
Company and each of this Agreement, the Pooling and Servicing Agreement
and the Mortgage Loan Purchase Agreements constitutes a legal, valid and
binding agreement of the Company, enforceable against the Company in
accordance with its 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 or the Mortgage Loan Purchase Agreements that purport
to provide indemnification from securities law liabilities.
(h) 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. As of the Closing
Date, the Underwritten Certificates will be duly and validly authorized
by the Company and, when delivered to the Underwriters in accordance
with the Pooling and Servicing Agreement against payment therefor as
provided herein, will be duly and validly issued and outstanding and
entitled to the benefits of the Pooling and Servicing Agreement.
(i) The Company is not in violation of its certificate of
incorporation or by-laws in any respect and is not 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
the Mortgage Loan Purchase Agreements. None of the issuance and sale of
the Underwritten Certificates, the execution and delivery by the Company
of this Agreement, the Mortgage Loan Purchase Agreements or the Pooling
and Servicing Agreement, the consummation by the Company of any of the
transactions herein or therein contemplated or 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.
(j) 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,
the Mortgage Loan Purchase Agreements 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, the Pooling and Servicing Agreement or the Mortgage Loan
Purchase Agreements, (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, the Mortgage Loan Purchase Agreements or the Underwritten
Certificates or (iv) seeking to affect adversely the federal income tax
attributes of the Underwritten Certificates as described in the
Prospectus and the Time of Sale Information.
(k) 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,
the Prospectus or the Time of Sale Information 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.
(l) 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
yet been completed.
(m) 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.
(n) The Company acknowledges and agrees that: (i) the purchase
and sale of the Underwritten Certificates pursuant to this Agreement,
including the determination of the public offering price of the
Underwritten Certificates and any related discounts and commissions, is
an arm's-length commercial transaction between the Company, on the one
hand, and the several Underwriters, on the other hand, and the Company
is capable of evaluating and understanding and understands and accepts
the terms, risks and conditions of the transactions contemplated by this
Agreement; (ii) in connection with each transaction contemplated hereby
and the process leading to such transaction each Underwriter is and has
been acting solely as a principal and is not the agent or fiduciary of
the Company, or its affiliates, stockholders, creditors or employees or
any other party; (iii) no Underwriter has assumed or will assume an
advisory or fiduciary responsibility in favor of the Company with
respect to any of the transactions contemplated hereby or the process
leading thereto (irrespective of whether such Underwriter has advised or
is currently advising the Company on other matters) or any other
obligation to the Company except the obligations expressly set forth in
this Agreement; (iv) the several Underwriters and their respective
affiliates may be engaged in a broad range of transactions that involve
interests that differ from those of the Company and that the several
Underwriters have no obligation to disclose any of such interests by
virtue of any fiduciary or advisory relationship; and (v) the
Underwriters have not provided any legal, accounting, regulatory or tax
advice with respect to the offering contemplated hereby and the Company
has consulted its own legal, accounting, regulatory and tax advisors to
the extent it deemed appropriate.
This Agreement supersedes all prior agreements and understandings
(whether written or oral) between the Company and the several
Underwriters, or any of them, with respect to the subject matter hereof.
The Company hereby waives and releases, to the fullest extent permitted
by law, any claims that the Company may have against the several
Underwriters with respect to any breach or alleged breach of fiduciary
duty.
(o) 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.
(p) 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 application by the Company of proceeds therefrom,
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").
(q) 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.
(r) 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 assigned by the nationally
recognized statistical rating organizations identified in Schedule I
hereto (individually, the "Rating Agency" and collectively, the "Rating
Agencies") and such ratings shall have not been placed on a negative
ratings watch or otherwise qualified.
(s) 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.
(t) On the Closing Date, the Mortgage Loans will have been duly
and validly assigned and delivered by the Company to the Trustee.
(u) The Transaction FWP and the Prospectus Supplement shall have
been filed with the Commission in accordance with Rule 433 and Rule 424
respectively, under the 1933 Act.
(v) At the Closing Date, each of the representations and
warranties of the Company set forth in the Pooling and Servicing
Agreement and of each Mortgage Loan Seller in the related Mortgage Loan
Purchase Agreement will be true and correct in all material respects.
(w) The Company is not, and on the date on which the first bona
fide offer of the Offered Certificates is made will not be, an
"ineligible issuer", as defined in Rule 405 under the 1933 Act.
(ii) Bank of America represents and warrants to, and agrees with,
each Underwriter, that:
(a) Bank of America 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 and is conducting its business so as to comply in all material
aspects with all applicable statutes, ordinances, rules and regulations
of the jurisdictions in which it is conducting business.
(b) This Agreement has been duly and validly authorized, executed
and delivered by Bank of America and, assuming due authorization,
execution and delivery hereof by the Company and the Underwriters,
constitutes a legal, valid and binding obligation of Bank of America,
enforceable against Bank of America in accordance with its terms, except
as such enforcement may be limited by 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, and by general equity
principles (regardless of whether such enforcement is considered in a
proceeding in equity or at law), and by 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.
(c) The execution and delivery of this Agreement by Bank of
America and Bank of America's performance and compliance with the terms
of this Agreement will not (A) violate Bank of America's amended and
restated 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 Bank of
America is a party or by which Bank of America is bound.
(d) Bank of America 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 Bank of
America or its properties or have consequences that would materially and
adversely affect its performance hereunder.
(e) Bank of America 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 Bank of America to perform its obligations under this
Agreement or that requires the consent of any third person in order to
execute this Agreement or to enable the performance by Bank of America
of its obligations under this Agreement (except to the extent such
consent has been obtained).
(f) No consent, approval, authorization or order of any court or
governmental agency or body is required for the execution, delivery and
performance by Bank of America of, or compliance by Bank of America
with, this Agreement or the consummation of the transactions
contemplated by this Agreement except as have previously been obtained.
(g) Bank of America acknowledges and agrees that: (i) the
purchase and sale of the Underwritten Certificates pursuant to this
Agreement, including the determination of the public offering price of
the Underwritten Certificates and any related discounts and commissions,
is an arm's-length commercial transaction between Bank of America, on
the one hand, and the several Underwriters, on the other hand, and Bank
of America is capable of evaluating and understanding and understands
and accepts the terms, risks and conditions of the transactions
contemplated by this Agreement; (ii) in connection with each transaction
contemplated hereby and the process leading to such transaction each
Underwriter is and has been acting solely as a principal and is not the
agent or fiduciary of Bank of America, or its affiliates, stockholders,
creditors or employees or any other party; (iii) no Underwriter has
assumed or will assume an advisory or fiduciary responsibility in favor
of Bank of America with respect to any of the transactions contemplated
hereby or the process leading thereto (irrespective of whether such
Underwriter has advised or is currently advising Bank of America on
other matters) or any other obligation to Bank of America except the
obligations expressly set forth in this Agreement; (iv) the several
Underwriters and their respective affiliates may be engaged in a broad
range of transactions that involve interests that differ from those of
Bank of America and that the several Underwriters have no obligation to
disclose any of such interests by virtue of any fiduciary or advisory
relationship; and (v) the Underwriters have not provided any legal,
accounting, regulatory or tax advice with respect to the offering
contemplated hereby and Bank of America has consulted its own legal,
accounting, regulatory and tax advisors to the extent it deemed
appropriate.
This Agreement supersedes all prior agreements and understandings
(whether written or oral) between Bank of America and the several
Underwriters, or any of them, with respect to the subject matter hereof.
Bank of America hereby waives and releases, to the fullest extent
permitted by law, any claims that Bank of America may have against the
several Underwriters with respect to any breach or alleged breach of
fiduciary duty.
(h) 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.
(i) No litigation is pending or, to the best of Bank of America's
knowledge, threatened against Bank of America that would either (i)
assert the invalidity of this Agreement, (ii) prohibit Bank of America's
entering into this Agreement or (iii) materially and adversely affect
the performance by Bank of America of its obligations under this
Agreement.
(j) Each representation and warranty of the Company set forth in
Section 1(i) hereof is true and correct as of the date hereof or as of
the date specified in such representation and warranty.
(iii) Each Underwriter represents and warrants to the Company,
severally and not jointly, that:
(a) As of the date hereof and as of the Closing Date, (A) such
Underwriter has complied in all material respects with all of its
obligations under Section 4 hereof and (B) with respect to all Free
Writing Prospectus, if any, provided by such Underwriter to the Company
pursuant to Section 4(b), such Free Writing Prospectuses are accurate in
all material respects (taking into account the assumptions explicitly
set forth or otherwise referred to in any Free Writing Prospectus, the
Term Sheet, the Transaction FWP or the Prospectus Supplement and
provided that the underlying data regarding the Mortgage Loans, and the
related Mortgagors and Mortgaged Properties, provided to the
Underwriters by the Mortgage Loan Seller is accurate and complete in all
material respects) and constitute a complete set of all Free Writing
Prospectuses prepared and distributed by such Underwriter that are
required to be filed with the Commission pursuant to Rule 433 of the
1933 Act.
(b) In relation to each Member State of the European Economic
Area which has implemented the Prospectus Directive (each, a "Relevant
Member State"), with effect from and including the date on which the
Prospectus Directive is implemented in that Relevant Member State (the
"Relevant Implementation Date") it has not made and will not make an
offer of the Underwritten Certificates to the public in that Relevant
Member State, except that it may, with effect from and including the
Relevant Implementation Date, make an offer of the Underwritten
Certificates to the public in that Relevant Member State prior to the
publication of a prospectus in relation to the Underwritten 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 Underwritten Certificates to the public in that
Relevant Member State at any time:
(i) at any time 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;
(ii) at any time 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 (euro)43,000,000 and (3) an
annual net turnover of more than (euro)50,000,000, as shown in its last
annual or consolidated accounts; or
(iii) in any other circumstances which do not require the
publication by the Company of a prospectus pursuant to Article 3 of the
Prospectus Directive.
