EXECUTION COPY
LB-UBS COMMERCIAL MORTGAGE TRUST 2006-C6,
COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES,
SERIES 2006-C6
UNDERWRITING AGREEMENT
As of September 22, 2006
Xxxxxx Brothers Inc.
000 Xxxxxxx Xxxxxx
Xxx Xxxx, Xxx Xxxx 00000
UBS Global Asset Management (US) Inc.
0000 Xxxxxx xx xxx Xxxxxxxx
Xxx Xxxx, Xxx Xxxx 00000
UBS Securities LLC
0000 Xxxxxx xx xxx Xxxxxxxx
Xxx Xxxx, Xxx Xxxx 00000
Ladies and Gentlemen:
Structured Asset Securities Corporation II, a Delaware corporation (the
"Company"), proposes to cause the issuance of, and to sell to Xxxxxx Brothers
Inc. ("LBI"), UBS Global Asset Management (US) Inc. ("UBS-AM") and UBS
Securities LLC ("UBS Securities" and, collectively with LBI and UBS-AM, the
"Underwriters"), the mortgage pass-through certificates that are identified on
Schedule I attached hereto (the "Certificates").
The Certificates will evidence beneficial ownership interests in a trust
fund (the "Trust Fund") to be formed by the Company and consisting primarily of
a segregated pool (the "Mortgage Pool") of multifamily and commercial mortgage
loans (the "Mortgage Loans"). Certain of the Mortgage Loans (the "UBS Mortgage
Loans") will be acquired by the Company from UBS Real Estate Investments Inc.
("UBSREI"), pursuant to a mortgage loan purchase agreement dated as of September
22, 2006 (the "UBS Mortgage Loan Purchase Agreement"), between the Company and
UBSREI. The remaining Mortgage Loans (the "Xxxxxx Mortgage Loans") will be
acquired by the Company from Xxxxxx Brothers Holdings Inc. ("LBHI"), pursuant to
a mortgage loan purchase agreement dated as of September 22, 2006 (the "LBHI
Mortgage Loan Purchase Agreement"), between the Company and LBHI; provided that
one or more of the Xxxxxx Mortgage Loans may be acquired by the Company from an
affiliate of LBHI (the "LBHI-Affiliated Mortgage Loan Seller"), pursuant to a
mortgage loan purchase agreement dated as of September 22, 2006
(the "Additional Mortgage Loan Purchase Agreement"), between the Company, the
LBHI-Affiliated Mortgage Loan Seller and LBHI. LBHI, any LBHI-Affiliated
Mortgage Loan Seller and UBSREI are each referred to herein as a "Mortgage Loan
Seller" and are collectively referred to herein as the "Mortgage Loan Sellers."
The LBHI Mortgage Loan Purchase Agreement, any Additional Mortgage Loan Purchase
Agreement and the UBS Mortgage Loan Purchase Agreement are each referred to
herein as a "Mortgage Loan Purchase Agreement" and are collectively referred to
herein as the "Mortgage Loan Purchase Agreements".
In connection with the sale by UBSREI to the Company of the UBS Mortgage
Loans, UBSREI, the Company, LBI, UBS-AM and UBS Securities entered into an
indemnification agreement dated as of September 22, 2006 (the "UBS
Indemnification Agreement"). In connection with the sale by LBHI and any
LBHI-Affiliated Mortgage Loan Seller to the Company of the Xxxxxx Mortgage
Loans, LBHI, the Company, LBI, UBS-AM and UBS Securities also entered into an
indemnification agreement dated as of September 22, 2006 (the "LBHI
Indemnification Agreement"; and, together with the UBS Indemnification
Agreement, the "Mortgage Loan Seller Indemnification Agreements").
The Certificates will be issued under a pooling and servicing agreement to
be dated as of September 11, 2006 (the "Pooling and Servicing Agreement"), among
the Company, as depositor, Wachovia Bank, National Association ("Wachovia"), as
master servicer (in such capacity, the "Master Servicer"), LNR Partners, Inc.