For the purposes of this representation, the expression an "offer
of the Underwritten Certificates to the public" in relation to any
Underwritten 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 Underwritten Certificates to be offered
so as to enable an investor to decide to purchase or subscribe the
Underwritten 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 Directive
2003/71/EC and includes any relevant implementing measure in each
Relevant Member State.
(c) With respect to the United Kingdom:
(i) it 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 Financial Services and Markets Act) received by it in
connection with the issue or sale of the Underwritten Certificates in
circumstances in which Section 21(1) of the Financial Services and
Markets Act does not apply to the Company; and
(ii) it has complied and will comply with all applicable
provisions of the Financial Services and Markets Act with respect to
anything done by it in relation to the Underwritten Certificates in,
from or otherwise involving the United Kingdom.
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 or notional amounts, as
applicable, 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, 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 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 New York, New York, 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.
(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 which are not "mortgage related securities" as
defined in the Securities Exchange Act of 1934, as amended (the "1934 Act").
(b) It is understood that each Underwriter may prepare and
provide to prospective investors certain Free Writing Prospectuses subject to
the following conditions:
(i) Unless preceded or accompanied by the Basic
Prospectus, no Underwriter shall convey or deliver any written
communication to any person in connection with the initial
offering of the Underwritten Certificates, unless such written
communication (A) is made in reliance on Rule 134 under the 1933
Act, (B) constitutes a prospectus satisfying the requirements of
Rule 430B under the 1933 Act or (C) constitutes Time of Sale
Information or a Free Writing Prospectus that does not constitute
Time of Sale Information. The Underwriters shall not convey or
deliver in connection with the initial offering of the
Certificates any "ABS informational and computational material,"
as 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 or any materials in
reliance on the no-action letter dated May 20, 1994 issued by the
Division of Corporation Finance of the Commission to Xxxxxx,
Peabody Acceptance Corporation I, Xxxxxx, Xxxxxxx & Co.
Incorporated, and Xxxxxx Structured Asset Corporation and the
no-action letter dated May 27, 1994 issued by the Division of
Corporation Finance of the Commission to the Public Securities
Association or the no-action letter dated February 17, 1995
issued by the Division of Corporation Finance of the Commission
to the Public Securities Association.
(ii) Each Underwriter shall deliver to the Company, no
later than one business day prior to the date of first use
thereof, (A) any Free Writing Prospectus that was prepared by or
on behalf of an Underwriter (an "Underwriting Free Writing
Prospectus") 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, Seller's Information), and (B) any Free
Writing Prospectus or portion thereof that contains only a
description of the final terms of the Certificates.
Notwithstanding the foregoing, any Free Writing Prospectus that
contains only ABS Informational and Computational Materials may
be delivered by an Underwriter to the Company not later than the
later of (a) one business day 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.
(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) will
constitute all Free Writing Prospectuses of the type described
therein that were furnished to prospective purchasers of
Underwritten Certificates by such Underwriter in connection with
its offer and sale of the Underwritten Certificates.
(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), when viewed
together with all other Time of Sale Information, is not, as of
the Time of Sale, and will not as of the Closing Date, include
any untrue statement of 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
or warranty to the extent such misstatements or omissions were
the result of any inaccurate or inadequate Issuer Information
supplied by the Company or any Mortgage Loan Seller to the
Underwriter, which information was not corrected by Corrective
Information subsequently supplied by the Company or any Mortgage
Loan Seller to such Underwriter within a reasonable period of
time prior to the Time of Sale.
(c) The Company agrees to file with the Commission the following:
(i) Any Issuer Free Writing Prospectus;
(ii) Any Free Writing Prospectus or portion thereof
delivered by the Underwriter to the Company pursuant to Section
4(b); and
(iii) 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 Company or any
other offering participant that is in the business of publishing,
radio or television broadcasting or otherwise disseminating
communications.
Notwithstanding the foregoing, the Company shall not be required
to file (1) Issuer Information contained in any Underwriter Free Writing
Prospectus or Free Writing Prospectus of 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 Certificates, or (2) any Free Writing
Prospectus or portion thereof that contains a description of the Certificates or
the offering of the Certificates which does not reflect the final terms thereof.
(d) Any Free Writing Prospectus required to be filed pursuant to
Section 4(b) by the Company shall be filed with the Commission not later than
the date of first use of the Free Writing Prospectus, except that:
(i) Any Free Writing Prospectus or portion thereof required to
be filed that contains only the description of the final terms of the
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 Certificates and the date of first use;
(ii) 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;
(iii) Any Free Writing Prospectus required to be filed pursuant
to Section 4(c)(iii) 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
(iv) The Company shall not be required to file (A) 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 Certificates, or (B) any Free Writing
Prospectus or portion thereof that contains a description of the
Certificates or the offering of the Certificates which does not reflect
the final terms thereof;
(e) Each Underwriter shall file with the Commission any Free
Writing Prospectus that is used or referred to by any Underwriter and
distributed by or on behalf of any 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.
(f) Notwithstanding the provisions of Section 4(g), 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 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 the Underwriter becomes
aware of the publication, radio or television broadcast or other dissemination
of the Free Writing Prospectus.
(g) Notwithstanding the provisions of this Section 4, neither the
Issuer 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.
(h) The Company and the Underwriters each agree that any Free
Writing Prospectuses prepared by it shall contain substantially the following
legend:
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, the issuing trust and this offering. You may
get these documents for free by visiting XXXXX on the SEC Web
site at xxx.xxx.xxx. 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 0-000-000-0000 or you email a request to
xx.xxxxxxxxxx_xxxxxxxxxxxx@xxxxxxxxxxxxxx.xxx.
(i) 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").
(j) (i) In the event that any Underwriter becomes aware that, as
of the Time of Sale, any Underwriter Free Writing Prospectus delivered to a
purchaser of an Underwritten Certificate 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 the light of the circumstances under which they
were made, not misleading, when considered in conjunction with the Time of Sale
Information (together with a Defective Issuer Free Writing Prospectus, a
"Defective Free Writing Prospectus"), the Underwriter shall notify the Company
thereof within one business day after discovery.
(ii) Provided that the Defective Free Writing Prospectus
was an Underwriter Free Writing Prospectus, the Underwriters shall, if
requested by the Company:
(A) Prepare a Free Writing Prospectus that 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");
(B) Deliver the Corrected Free Writing Prospectus to each
purchaser of an Underwritten Certificates which received the Defective
Free Writing Prospectus prior to entering into a contract of sale with
such purchaser;
(C) Notify such purchaser in a prominent fashion that the
prior contract of sale may be terminated, and of such purchaser's rights
with respect to such contract of sale;
(D) Provide such purchaser with an opportunity to
affirmatively agree to purchase such Underwritten Certificates on the
terms described in the Corrected Free Writing Prospectus; and
(E) comply with any other requirements for reformation of
the original contract of sale with such investor, as described in
Section IV.2.c of the Commission's Securities Offering Reform Release
No. 33-8591.
In the event that the Defective Free Writing Prospectus
was an Issuer Free Writing Prospectus, and the Underwriters shall in good faith
incur any costs, damages, fail costs and price adjustments to a purchaser in
connection with the reformation or termination of the contract of sale with the
purchaser, the Company agrees to reimburse the Underwriters for such costs,
damages, fail costs and price adjustments. Notwithstanding any of the foregoing,
the Underwriters shall use reasonable efforts to effect a reformation of the
contract of sale but are under no obligation to do so.
(k) Each Underwriter covenants with the Company that after the
final Prospectus is available the Underwriter shall not distribute any written
information concerning the Underwritten Certificates to a prospective purchaser
of Underwritten Certificates unless such information is preceded or accompanied
by the final Prospectus
5. Covenants of the Company. The Company covenants and agrees
with the Underwriters that:
(a) The Company shall not prepare, use, authorize, approve, refer
to or file any Issuer Free Writing Prospectus or any amendment to the
Registration Statement, any supplement to the Basic Prospectus relating to or
affecting the Underwritten Certificates, unless the Company has furnished a copy
of such Issuer Free Writing Prospectus, amendment or supplement to you for your
review prior to filing, and will not prepare, use, file, authorize, approve,
refer to or file any such Issuer Free Writing Prospectus and not file any such
proposed amendment or supplement to which you reasonably object. Subject to the
foregoing sentence, the Company shall cause the Prospectus Supplement to be
transmitted to the Commission for filing pursuant to Rule 424 under the 1933 Act
or shall cause the Prospectus Supplement and any Issuer Free Writing Prospectus,
to the extent required by Rule 433 of the 1933 Act to be filed with the
Commission pursuant to said Rule 424. The Company promptly shall advise you or
counsel for the Underwriters (i) when the Prospectus Supplement shall have been
filed or transmitted to the Commission for filing pursuant to Rule 424, (ii)
when any amendment to the Registration Statement shall have become effective,
(iii) of any request by the Commission to amend the Registration Statement or
supplement the Prospectus Supplement or for any additional information in
respect of the offering contemplated hereby, (iv) of the issuance by the
Commission of any stop order suspending the effectiveness of the Registration
Statement or any post-effective amendment thereto which shall have become
effective on or prior to the Closing Date or the institution or threatening of
any proceeding for that purpose, and (v) of the receipt by the Company of any
notification with respect to the suspension of the qualification of the
Underwritten Certificates for sale in any jurisdiction or the institution or
threatening of any proceeding for that purpose. The Company shall use its best
efforts to prevent the issuance of any such stop order or suspension and, if
issued, to obtain as soon as possible the withdrawal thereof.
(b) If, at any time when the Prospectus relating to the
Underwritten Certificates is required to be delivered under the 1933 Act, any
event occurs as a result of which the Prospectus, as then amended or
supplemented, would include any untrue statement of a material fact or omit to
state any material fact necessary to make the statements therein, in the light
of the circumstances under which they were made, not misleading, or if it shall
be necessary to amend or supplement the Prospectus to comply with the 1933 Act
or the rules and regulations thereunder, the Company promptly will prepare and
file with the Commission, at the expense of the Company, subject to paragraph
(a) of this Section 5, an amendment or supplement that will correct such
statement or omission or an amendment that will effect such compliance and, if
such amendment or supplement is required to be contained in a post-effective
amendment to the Registration Statement, the Company will use its best efforts
to cause such amendment to the Registration Statement to be made effective as
soon as possible.
(c) The Company will furnish to you and to counsel for the
Underwriters, without charge, signed copies of the Registration Statement
(including exhibits thereto) and each amendment thereto which shall become
effective on or prior to the Closing Date, and, upon request, to each other
Underwriter a copy of the Registration Statement (without exhibits thereto) and
each such amendment and, so long as delivery of a prospectus by an Underwriter
or dealer may be required by the 1933 Act, as many copies of the Transaction
FWP, any Issuer Free Writing Prospectus, the Prospectus Supplement and the Basic
Prospectus and any amendments and supplements thereto as you may reasonably
request.
(d) The Company will furnish such information, execute such
instruments and take such action, if any, as may be required to qualify the
Underwritten Certificates for sale under the laws of such jurisdictions as you
may designate and will maintain such qualifications in effect so long as
required for the distribution of the Underwritten Certificates.
(e) The Company will pay, or cause to be paid, all costs and
expenses in connection with the transactions herein contemplated, including, but
not limited to, the fees and disbursements of its counsel; the costs and
expenses of printing (or otherwise reproducing) and delivering the Pooling and
Servicing Agreement and the Underwritten Certificates; the fees and
disbursements of accountants for the Company; the reasonable out-of-pocket costs
and expenses in connection with the qualification or exemption of the
Underwritten Certificates under state securities or "Blue Sky" laws, including
filing fees and reasonable fees and disbursements of counsel in connection
therewith, in connection with the preparation of any "Blue Sky" survey and in
connection with any determination of the eligibility of the Underwritten
Certificates for investment by institutional investors and the preparation of
any legal investment survey; the expenses of printing any such "Blue Sky" survey
and legal investment survey; the costs and expenses in connection with the
preparation, printing and filing of the Registration Statement (including
exhibits thereto), the Basic Prospectus, the Transaction FWP, if any, any Issuer
Free Writing Prospectus, if any, and the Prospectus Supplement, the preparation
and printing of this Agreement and the delivery to the Underwriters of such
copies of the Basic Prospectus and each Transaction FWP, if any, and Prospectus
Supplement as you may reasonably request; the fees of the Rating Agencies that
are rating the Underwritten Certificates; and the reasonable fees and
disbursements of counsel to the Underwriters. Except as provided above or in
Section 7, the Underwriters shall be responsible for paying all other costs and
expenses incurred by them in connection with the purchase and sale of the
Underwritten Certificates.
(f) To the extent that the Pooling and Servicing Agreement
provides that the Underwriters are to receive any notices or reports, or have
any other rights thereunder, the Company will enforce the rights of the
Underwriters under the Pooling and Servicing Agreement and will not consent to
any amendment of the Pooling and Servicing Agreement that would adversely affect
such rights of the Underwriters.
(g) The Company shall, as to itself, and the Company, or pursuant
to the Pooling and Servicing Agreement, the Trustee, will be required to, as to
the Trust Fund, satisfy and comply with all reporting requirements of the 1934
Act, and the rules and regulations thereunder. The Company will also file with
the Commission all Underwriter Free Writing Prospectus (as defined herein)
provided to the Company by an Underwriter and identified by it as such within
the time period allotted for such filing pursuant to the Rule 433 of the 1933
Act; provided, however, that prior to such filing of any Free Writing Prospectus
by the Company, each Underwriter must comply with its obligations pursuant to
Section 4(c). The Company shall file any corrected Free Writing Prospectus
described in Section 4(m) as soon as practicable following receipt thereof.
(h) The Company will, pursuant to reasonable procedures developed
in good faith, retain copies of each Issuer Free Writing Prospectus or any
materials used in a Road Show (as defined in Rule 433 of the 1933 Act) that is
not filed with the Commission in accordance with Rule 433 under the Securities
Act.
6. Conditions to the Obligations of the Underwriters. The
obligation of each Underwriter hereunder to purchase its allocated share of the
Underwritten Certificates shall be subject to the accuracy of the
representations and warranties on the part of the Company contained herein as of
the date hereof, as of the date of the effectiveness of any amendment to the
Registration Statement filed prior to the Closing Date, as of the date the
Prospectus Supplement or any supplement thereto is filed with the Commission and
as of the Closing Date, to the accuracy of the statements of the Company made in
any certificates delivered pursuant to the provisions hereof, to the performance
by the Company of its obligations hereunder and to the following additional
conditions:
(a) The Registration Statement shall have become effective and no
stop order suspending the effectiveness of the Registration Statement, as
amended from time to time, shall have been issued and not withdrawn and no
proceedings for that purpose shall have been instituted or, to the Company's
knowledge, threatened; and the Prospectus Supplement and each Issuer Free
Writing Prospectus shall have been filed or transmitted for filing with the
Commission in accordance with Rule 424 under the 1933 Act (in the case of an
Issuer Free Writing Prospectus, to the extent required by Rule 433 under the
1933 Act);
(b) You shall have received from Xxxxxxx Xxxxxxxx & Xxxx LLP,
counsel for the Underwriters, one or more favorable opinions, dated the Closing
Date, as to such matters regarding the Underwritten Certificates as you may
reasonably request;
(c) The Company shall have delivered to you a certificate of the
Company, signed by an authorized officer of the Company and dated the Closing
Date, to the effect that: (i) the representations and warranties of the Company
in the Transaction Agreements are true and correct in all material respects at
and as of the Closing Date with the same effect as if made on the Closing Date;
and (ii) the Company has in all material respects complied with all the
agreements and satisfied all the conditions on its part that are required hereby
to be performed or satisfied at or prior to the Closing Date; and Bank of
America shall have delivered to you a certificate of Bank of America, signed by
an authorized officer of Bank of America and dated the Closing Date, of the
President, a Principal, a Senior Vice President or a Vice President of Bank of
America to the effect that: (i) the representations and warranties of Bank of
America in this Agreement are true and correct in all material respects at and
as of the Closing Date with the same effect as if made on the Closing Date, and
(ii) Bank of America has, in all material respects, complied with all the
agreements and satisfied all the conditions on its part to be performed or
satisfied hereunder at or prior to the Closing Date; and Eurohypo shall have
delivered to you a certificate signed by an authorized officer of Eurohypo, and
dated the Closing Date, to the effect that Eurohypo has in all material
respects, complied with all the agreements and satisfied all the conditions on
its part to be performed or satisfied hereunder at or prior to the Closing Date;
(d) You shall have received (i) with respect to Bank of America,
a certificate of the Office of the Comptroller of the Currency, and (ii) with
respect to the Company, a good standing certificate from the Secretary of State
of the State of Delaware, dated not earlier than 30 days prior to the Closing
Date; and (iii) with respect to Eurohypo, a good standing certificate from the
Secretary of State of the State of New York, dated not earlier than 30 days
prior to the Closing Date.