("LNR"), as special servicer (in such capacity, the "Special Servicer"), and
LaSalle Bank National Association ("LaSalle"), as trustee (in such capacity, the
"Trustee"). The Certificates and the Mortgage Loans are described more fully in
the Prospectus (as defined below), which the Company has furnished to the
Underwriters. The Certificates are part of a series of mortgage pass-through
certificates that evidence beneficial ownership interests in the Trust Fund and
are being issued pursuant to the Pooling and Servicing Agreement. The other
certificates of such series will be retained by the Company or privately placed
with a limited number of institutional investors.
In connection with the execution and delivery of the Pooling and Servicing
Agreement: (i) LaSalle, the Company, LBI, UBS-AM and UBS Securities entered into
an indemnification agreement dated as of September 22, 2006 (the "Trustee
Indemnification Agreement"); (ii) Wachovia, the Company, LBI, UBS-AM and UBS
Securities entered into an indemnification agreement dated as of September 22,
2006 (the "Master Servicer Indemnification Agreement"); and (iii) LNR, the
Company, LBI and UBS Securities entered into an indemnification agreement dated
as of September 22, 2006 (the "Special Servicer Indemnification Agreement"; and,
collectively with the Trustee Indemnification Agreement, the Master Servicer
Indemnification Agreement and the Mortgage Loan Seller Indemnification
Agreements, the "Indemnification Agreements").
The Company has filed with the Securities and Exchange Commission (the
"Commission") a registration statement on Form S-3 (No. 333-129844) for the
registration of the Certificates under the Securities Act of 1933, as amended
(the "1933 Act"), which registration statement has become effective. The rules
and regulations of the Commission promulgated under the 1933 Act are
collectively referred to in this Agreement as the "1933 Act Rules." As used in
this Underwriting Agreement (this "Agreement" or this "Underwriting Agreement"):
(i) "Registration Statement" means the foregoing registration statement and all
exhibits thereto, as amended or supplemented to the date of this Agreement,
together with any information that is contained in the Prospectus (as defined
below) that is deemed to be a part of and included in that registration
statement pursuant to Rule 430B under the 1933 Act as of the date hereof; (ii)
"Basic Prospectus" means the base prospectus included in the Registration
Statement at the time it became
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effective, as amended or supplemented up to the date of filing of the Prospectus
Supplement (as defined below) by any base prospectus filed with the Commission
pursuant to paragraph (b) of Rule 424 under the 1933 Act; (iii) "Prospectus
Supplement" means the prospectus supplement to the Basic Prospectus,
specifically relating to the Certificates, filed or to be filed with the
Commission pursuant to paragraph (b) of Rule 424 under the 1933 Act, that is
deemed to be part of and included in the Registration Statement on the date
hereof in accordance with paragraph (f) under Rule 430B of the 1933 Act; and
(iv) "Prospectus" means the Basic Prospectus, together with the Prospectus
Supplement.