(e) (i) You shall have received from the Secretary or an
assistant secretary of the Company, in his or her individual capacity, a
certificate, dated the Closing Date, to the effect that: (x) each individual
who, as an officer or representative of the Company, signed this Agreement, or
any other document or certificate delivered on or before the Closing Date in
connection with the transactions contemplated herein, was at the respective
times of such signing and delivery, and is as of the Closing Date, duly elected
or appointed, qualified and acting as such officer or representative, and the
signatures of such persons appearing on such documents and certificates are
their genuine signatures; and (y) no event (including, without limitation, any
act or omission on the part of the Company) has occurred since the date of the
good standing certificate referred to in paragraph 6(d) above which has affected
the good standing of the Company under the laws of the State of Delaware. Such
certificate shall be accompanied by true and complete copies (certified as such
by the Secretary or an assistant secretary of the Company) of the certificate of
incorporation and by-laws of the Company, as in effect on the Closing Date, and
of the resolutions of the Company and any required shareholder consent relating
to the transactions contemplated in this Agreement; and (ii) you shall have
received from the Secretary or an assistant secretary of Bank of America, in his
or her individual capacity, a certificate, dated the Closing Date, to the effect
that: (x) each individual who, as an officer or representative of Bank of
America, signed this Agreement or any other document or certificate delivered on
or before the Closing Date in connection with the transactions contemplated
herein, was at the respective times of such signing and delivery, and is as of
the Closing Date, duly elected or appointed, qualified and acting as such
officer or representative, and the signatures of such persons appearing on such
documents and certificates are their genuine signatures; and (y) no event
(including, without limitation, any act or omission on the part of Bank of
America) has occurred since the date of the certificate referred to in paragraph
6(d) above which has affected the existence of Bank of America under the laws of
the United States of America. Such certificate shall be accompanied by true and
complete copies (certified as such by the Secretary or an assistant secretary of
Bank of America) of the articles of association and by-laws of Bank of America,
as in effect on the Closing Date, and of the resolutions of Bank of America and
any required shareholder consent relating to the transactions contemplated in
this Agreement;
(f) You shall have received from Cadwalader, Xxxxxxxxxx & Xxxx
LLP, special counsel for the Company, one or more favorable opinions, dated the
Closing Date and satisfactory in form and substance to you and counsel for the
Underwriters substantially to the effect that:
(i) The Registration Statement, as of its effective date, and
the Prospectus, as of its date (in each case, with the exception of any
information incorporated by reference therein and any financial,
numerical, statistical or quantitative information included therein, as
to which we express no view), appear on their face to be appropriately
responsive in all material respects to the requirements of the 1933 Act
and the rules and regulations thereunder applicable to such documents as
of the relevant date;
(ii) The statements in the Prospectus under the headings
"CERTAIN FEDERAL INCOME TAX CONSEQUENCES" and "CERTAIN ERISA
CONSIDERATIONS", insofar as such statements purport to summarize matters
of federal law or legal conclusions with respect thereto, have been
reviewed by such counsel and are correct in all material respects;
(iii) The Pooling and Servicing Agreement is not required to be
qualified under the Trust Indenture Act of 1939, as amended, and the
Trust Fund created by the Pooling and Servicing Agreement is not
required to be registered under the Investment Company Act;
(iv) The Underwritten Certificates, when duly and validly
executed, authenticated and delivered in accordance with the Pooling and
Servicing Agreement and paid for in accordance with this Agreement will
be validly issued and outstanding and entitled to the benefits provided
by the Pooling and Servicing Agreement;
(v) Each of this Agreement, the Mortgage Loan Purchase
Agreements and the Pooling and Servicing Agreement constitutes the
legal, valid and binding agreement of the Company, enforceable against
the Company in accordance with its terms, subject to applicable
bankruptcy, insolvency, fraudulent conveyance, liquidation,
receivership, moratorium, reorganization and similar laws affecting
creditors' rights generally, and general principles of equity
(regardless of whether enforcement is sought in a proceeding in equity
or at law), and except that the enforcement of rights with respect to
indemnification and contribution obligations and: (a) provisions
purporting to waive or limit rights to trial by jury, oral amendments to
written agreements or rights of set-off, (b) provisions relating to
submission to jurisdiction, venue or service of process, (c) interest on
interest provisions or (d) severability clauses may be limited by
applicable law or considerations of public policy;
(vi) The statements contained in the Prospectus Supplement
under the heading "Description of the Certificates" insofar as such
statements purport to summarize material terms of the Underwritten
Certificates are correct in all material respects; and
(vii) Assuming compliance with all relevant provisions of the
Pooling and Servicing Agreement as in effect on the Closing Date, (a)
REMIC I and REMIC II will each qualify for treatment for federal income
tax purposes as a "real estate mortgage investment conduit", as defined
in Section 860D of the Code; (b) the Class A-1 Certificates, Class A-2
Certificates, Class A-3, Class A-AB Certificates, Class A-4
Certificates, Class A-1A Certificates, Class XW Certificates, Class
A-MFX Certificates, Class A-J Certificates, Class B Certificates, Class
A-MFL Certificates, Class C Certificates, Class D Certificates, Class E
Certificates, Class F Certificates, Class G Certificates, Class H
Certificates, Class J Certificates, Class K Certificates, Class L
Certificates, Class M Certificates, Class N Certificates, Class O
Certificates, Class P Certificates and Class Q Certificates, will
evidence the "regular interests" in REMIC II and the Class R-II
Certificates will constitute the sole class of "residual interests" in
REMIC II within the meaning of the Code; (c) the REMIC I Regular
Interests will constitute "regular interests" in REMIC I and the Class
R-I Certificates will represent the sole class of "residual interests"
in REMIC I within the meaning of the Code; (d) the portion of the Trust
Fund consisting of Excess Interest and the Excess Interest Distribution
Account will be treated as a portion of a grantor trust under subpart E,
Part I of subchapter J of the Code, and the Class V Certificates will
also represent undivided beneficial interests in such portion; and (e)
the portion of the Trust Fund consisting of the Class A-MFL Swap
Contract, the Class A-MFL Regular Interest and the Class A-MFL Floating
Rate Account will be treated as a portion of the grantor trust under
Subpart E, Part I of Subchapter J of the Code.
Such opinions may express their reliance as to factual matters on
the representations and warranties made by, and on certificates or other
documents furnished by officers and/or authorized representatives of, the
parties to this Agreement, the Mortgage Loan Purchase Agreements and the Pooling
and Servicing Agreement and on certificates furnished by public officials. Such
opinion may assume the due authorization, execution and delivery of the
instruments and documents referred to therein by the parties thereto. Such
opinion may be qualified as an opinion only on the laws of the State of New York
and the federal law of the United States.
In one or more separate letters addressed only to the
Underwriters, special counsel to the Company, Cadwalader, Xxxxxxxxxx & Xxxx LLP,
shall additionally state that, based on conferences and telephone conversations
with representatives of Bank of America, the Underwriters, the Company, the
Trustee, the REMIC Administrator, the Master Servicer, the Special Servicer and
their respective counsel, and (with limited exception) without having reviewed
any of the mortgage notes, mortgages or other documents relating to the Mortgage
Loans or made any inquiry of any originator of any Mortgage Loan, nothing has
come to such special counsel's attention that would lead it to believe that (i)
the Prospectus (other than any accounting, financial or statistical information
included therein or information relating to the Master Servicer, the Special
Servicer or the Trustee contained in or omitted from the Prospectus), included
or includes an untrue statement of a material fact or omitted or omits 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, at the date of
the Prospectus Supplement or at the Closing Date, (ii) the Registration
Statement (other than with respect to any exhibits filed therewith or any
information incorporated by reference), at its effective date, included an
untrue statement of a material fact or omitted to state a material fact required
to be stated therein or necessary in order to make the statements therein not
misleading or (iii) any Issuer Free Writing Prospectus at its effective date,
included an untrue statement of a material fact or omitted to state a material
fact required to be stated therein or necessary in order to make the statements
therein not misleading.
(g) You shall have received from Xxxx X. Xxxxxxx, counsel for the
Company and Bank of America, favorable opinions, dated the Closing Date and
satisfactory in form and substance to you and counsel for the Underwriters, to
the effect that:
(1) (A) The Company is a corporation, duly incorporated,
validly existing and in good standing under the laws of the State
of Delaware, and (B) Bank of America is a national banking
association, duly organized, validly existing and in good
standing under the laws of the United States.
(2) Each of the Company and Bank of America has all
requisite corporate power and authority to execute, deliver and
perform its obligations under each of the Transaction Agreements
to which it is a party and, with respect to the Company, to own
its properties and conduct its business as described in the
Prospectus and Prospectus Supplement.
(3) The execution, delivery and performance of each of the
Transaction Agreements by each of the Company and Bank of
America, as applicable, and, with respect to the Company, the
issuance of the Underwritten Certificates have been duly
authorized by all necessary corporate action of each of the
Company and Bank of America.
(4) Each of the Transaction Agreements has been duly
executed and delivered by each of the Company and Bank of
America, as applicable.
(5) The Company has no subsidiaries and, to the best of
such counsel's knowledge, is not required to be qualified or
licensed to do business as a foreign corporation in any
jurisdiction.
(6) (A) Neither the issuance or sale of the Underwritten
Certificates nor the execution, delivery or performance of the
terms of the Transaction Agreements to which the Company is a
party 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 breach or violation of or the
acceleration of indebtedness under or constitute a material
default or violation under, the terms of any indenture,
instrument, document or agreement of which such counsel has
knowledge to which the Company is a party or by which it is
bound, or any law or statute applicable to and material to the
performance of its obligations under the Transaction Agreements
to which the Company is a party, or any order or decree of any
court, regulatory body, administrative agency or governmental
body having jurisdiction over the Company and known to such
counsel as being applicable to the Company, and (B) the
execution, delivery or performance of the terms of the
Transaction Agreements to which Bank of America is a party will
not result in the breach of any term or provision of the articles
of association or by-laws of Bank of America or conflict with,
result in a material breach or violation of or the acceleration
of indebtedness under or constitute a material default or
violation under, the terms of any indenture, instrument, document
or agreement or instrument of which such counsel has knowledge to
which Bank of America is a party or by which it is bound, or any
law or statute as being applicable to Bank of America and
material to the performance of its obligations under all the
agreements that are required hereby to be performed at or prior
to the Closing Date, or any order or decree of any court,
regulatory body, administrative agency or governmental body
having jurisdiction over Bank of America and known to such
counsel as being applicable to Bank of America.
(7) (A) No consent, approval, authorization of,
registration or filing with, or notice to, any State of Delaware
(pursuant to the Delaware General Corporation Law) or federal
governmental or regulatory authority, agency, department,
commission, board, bureau, body or instrumentality is required
for the execution, delivery or performance of, or compliance by,
the Company with the Transaction Agreements to which it is a
party, and (B) no consent, approval, authorization of,
registration or filing with, or notice to, any federal
governmental or regulatory authority, agency, department,
commission, board, bureau, body or instrumentality is required
for the execution, delivery or performance of, or compliance by,
Bank of America with the Transaction Agreements to which it is a
party.
(8) To the best of such counsel's knowledge, there is no
action, suit or proceeding against, or investigation of, either
of the Company or Bank of America pending or threatened before
any court, administrative agency or other tribunal which, either
individually or in the aggregate, (A) asserts the invalidity of
this Agreement or, with respect to the Company, the Underwritten
Certificates, (B) seeks to prevent the consummation of any of the
transactions contemplated by this Agreement or, with respect to
the Company, the issuance of the Underwritten Certificates, or
(C) would materially and adversely affect the performance by
either of the Company or Bank of America of its obligations
under, or the validity or enforceability of, the Transaction
Agreements to which it is a party or, with respect to the
Company, the Underwritten Certificates.