At or prior to the time when sales to purchasers of the Publicly Offered
Certificates were first made in accordance with Rule 159 under the 1933 Act,
which was approximately 1:40 p.m. (New York City time) on September 22, 2006
(the "Time of Sale"), the Company had prepared the following information, which
is collectively referred to as the "Time of Sale Information": (i) the Basic
Prospectus dated September 15, 2006; (ii) the Free Writing Prospectus (as
defined below), dated September 15, 2006 relating to the Certificates and filed
by the Company on September 18, 2006 pursuant to Rule 433 under the 1933 Act
(the "Offering Prospectus"), which Free Writing Prospectus refers to itself
therein as "this offering prospectus", consists of over 290 printed pages and
was accompanied by the Basic Prospectus; and (iii) any other Issuer Free Writing
Prospectuses (as defined below) relating to the Certificates that have been
conveyed to prospective investors prior to the Time of Sale and that have been
or will be filed by the Company with the Commission pursuant to Rule 433 under
the 1933 Act. If, subsequent to the date of this Agreement, the Company and the
Underwriters determine that, as to the investors in one or more Classes of the
Publicly Offered Certificates, such initial Time of Sale Information includes an
untrue statement of material fact or omits to state a material fact necessary in
order to make the statements therein, in light of the circumstances under which
they were made, not misleading, and the Underwriters terminate their old
purchase contracts and enter into new purchase contracts with investors in the
Publicly Offered Certificates, then "Time of Sale Information" shall refer to
the information conveyed to investors at the time of entry into the last such
new purchase contract, including any information that corrects such material
misstatements or omissions ("Corrective Information"). For the purposes of this
Underwriting Agreement, "Free Writing Prospectus" means a "free writing
prospectus" within the meaning of Rule 405 under the 1933 Act; and "Issuer Free
Writing Prospectus" means an "issuer free writing prospectus" within the meaning
of Rule 433 under the 1933 Act.
Capitalized terms used but not defined herein have the respective meanings
assigned thereto in the Prospectus.
1. REPRESENTATIONS, WARRANTIES AND COVENANTS OF THE COMPANY. The Company
represents, warrants and agrees with the respective Underwriters that:
(a) The Registration Statement has become effective under the 1933 Act. The
aggregate principal amount of the Certificates does not exceed the remaining
amount of mortgage-backed securities that may be offered and sold under the
Registration Statement as of the date hereof. The Registration Statement, as of
the date it was declared effective (its "Effective Date"), and the portion of
the Registration Statement relating to the Certificates (including, without
limitation, the Prospectus), as of the deemed effective date thereof pursuant to
Rule 430B under the 1933 Act (its "Deemed Effective Date") complied, complies
and/or will comply, as applicable, as to form in all material respects with the
requirements of the 1933 Act and the 1933 Act Rules; and the information in the
Registration Statement, as of its Effective Date, and the information in the
portion of the Registration Statement relating to the Certificates (including,
without limitation, the Prospectus), as of its Deemed Effective Date, did not,
does not and/or will not, as
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applicable, contain an untrue statement of a material fact or omit to state any
material fact required to be stated therein or necessary to make the statements
therein not misleading, and the information in the Prospectus as of the date
hereof, does not, and as of the Closing Date (as hereinafter defined), will not,
contain an 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; provided, however, that the Company
makes no representation or warranty as to the Excluded Information (as defined
below).
The "Excluded Information" shall mean, collectively, the information
contained in or omitted from the Registration Statement or the Prospectus or the
Time of Sale Information or any Issuer Free Writing Prospectus or any Issuer
Information (as defined below), or any revision, amendment or supplement to any
of the foregoing, (i) in reliance upon and in conformity with written or
electronic information furnished to the Company by any Underwriter specifically
for use in connection with the preparation of the Prospectus, or any revision,
amendment or supplement thereto, the Time of Sale Information or any such Issuer
Free Writing Prospectus (collectively, the "Underwriter Information"), or (ii)
to which the indemnities provided for in Section 2 of any of the Indemnification
Agreements are applicable in accordance with the respective terms thereof
(collectively, the "Third-Party Information"). It is hereby acknowledged that
the information set forth on Schedule III hereto constitutes the only
Underwriter Information in the Offering Prospectus and the Prospectus.
(b) If and to the extent that it has not done so already, the Company will
make a good faith and reasonable effort to file the Prospectus with the
Commission within the time period required under Rule 424 and, in the event that
it fails to do so, the Company shall file the Prospectus with the Commission as
soon as practicable thereafter.
(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, however, that the Company makes no representation and warranty with
respect to any Excluded Information.