(h) You shall have received from Ernst & Young LLP, certified
public accountants, a letter dated the date of the Prospectus Supplement
(together with a bring-down letter dated as of the Closing Date) and
satisfactory in form and substance to you and counsel for the Underwriters, to
the following effect:
(1) they have performed certain specified procedures as a
result of which they have determined that the information of an
accounting, financial or statistical nature set forth in the
Transaction FWP and the Prospectus Supplement under the captions
"SUMMARY OF PROSPECTUS SUPPLEMENT," "DESCRIPTION OF THE MORTGAGE
POOL" and "YIELD AND MATURITY CONSIDERATIONS" and on ANNEX A
agrees with the Master Tape prepared by or on behalf of each
Mortgage Loan Seller, unless non-material deviations are
otherwise noted in such letter; and
(2) they have compared the data contained in the Master
Tape referred to in the immediately preceding clause (1) to
information contained in each of the Mortgage Loan files and in
such other sources as shall be specified by them, and found such
data and information to be in agreement in all material respects,
unless non-material deviations are otherwise noted in such
letter;
(i) You shall have received written confirmation from the Rating
Agencies that the ratings assigned to the Underwritten Certificates on the
Closing Date are as described on Schedule I hereto and that, as of the Closing
Date, no notice has been given of (i) any intended or possible downgrading or
(ii) any review or possible changes in such ratings;
(j) You shall have received from an authorized officer of the
Trustee, in his or her individual capacity, a certificate, dated the Closing
Date, to the effect that the information under the heading "THE TRUSTEE" in the
Prospectus Supplement is true and correct in all material respects;
(k) You shall have received from Xxxxxxx, Xxxxxxxxx, Xxxxxxx &
Xxxxxxx, L.L.P., counsel for the Trustee, a favorable opinion, dated the Closing
Date, in form and substance satisfactory to the Underwriters and counsel for the
Underwriters;
(l) You shall have received from an authorized officer of the
Master Servicer, in his or her individual capacity, a certificate, dated the
Closing Date, to the effect that the information relating to the Master Servicer
under the heading "THE SERVICERS - The Master Servicer" in the Prospectus
Supplement, is true and correct in all material respects;
(m) You shall have received from Cadwalader, Xxxxxxxxxx & Xxxx
LLP, special counsel for the Master Servicer, a favorable opinion, dated the
Closing Date, in form and substance satisfactory to the Underwriters and counsel
for the Underwriters;
(n) You shall have received from an authorized officer of the
Special Servicer, in his or her individual capacity, a certificate, dated the
Closing Date, to the effect that the information relating to the Special
Servicer under the heading "THE SERVICERS - The Special Servicer" in the
Prospectus Supplement, is true and correct in all material respects;
(o) You shall have received from Bilzin Xxxxxxx Xxxxx Price &
Xxxxxxx LLP, counsel for the Special Servicer a favorable opinion, dated the
Closing Date, in form and substance satisfactory to the Underwriters and counsel
for the Underwriters;
(p) You shall have received from counsel for each Mortgage Loan
Seller, one or more favorable opinions, dated the Closing Date, in form and
substance satisfactory to the Underwriters and counsel for the Underwriters;
(q) You shall have received copies of any opinions from
Xxxxxxxxxx, Xxxxxxxxxx & Xxxx LLP, special counsel to the Company, supplied to
the Rating Agencies relating to certain matters with respect to the Underwritten
Certificates, the transfer of the Mortgage Loans and any other matters related
thereto. Any such opinions shall be dated the Closing Date and addressed to the
Underwriters;
(r) All proceedings in connection with the transactions
contemplated by this Agreement and all documents incident hereto shall be
satisfactory in form and substance to you and counsel for the Underwriters, and
you and such counsel shall have received such additional information,
certificates and documents as you or they may have reasonably requested.
If any of the conditions specified in this Section 6 shall not
have been fulfilled in all material respects when and as provided in this
Agreement, if the Company is in breach of any covenants or agreements contained
herein or if any of the opinions and certificates referred to above or elsewhere
in this Agreement shall not be in all material respects reasonably satisfactory
in form and substance to you and counsel for the Underwriters, this Agreement
and all obligations of the Underwriters hereunder may be canceled at, or at any
time prior to, the Closing Date by you. Notice of such cancellation shall be
given to the Company in writing, or by telephone or telegraph confirmed in
writing.
7. Reimbursement of Underwriters' Expenses. If the sale of the
Underwritten Certificates provided for herein is not consummated because any
condition to the obligations of the Underwriters set forth in Section 6 is not
satisfied or because of any refusal, inability or failure on the part of the
Company to perform any agreement herein or comply with any provision hereof,
other than by reason of a default by any of the Underwriters, the Company and
Bank of America will reimburse the Underwriters severally, upon demand, for all
out-of-pocket expenses (including reasonable fees and disbursements of counsel)
that shall have been incurred by them in connection with the proposed purchase
and sale of the Underwritten Certificates.
8. Indemnification.
(a) The Company and Bank of America, jointly and severally, agree
to indemnify and hold harmless each Underwriter and each person, if any, who
controls any Underwriter within the meaning of Section 15 of the 1933 Act and
Section 20 of the 1934 Act as follows:
(i) against any and all loss, liability, claim, damage and
expense whatsoever, as incurred, arising out of (1) any untrue statement
or alleged untrue statement of a material fact contained in the
Registration Statement (or any amendment thereto), or the omission or
alleged omission therefrom of a material fact required to be stated
therein or necessary to make the statements therein not misleading or
arising out of any untrue statement or alleged untrue statement of a
material fact contained in the Basic Prospectus, or the Prospectus
Supplement (or any amendment thereof or supplement thereto), or the
omission or alleged omission therefrom of a material fact necessary in
order to make the statements therein, in the light of the circumstances
under which they were made, not misleading (including, without
limitation, (2) any untrue statement or alleged untrue statement of a
material fact contained in any Issuer Free Writing Prospectus or any
Issuer Information contained in any Underwriter Free Writing Prospectus
or in any Free Writing Prospectus which is required to be filed pursuant
to Section 4, or the omission or alleged omission to state a material
fact necessary to make the statements therein (when read in conjunction
with the other Time of Sale Information), in light of the circumstances
under which they were made, not misleading, which was not corrected by
Corrective Information subsequently supplied by the Company to any
Underwriter within a reasonable period of time prior to the Time of Sale
or (3) any such untrue statement or omission or alleged untrue statement
or omission resulting from the Company's manipulation or aggregation of
data contained in the Mortgage Loan Specific Information, to the extent
that indemnification therefor is not provided by Bank of America under
the Bank of America Indemnification Agreement (as defined below); or
Eurohypo under the Eurohypo Indemnification Agreement (as defined
below); provided that the foregoing indemnity shall not inure to the
benefit of any Underwriter (or to the benefit of any person controlling
such Underwriter) from whom the person asserting claims giving rise to
any such losses, claims, damages, expenses or liabilities purchased
Underwritten Certificates if such untrue statement or omission or
alleged untrue statement or omission made in any Transaction FWP or
Prospectus is eliminated or remedied in the Prospectus or a corrected
and amended Prospectus, as applicable, and, if required by law, a copy
of the Prospectus shall not have been made available to such person at
or prior to the written confirmation of the sale of such Certificates to
such person. Notwithstanding any of the foregoing, this indemnity
agreement shall not apply to any loss, liability, claim, damage or
expense to the extent any such untrue statement or alleged untrue
statement or omission or alleged omission arises out of or is based upon
an untrue statement or omission with respect to the Mortgage Loan
Specific Information, as such term is defined in the indemnification
agreement, dated the date hereof, among Bank of America, the Company and
the Underwriters (the "Bank of America Indemnification Agreement") and
the indemnification agreement, dated the date hereof, among Eurohypo,
the Company and the Underwriters (the "Eurohypo Indemnification
Agreement") other than with respect to the Company's manipulation or
aggregation of data (or failure to manipulate or aggregate such data)
contained in the Mortgage Loan Specific Information as provided above in
this Section 8(a)(i);
(ii) against any and all loss, liability, claim, damage and
expense whatsoever, as incurred, to the extent of the aggregate amount
paid in settlement of any litigation, or any investigation or proceeding
by any governmental agency or body, commenced or threatened, or of any
claim whatsoever based upon any such untrue statement or omission, or
any such alleged untrue statement or omission, if such settlement is
effected with the written consent of the Company; and
(iii) against any and all expense whatsoever, as incurred
(including the fees and disbursements of counsel chosen by such
Underwriter), reasonably incurred in investigating, preparing or
defending against any litigation, or any investigation or proceeding by
any governmental agency or body, commenced or threatened, or any claim
whatsoever based upon any such untrue statement or omission, or any such
alleged untrue statement or omission, to the extent that any such
expense is not paid under (i) or (ii) above; provided, however, that
this indemnity agreement shall not apply to any loss, liability, claim,
damage or expense to the extent arising out of any untrue statement or
omission or alleged untrue statement or omission made in reliance upon
and in conformity with written information (as specified in Section 8(b)
below) furnished to the Company by any Underwriter expressly for use in
the Registration Statement (or any amendment thereto) or in the Basic
Prospectus, any Transaction FWP or the Prospectus Supplement (or any
amendment thereof or supplement thereto).
This indemnity shall be in addition to any liability the Company
or Bank of America may otherwise have.