(d) 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 the Certificates other than (i) the Prospectus, (ii) any document not
constituting a prospectus under Section 2(a)(10)(a) of the 1933 Act, including,
without limitation, any document that complies with Rule 134 under the 1933 Act,
(iii) the Time of Sale Information, and (iv) any other Free Writing Prospectus
approved in advance by the Underwriters either in writing or in any other manner
mutually agreed to by the Underwriters and the Company. Each Issuer Free Writing
Prospectus (as defined below) included under clause (iv) above that was prepared
by or on behalf of the Company or its affiliates complied or, if used after the
date hereof, will comply, in all material respects with the 1933 Act and the
1933 Act Rules and each Issuer Free Writing Prospectus prepared by or on behalf
of the Company or its affiliates or delivered to the Company for filing in
accordance with Section 4 has been filed or will be filed in accordance with
Section 4 (to the extent required thereby). Each Issuer Free Writing Prospectus
included under clause (iv) above, at the Time of Sale, did not, 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
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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 any Excluded Information.
(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 Pooling and Servicing Agreement and the
Mortgage Loan Purchase Agreements; 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, 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 Certificates for sale in any jurisdiction or any initiation
or threat of any proceeding for such purpose.
(g) This Agreement has been duly authorized, executed and delivered by the
Company, and the Pooling and Servicing Agreement and the respective Mortgage
Loan Purchase Agreements, when executed and delivered as contemplated hereby and
thereby, will have been duly authorized, executed and delivered by the Company;
and, assuming due authorization, execution and delivery hereof and thereof by
the other parties hereto and thereto, this Agreement constitutes, and the
Pooling and Servicing Agreement and the respective Mortgage Loan Purchase
Agreements, when so executed and delivered will constitute, legal, valid and
binding agreements of the Company, enforceable against the Company in accordance
with their respective terms, except as enforceability may be limited by (i)
bankruptcy, insolvency, reorganization, receivership, moratorium or other
similar laws affecting the enforcement of the rights of creditors generally,
(ii) general principles of equity, whether enforcement is sought in a proceeding
in equity or at law, and (iii) public policy considerations underlying the
securities laws, to the extent that such public policy considerations limit the
enforceability of the provisions of any such agreement that purport or are
construed to provide indemnification for securities law liabilities.
(h) As of the Closing Date, the Certificates and the Pooling and Servicing
Agreement will conform in all material respects to the respective descriptions
thereof contained in the Prospectus. As of the Closing Date, the Certificates
will be duly and validly authorized and, when duly and validly executed,
authenticated and delivered in accordance with the Pooling and Servicing
Agreement to the Underwriters 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) At the Closing Date, each of the representations and warranties of the
Company set forth in the Pooling and Servicing Agreement will be true and
correct in all material respects.
(j) The Company is not in violation of its certificate of incorporation or
by-laws or in default under any agreement, indenture or instrument the effect of
which violation or default would be material to the Company or which violation
or default would have a material adverse affect on the performance of its
obligations under this Agreement, the Pooling and Servicing Agreement or any of
the
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Mortgage Loan Purchase Agreements. The execution, delivery and performance by
the Company of this Agreement, the Pooling and Servicing Agreement and the
respective Mortgage Loan Purchase Agreements do not and will not 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 under, the terms of any
indenture or other agreement or instrument to which the Company is a party or by
which it or any of its material assets is bound, or any statute, order, rule or
regulation applicable to the Company of any state or federal court, regulatory
body, administrative agency or governmental body having jurisdiction over the
Company.
(k) There is no action, suit or proceeding against the Company pending, or,
to the knowledge of the Company, threatened, before any court, arbitrator,
administrative agency or other tribunal (i) asserting the invalidity of this
Agreement, the Pooling and Servicing Agreement, any of the Mortgage Loan
Purchase Agreements or the Certificates, (ii) seeking to prevent the issuance of
the Certificates or the consummation of any of the transactions contemplated by
this Agreement, the Pooling and Servicing Agreement or any of 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, any of
the Mortgage Loan Purchase Agreements or the Certificates or (iv) seeking to
affect adversely the federal income tax attributes of the Certificates as
described in the Prospectus.