(b) Each Underwriter, severally but not jointly, agrees to
indemnify and hold harmless the Company, its directors, each of its officers who
signed the Registration Statement, and each person, if any, who controls the
Company within the meaning of Section 15 of the 1933 Act or Section 20 of the
1934 Act, against any and all loss, liability, claim, damage and expense
described in the indemnity contained in subsection (a) of this Section, as
incurred, but only with respect to untrue statements or omissions, or alleged
untrue statements or omissions, made in the Registration Statement (or any
amendment thereto) or in the Basic Prospectus or the Prospectus Supplement (or
any amendment thereof or supplement thereto) in reliance upon and in conformity
with written information furnished to the Company by such Underwriter expressly
for use in the Registration Statement (or any amendment thereto) or in the Basic
Prospectus or the Prospectus Supplement (or any amendment thereof or supplement
thereto); provided, that no Underwriter shall be obligated to so indemnify and
hold harmless (i) to the extent that the Company is entitled to indemnification
or contribution therefore under the indemnity of the Mortgage Loan Sellers set
forth in the Indemnification Agreements, (ii) with respect to information that
is also contained in the Time of Sale Information or (iii) to the extent such
losses, claims, damages or liabilities are cause by a misstatement or omission
resulting from an error or omission in the Issuer Information to any Underwriter
which was not corrected by Corrective Information subsequently supplied by the
Company or any Mortgage Loan Seller to the Underwriters within a reasonable
period of time prior to the Time of Sale. In addition, each Underwriter,
severally but not jointly, shall indemnify and hold harmless the Company, its
directors, each of its officers who signed the Registration Statement and each
person, if any, who controls the Company within the meaning of either Section 15
of the 1933 Act or Section 20 of the 1934 Act, against any and all losses,
liabilities, claims and damages as incurred arising out of any untrue statement
or alleged untrue statement of a material fact or omission or alleged omission
of a material fact necessary in order to make the statements contained in any
Underwriter Free Writing Prospectus (when read in conjunction with the Time of
Sale Information not misleading); provided that no such material misstatement or
omission arises from or is based upon an error or omission in information
relating to the underlying data regarding the Mortgage Loans or the related
Mortgagors or Mortgaged Properties; and provided, further, that any such
Underwriter Free Writing Prospectus was prepared by such Underwriter and
distributed by such Underwriter. Notwithstanding the foregoing, the indemnity in
the immediately preceding sentence will apply only if such misstatement or
omission was not also a misstatement or omission in the Prospectus. It is hereby
acknowledged that (i) the statements set forth in the first and second sentences
of the last paragraph on the cover of the Prospectus Supplement, (ii) the
statements in the paragraph immediately following the table setting forth the
allocations to the Underwriters (the "Allocation Table"), the third immediately
succeeding paragraph following the Allocation Table, and the first sentence of
the penultimate paragraph under the caption "METHOD OF DISTRIBUTION" in the
Prospectus Supplement and (iii) any Free Writing Prospectus prepared by or on
behalf of the Underwriters, excluding any Issuer Information therein, (an
"Underwriter Free Writing Prospectus"), constitute the only written information
furnished to the Company by such Underwriter expressly for use in the
Registration Statement (or any amendment thereto) or in the Basic Prospectus or
the Prospectus Supplement (or any amendment thereof or supplement thereto).
(c) Each indemnified party shall give notice as promptly as
reasonably practicable to each indemnifying party of any action commenced
against it in respect of which indemnity may be sought hereunder, but failure to
so notify an indemnifying party shall not relieve such indemnifying party from
any liability which it may have to any indemnified party under this Section 8
(except to the extent such failure has materially prejudiced the indemnifying
party) or from any liability which it may have otherwise than on account of this
indemnity agreement. An indemnifying party may participate at its own expense in
the defense of any such action and, to the extent that it may elect by written
notice delivered to the indemnified party promptly after receiving the aforesaid
notice from the indemnified party, to assume the defense thereof, with counsel
reasonably satisfactory to such indemnified party. In any such proceeding, any
indemnified party shall have the right to retain its own counsel, but the fees
and expenses of such counsel shall be at the expense of such indemnified party
unless (i) the indemnifying party and the indemnified party shall have agreed to
the retention of such counsel, or (ii) the indemnifying party shall not have
assumed the defense of such action, with counsel satisfactory to the indemnified
party, within a reasonable period following the indemnifying party's receiving
notice of such action, or (iii) the named parties to any such proceeding
(including any impleaded parties) include both the indemnifying party and the
indemnified party and representation of both parties by the same counsel would
be inappropriate due to actual or potential differing interests between them. In
no event shall the indemnifying party or parties be liable for fees and expenses
of more than one counsel (or, in the event the Company is the indemnifying
party, one counsel for each Underwriter) (in addition to any local counsel)
separate from its or their own counsel for all indemnified parties in connection
with any one action or separate but similar or related actions in the same
jurisdiction arising out of the same general allegations or circumstances.
Unless it shall assume the defense of any proceeding, an indemnifying party
shall not be liable for any settlement of any proceeding effected without its
written consent (which consent shall not be unreasonably withheld) but, if
settled with such consent or if there be a final judgment for the plaintiff, the
indemnifying party shall indemnify the indemnified party from and against any
loss or liability by reason of such settlement or judgment. If an indemnifying
party assumes the defense of any proceeding, it shall be entitled to settle such
proceeding with the consent of the indemnified party or, if such settlement
provides for the unconditional release of the indemnified party in connection
with all matters relating to the proceeding that have been asserted against the
indemnified party in such proceeding by the other parties to such settlement,
which release does not include a statement as to or an admission of fault,
culpability or a failure to act by or on behalf of any indemnified party,
without the consent of the indemnified party. If at any time an indemnified
party shall have provided notice requesting an indemnifying party to reimburse
the indemnified party for fees and expenses of counsel for which the
indemnifying party is obligated under this subsection, the indemnifying party
agrees that it shall be liable for any settlement of any proceeding effected
without its written consent if (i) such settlement is entered into more than 30
days after receipt by such indemnifying party of the aforesaid request and (ii)
such indemnifying party shall not have reimbursed the indemnified party in
accordance with such request prior to the date of such settlement.
(d) The indemnity agreements contained in this Section 8 shall
remain operative and in full force and effect regardless of (i) any termination
of this Agreement, (ii) any investigation made by the Company, the Underwriters,
any of their respective directors or officers, or any person controlling the
Company or the Underwriters, and (iii) acceptance of and payment for any of the
Underwritten Certificates.
(e) Each Underwriter, severally but not jointly, will indemnify
and hold harmless any other Underwriter and each person, if any, who controls
such Underwriter within the meaning of either the 1933 Act or the 1934 Act
(collectively, the "Non-Indemnifying Underwriter") from and against any and all
loss, liability, claim, damage and expense whatsoever, as incurred that arise
out of or are based upon (i) any untrue statement of material fact necessary to
make the statements contained in any Free Writing Prospectus prepared by, or on
behalf of, or used or referred to by, such indemnifying Underwriter not
misleading at the Time of Sale or (ii) the failure of such Indemnifying
Underwriter, or any member of its selling group, to comply with any provision of
Section 4, and agrees to reimburse such Non-Indemnifying Underwriter, as
incurred for any legal or other expenses reasonably incurred by them in
connection with investigating or defending any such loss, claim, damage,
liability or action. This indemnity agreement will be in addition to any
liability that any Underwriter may otherwise have. If the foregoing indemnity
agreement is for any reason held to be unenforceable although applicable in
accordance with its terms, or if such indemnification is insufficient in respect
of any losses, liabilities, claims, damages or expenses referred to therein,
each Underwriter agrees to pay upon request, as contribution, its proportionate
share, based upon a percentage the numerator of which is the amount of fees
actually received by such Underwriter in connection with the sale of the
Underwritten Certificates, and the denominator of which is the sum of the
aggregate amount of fees actually received by the Underwriters, of any losses,
claims, damages, expenses or liabilities, joint or several, under the 1933 Act
or otherwise, paid or incurred by any Underwriter (including amounts paid by an
Underwriter as contribution) of the nature contemplated by said indemnity; and
each Underwriter shall pay such proportionate share of any legal or other
expenses reasonably incurred in connection with investigating or defending any
such loss, claim, damage or liability, or any action in respect thereof.
Notwithstanding the foregoing, each Underwriter shall not be required to
contribute or pay any amount in excess of the fees actually received by it. In
determining the amount of any Underwriter's obligation under this Section 8(e),
appropriate adjustment may be made to reflect any amounts received by any one or
more Underwriters, pursuant to Section 8(a) or 9 of this Agreement or otherwise,
in respect of the claim upon which such obligation is based. In respect of any
claim there shall be credited against the amount of any Underwriter's obligation
under this Section 8(e) any loss, damage, liability or expense which is paid or
incurred by such Underwriter as a result of such claim being asserted against
it, and, if such loss, damage, liability or expense is paid or incurred by such
Underwriter subsequent to any payment by it pursuant to this Section 8(e),
appropriate provision shall be made to effect such credit, by refund or
otherwise. In determining amounts payable pursuant to this Section 8(e), any
loss, claim, damage, liability or expense paid or incurred, and any amount
received, by any person controlling any Underwriter within the meaning of
Section 15 of the 1933 Act which has been paid or incurred or received by reason
of such control relationship shall be deemed to have been paid or incurred or
received by such Underwriter. Notwithstanding anything to the contrary contained
in this Agreement, no person guilty of fraudulent misrepresentation (within the
meaning of Section 11(f) of the 1933 Act) shall be entitled to contribution or
indemnification under this Section 8 from any person who was not guilty of such
fraudulent misrepresentation.
9. Contribution.
(a) In order to provide for just and equitable contribution in
circumstances in which the indemnity agreement provided for in Section 8 hereof
is for any reason held to be unenforceable by the indemnified parties although
applicable in accordance with its terms, or if such indemnification provided for
in Section 8 hereof is insufficient in respect of any losses, liabilities,
claims or damages referred to therein, the Company and Bank of America on the
one hand and the Underwriters on the other shall contribute to the aggregate
losses, liabilities, claims, damages and expenses of the nature contemplated by
said indemnity incurred by the Company and the Underwriters, as incurred, (i) in
such proportion as is appropriate to reflect the relative benefits received by
the Company and Bank of America on the one hand and each Underwriter on the
other from the offering of the Underwritten Certificates or (ii) if the
allocation provided by clause (i) above is not permitted by applicable law, in
such proportion as is appropriate to reflect not only the relative benefits
referred to in clause (i) above but also the relative fault of the Company and
Bank of America on the one hand and of the Underwriters on the other in
connection with the statements or omissions which resulted in such losses,
claims, damages or liabilities, as well as any other relevant equitable
considerations (taking into account the parties' relative knowledge and access
to information concerning the matter with respect to which the claim was
asserted, the opportunity to correct and prevent any statement or omission or
failure to comply, and any other equitable consideration appropriate under the
circumstances). The relative benefits received by the Company and Bank of
America on the one hand and any Underwriter on the other shall be deemed to be
in the same proportion as the total proceeds from the issuance and sale of the
Underwritten Certificates under this Agreement (before deducting expenses)
received by the Company bear to the total underwriting discounts, commissions
and other fees received by such Underwriter. The relative fault of the Company
and Bank of America on the one hand and of the Underwriters on the other shall
be determined by reference to, among other things, whether the untrue or alleged
untrue statement of a material fact or the omission or alleged omission to state
a material fact relates to information supplied by the Company, Bank of America
or by the Underwriters, and the parties' relative intent, knowledge, access to
information and opportunity to correct or prevent such statement or omission;
provided, however, that no person guilty of fraudulent misrepresentation (within
the meaning of Section 11(f) of the 1933 Act) shall be entitled to contribution
from any person who was not guilty of such fraudulent misrepresentation; and
provided, further, that in no event shall any Underwriter be obligated to
contribute more than its share of underwriting discounts, commissions and other
fees pertaining to the Underwritten Certificates less any damages otherwise paid
by such Underwriter with respect to such loss, liability, claim, damage or
expense. It is hereby acknowledged that the respective Underwriters' obligations
under this Section 9 shall be several and not joint. For purposes of this
Section, each person, if any, who controls an Underwriter within the meaning of
Section 15 of the 1933 Act or Section 20 of the 1934 Act, and such Underwriter's
directors, shall have the same rights to contribution as such Underwriter, and
each director of the Company, each officer of the Company who signed the
Registration Statement, and each person, if any, who controls the Company within
the meaning of Section 15 of the 1933 Act or Section 20 of the 1934 Act shall
have the same rights to contribution as the Company.
(b) The parties hereto agree that it would not be just and
equitable if contribution were determined by pro rata allocation or by any other
method of allocation that does not take account of the considerations referred
to in subsection (a) above. The amount paid or payable by an indemnified party
as a result of the losses, liabilities, claims or damages referred to in Section
8 or this Section 9 shall be deemed to include any legal fees and disbursements
or other expenses reasonably incurred by such indemnified party in connection
with investigating or defending any such claim except where the indemnified
party is required to bear such expenses, which expenses the indemnifying party
shall pay as and when incurred, at the request of the indemnified party. In the
event that any expenses so paid by the indemnifying party are subsequently
determined to not be required to be borne by the indemnifying party hereunder,
the party which received such payment shall promptly refund the amount so paid
to the party which made such payment. The remedies provided for in Section 8 and
this Section 9 are not exclusive and shall not limit any rights or remedies that
may otherwise be available to any indemnified party at law or in equity.
(c) The contribution agreements contained in this Section 9 shall
remain operative and in full force and effect regardless of (i) any termination
of this Agreement, (ii) any investigation made by the Company, the Underwriters,
any of their respective directors or officers, or any person controlling the
Company or the Underwriters, and (iii) acceptance of and payment for any of the
Underwritten Certificates.
10. Default by an Underwriter. If any one or more Underwriters
shall fail to purchase and pay for any of the Underwritten Certificates agreed
to be purchased by such Underwriter or Underwriters hereunder and such failure
to purchase shall constitute a default in the performance of its or their
obligations under this Agreement, the remaining Underwriters shall be obligated
severally (in the respective proportions which the portion of the Underwritten
Certificates set forth opposite their names in Schedule II hereto bears to the
aggregate amount of Underwritten Certificates set forth opposite the names of
all the remaining Underwriters) to purchase the Underwritten Certificates that
the defaulting Underwriter or Underwriters agreed but failed to purchase;
provided that no Underwriter shall be obligated under this Section 10 to
purchase Certificates of a Class that it is not otherwise obligated to purchase
under this Agreement; provided, however, that in the event that the amount of
Underwritten Certificates that the defaulting Underwriter or Underwriters agreed
but failed to purchase shall exceed 10% of the aggregate principal amount of
Underwritten Certificates set forth in Schedule II hereto, the remaining
Underwriters shall have the right to purchase all, but shall not be under any
obligation to purchase any, of the Underwritten Certificates, and if such
nondefaulting Underwriters do not purchase all of the Underwritten Certificates,
this Agreement will terminate without liability to any nondefaulting Underwriter
or the Company, except as provided in Section 11 or Section 12. In the event of
a default by any Underwriter as set forth in this Section 10, the Closing Date
for the Underwritten Certificates shall be postponed for such period, not
exceeding ten business days, as you shall determine in order that the required
changes in the Registration Statement and the Prospectus Supplement or in any
other documents or arrangements may be effected. Nothing contained in this
Agreement shall relieve any defaulting Underwriter of its liability, if any, to
the Company and any nondefaulting Underwriter for damages occasioned by its
default hereunder.
11. Representations, Warranties and Agreements to Survive
Delivery. All representations, warranties and agreements contained in this
Agreement, or contained in certificates of officers of the Company submitted
pursuant hereto, shall remain operative and in full force and effect, regardless
of any investigation made by or on behalf of any Underwriter, or by or on behalf
of the Company, or by or on behalf of any of the controlling persons and
officers and directors referred to in Sections 8 and 9, and shall survive
delivery of the Underwritten Certificates to the Underwriters.
12. Termination of Agreement; Survival.
(a) The Underwriters may terminate this Agreement, by notice to
the Company, at any time at or prior to the Closing Date (i) if there has been,
since the date of this Agreement or since the respective dates as of which
information is given in the Registration Statement and the Prospectus, any
material adverse change in the condition, financial or otherwise, or in the
earnings, business affairs or business prospects of the Company or of Bank of
America whether or not arising in the ordinary course of business, or (ii) if
there has occurred any outbreak of hostilities or escalation thereof or other
calamity or crisis or any change in the financial markets the effect of which is
such as to make it, in the judgment of any Underwriter, impracticable or
inadvisable to market the Underwritten Certificates or to enforce contracts for
the sale of the Underwritten Certificates, or (iii) if trading in any securities
of the Company or of Bank of America has been suspended or limited by the
Commission or the New York Stock Exchange, or if trading generally on the
American Stock Exchange or the New York Stock Exchange or on the Nasdaq National
Market or the over-the-counter market has been suspended or limited or subject
to a material disruption, or minimum or maximum prices for trading have been
fixed, or maximum ranges for prices have been required, by any of said exchanges
or by such system or by order of the Commission, the National Association of
Securities Dealers, Inc. or any other governmental authority, or (iv) if a
banking moratorium has been declared by either federal or New York authorities
or any material disruption in commercial banking or securities settlement or
clearance services in the United States has occurred.
(b) If this Agreement is terminated pursuant to this Section,
such termination shall be without liability of any party to any other party,
except as provided in Section 11 or Section 12(c).
(c) The provisions of Section 5(e) regarding the payment of costs
and expenses and the provisions of Sections 7, 8 and 9 hereof shall survive the
termination of this Agreement.
13. Notices. All notices and other communications hereunder shall
be in writing and shall be deemed to have been duly given if mailed or
transmitted by any standard form of telecommunication. Notice to Bank of America
shall be directed to it at Bank of America, National Association, at 000 Xxxxx
Xxxxx Xxxxxx, XX0-027-22-03, Charlotte, North Carolina 28255, Attention: Xx.
Xxxxxxx X. Xxxxx, with a copy to Xxxx X. Xxxxxxx, Esq., at 000 Xxxxx Xxxxx
Xxxxxx 00xx Xxxxx, XX0-000-29-01, Charlotte, North Carolina 28255 and with a
copy to Xxxxx X. XxXxxx, Esq., Cadwalader, Xxxxxxxxxx & Xxxx LLP, 000 Xxxx Xxxxx
Xxxxxx, Xxxxx 0000, Xxxxxxxxx, Xxxxx Xxxxxxxx 00000; notice to BAS shall be
directed to it at 000 Xxxxx Xxxxx Xxxxxx, XX0-000-00-00, Xxxxxxxxx, Xxxxx
Xxxxxxxx 00000, Attention: Xx. Xxxxxxx X. Xxxxx, with a copy to Xxxx X. Xxxxxxx,
Esq., at 000 Xxxxx Xxxxx Xxxxxx 00xx Xxxxx, XX0-000-00-00, Xxxxxxxxx, Xxxxx
Xxxxxxxx 00000 and with a copy to X. Xxxxx Xxxxxx, Esq., Xxxxxxx Xxxxxxxx & Xxxx
llp, Two World Financial Center, New York, New York 10281; notice to Commerzbank
shall be directed to it at Two World Financial Center, 00xx Xxxxx, Xxx Xxxx, Xxx
Xxxx, 00000, Attention: Xxxxx Xxxxxxxxxxx; notice to Citigroup shall be directed
to it at 000 Xxxxxxxxx Xxxxxx, Xxx Xxxx, Xxx Xxxx 00000, Attention: Xxxxxx
Xxxxx; notice to Xxxxxxx Xxxxx shall be directed to it at Four World Financial
Center, New York, New York 10281, Attention: Xxx Xxxxx, with a copy to Xxxxx X.
Xxxxxxx at the same address; notice to Eurohypo shall be directed to it at
Eurohypo AG, New York Branch, 0000 Xxxxxx xx xxx Xxxxxxxx, Xxx Xxxx, Xxx Xxxx
00000, Attention: Xxxxxx Xxxxxx; and notice to the Company shall be directed to
it at Banc of America Commercial Mortgage Inc., 000 Xxxxx Xxxxx Xxxxxx,
XX0-000-00-00, Xxxxxxxxx, Xxxxx Xxxxxxxx 00000, Attention: Xx. Xxxxxxx X. Xxxxx;
with a copy to Xxxx X. Xxxxxxx, Esq. at 000 Xxxxx Xxxxx Xxxxxx 00xx Xxxxx,
XX0-000-00-0, Xxxxxxxxx, Xxxxx Xxxxxxxx 00000 and with a copy to Xxxxx X.
XxXxxx, Esq., Cadwalader, Xxxxxxxxxx & Xxxx LLP, 000 Xxxx Xxxxx Xxxxxx, Xxxxx
0000, Xxxxxxxxx, Xxxxx Xxxxxxxx 00000 or, in each case, such other address as
may hereafter be furnished by the Underwriters, the Mortgage Loan Seller or the
Company to the other such parties in writing.
14. Parties. This Agreement shall inure to the benefit of and be
binding upon each of the Underwriters, the Company and the Mortgage Loan Sellers
and their respective successors. Nothing expressed or mentioned in this
Agreement is intended or shall be construed to give any person, firm or
corporation, other than the Underwriters, the Company and the Mortgage Loan
Sellers and their respective successors and the controlling persons and officers
and directors referred to in Sections 8 and their heirs and legal
representatives, any legal or equitable right, remedy or claim under or in
respect of this Agreement or any provision herein contained. This Agreement and
all conditions and provisions hereof are intended to be for the sole and
exclusive benefit of the Underwriters, the Company and the Mortgage Loan Sellers
and their respective successors, and said controlling persons and officers and
directors and their heirs and legal representatives, and for the benefit of no
other person, firm or corporation. No purchaser of Underwritten Certificates
from any Underwriter shall be deemed to be a successor by reason merely of such
purchase.
15. Applicable Law; Counterparts. This Agreement will be governed
by and construed in accordance with the laws of the State of New without regard
to principles of conflicts of law other than Section 5-1401 of the New York
General Obligations Law which shall govern. This Agreement may be executed in
any number of counterparts, each of which shall for all purposes be deemed to be
an original and all of which shall together constitute but one and the same
instrument.
[SIGNATURES COMMENCE ON THE FOLLOWING PAGE]
If the foregoing is in accordance with your understanding of our
agreement, please sign and return to us a counterpart hereof, whereupon this
letter and your acceptance shall represent a binding agreement among the
Company, Bank of America and the several Underwriters.
Very truly yours,
BANC OF AMERICA COMMERCIAL MORTGAGE INC.
By: /s/ Xxxx X. Xxxxxx
------------------------------------
Name: Xxxx X. Xxxxxx
Title: Vice President
BANK OF AMERICA, NATIONAL ASSOCIATION
By: /s/ Xxxxxxx X. Xxxxx
------------------------------------
Name: Xxxxxxx X. Xxxxx
Title: Principal
The foregoing Agreement is hereby confirmed and accepted as of
the date first above written.
BANC OF AMERICA SECURITIES LLC
By: /s/ Xxxxx X. Xxxxxxx
--------------------------------
Name: Xxxxx X. Xxxxxxx
Title: Managing Director
CITIGROUP GLOBAL MARKETS INC.
By: /s/ Xxxxxx X. Xxxxx
--------------------------------
Name: Xxxxxx X. Xxxxx
Title: Managing Director
COMMERZBANK CAPITAL MARKETS CORP.
By: /s/ Xxxxxx Xxxx
--------------------------------
Name: Xxxxxx Xxxx
Title: General Counsel
By: /s/ Xxx Xxxxxxxx
------------------------------
Name: Xxx Xxxxxxxx
Title: Senior Vice President
XXXXXXX LYNCH, XXXXXX, XXXXXX & XXXXX
INCORPORATED
By: /s/ Xxxxxx X. Xxxxxxx
--------------------------------
Name: Xxxxxx X. Xxxxxxx
Title: Authorized Signatory
[SIGNATURE PAGE TO UNDERWRITING AGREEMENT]
SCHEDULE I
Underwriting Agreement dated February 15, 2007:
As used in this Schedule I, the term "Registration Statement" refers to
registration statement No. 333-130755 filed by the Company on Form S-3 and
declared effective on March 29, 2006. The term "Basic Prospectus" refers to the
form of prospectus in the Registration Statement or such later form as most
recently filed by the Company pursuant to Rule 424(b) under the Securities Act
of 1933, as amended. The term "Prospectus Supplement" refers to the supplement
dated February 15, 2007 to the Basic Prospectus, relating to the mortgage
pass-through certificates being sold pursuant to the Underwriting Agreement (the
"Underwritten Certificates").
Mortgage Pool:
157 commercial and multifamily mortgage loans, having an aggregate principal
balance, after giving effect to payments of principal due on or before the
Cut-off Date of $3,145,214,397 as described in the Prospectus Supplement, and
otherwise complying in all material respects with the description thereof set
forth in the Prospectus Supplement.
Title, Purchase Price and Description of Underwritten Certificates:
Banc of America Commercial Mortgage Inc. Commercial Mortgage Pass-Through
Certificates Series 2007-1 Class A-1, Class A-2, Class A-3, Class A-AB, Class
A-4, Class A-1A, Class XW, Class A-MFX, Class A-J and Class B Certificates.
Closing Date
Aggregate
Certificate
Principal Balance or Initial Ratings Purchase Price
Designation Notional Amount Pass-Through Rate Fitch/Moody's(1) Percentage
----------------------------------------------------------------------------------------------
Class A-1 $57,000,000 5.2590% AAA/Aaa
Class A-2 $293,000,000 5.3810% AAA/Aaa
Class A-3 $444,000,000 5.4490% AAA/Aaa
Class A-AB $68,473,000 5.4220% AAA/Aaa
Class A-4 $698,700,000 5.4510% AAA/Aaa
Class A-1A $640,477,000 5.4280% AAA/Aaa
Class XW $3,145,214,397 0.2920% AAA/Aaa
Class A-MFX $214,521,000 5.4820% AAA/Aaa
Class A-J $259,480,000 5.5230% AAA/Aaa
Class B $27,521,000 5.5430% AA+/Aa1
--------------------
(1) By each of Fitch, Inc. and Xxxxx'x Investors Service, Inc.
Credit Support and Other Terms and Conditions of the Underwritten
Certificates: As described in the Prospectus Supplement.
Closing Date and Location: 10:00 a.m. (New York City time) on February
27, 2007 at the offices of Cadwalader, Xxxxxxxxxx & Xxxx LLP, Charlotte,
North Carolina; except that delivery of the Underwritten Certificates
shall be made through the facilities of The Depository Trust Company.
Initial Public Offering Price: The Underwritten Certificates will be
offered to the public in negotiated transactions or otherwise at varying
prices to be determined at the time of sale.
SCHEDULE II
Underwriting Agreement dated February 15, 2007. Approximate Aggregate Principal
or Notional Amount of Certificates to Underwriters Class to be purchased by:
Banc of America
Securities LLC Citigroup Commerzbank Xxxxxxx Xxxxx
----------------------------------------------------------------
Class A-1 $57,000,000
Class A-2 $293,000,000
Class A-3 $444,000,000
Class A-AB $68,473,000
Class A-4 $695,700,000 $1,000,000 $1,000,000 $1,000,000
Class A-1A $640,477,000
Class XW $3,145,214,397
Class A-MFX $214,521,000
Class A-J $259,480,000
Class B $27,521,000
SCHEDULE III
UPDATE to the Structural and Collateral Information Free Writing Prospectus
dated February 2007 (the "Term Sheet FWP") and the Free Writing Prospectus dated
February 8, 2007 (the "February 8 FWP"), providing structural updates with
respect to Class A-J Certificates and collateral updates with respect to Loan
Nos. 3401896 and 3403766, dated February 15, 2007.
UPDATE No. 2 to the Structural and Collateral Information Free Writing
Prospectus dated February 2007 (the "Term Sheet FWP"), and the Free Writing
Prospectus dated February 8, 2007 (the "February 8 FWP"), providing further
collateral and structural updates, dated February 15, 2007.
UPDATE No. 3 to the Structural and Collateral Information Free Writing
Prospectus dated February 2007 (the "Term Sheet FWP") and the Free Writing
Prospectus dated February 8, 2007 (the "February 8 FWP"), providing structural
updates with respect to the Class XW Certificates, dated February 21, 2007.