(l) There are no contracts, indentures or other documents of a character
required by the 1933 Act or the 1933 Act Rules to be described or referred to in
the Registration Statement or the Prospectus or to be filed as exhibits to the
Registration Statement that have not been so described or referred to therein or
so filed or incorporated by reference as exhibits thereto or that may be filed
as exhibits thereto subsequent to the Closing Date (which the Company will do
within a reasonable period following the Closing Date); provided, that the
Company makes no representation as to any such contracts, indentures or other
documents or related information as to which any party would be obligated to
indemnify the Underwriters under the Indemnification Agreements in accordance
with the respective terms thereof.
(m) No authorization, approval or consent of or filing with any court or
governmental authority or agency is necessary in connection with the offering,
issuance or sale of the Certificates pursuant to or as contemplated by this
Agreement and the Pooling and Servicing Agreement, except such as have been, or
as of the Closing Date will have been, obtained or completed, as applicable, or
such as may otherwise be required under applicable state securities laws in
connection with the purchase and the offer and sale of the Certificates by the
Underwriters, and except any recordation or filing of the respective assignments
of the Mortgage Loans to the Trustee pursuant to the Pooling and Servicing
Agreement that have not been completed.
(n) 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.
(o) Any taxes, fees and other governmental charges payable by the Company
in connection with the execution and delivery of this Agreement, the Pooling and
Servicing Agreement or any of the Mortgage Loan Purchase Agreements or the
issuance and sale of the Certificates (other than such
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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 issuance and
sale of the Certificates in the manner contemplated by the Prospectus nor the
activities of the Trust Fund pursuant to the Pooling and Servicing Agreement
will cause the Company or the Trust Fund to be, an "investment company" or under
the control of an "investment company" as such terms are defined in the
Investment Company Act of 1940, as amended (the "1940 Act").
(q) Under generally accepted accounting principles ("GAAP") and for federal
income tax purposes, the Company will report the transfer of the Mortgage Loans
to the Trustee in exchange for the Certificates and the sale of the Certificates
to the Underwriters pursuant to this Agreement as a sale of the interests in the
Mortgage Loans evidenced by the Certificates. The consideration received by the
Company upon the sale of the Certificates to the Underwriters will constitute at
least reasonably equivalent value and fair consideration for the Certificates.
The Company will be solvent at all relevant times prior to, and will not be
rendered insolvent by, the transfer of the Mortgage Loans to the Trustee on
behalf of the Trust Fund and the sale of the Certificates to the Underwriters.
The Company is not selling the Certificates to the Underwriters or transferring
the Mortgage Loans to the Trustee on behalf of the Trust Fund on account of an
antecedent debt or with any intent to hinder, delay or defraud any of the
creditors of the Company.
(r) No proceedings looking toward merger, liquidation, dissolution or
bankruptcy of the Company are pending or contemplated.
(s) At the Closing Date, the respective classes of Certificates shall have
been assigned ratings no lower than those set forth in Schedule I hereto by the
nationally recognized statistical rating organizations identified in Schedule I
hereto (the "Rating Agencies").
(t) The Company is not, and on the date on which the first bona fide offer
of the Certificates is made (within the meaning of Rule 164(h)(2) under the 1933
Act) will not be, an "ineligible issuer," as defined in Rule 405 under the 1933
Act.
2. PURCHASE AND SALE. Subject to the terms and conditions and in reliance
upon the representations and warranties herein set forth, the Company agrees to
sell to each Underwriter, and each Underwriter agrees, severally and not
jointly, to purchase from the Company, at the purchase price (plus any accrued
interest) set forth on Schedule I hereto, Certificates of each class thereof
having the actual principal amount set forth next to the name of such
Underwriter on Schedule II hereto. Each of the Underwriters shall only be
required to purchase the actual principal amount of the Certificates of each
class thereof set forth next to such Underwriter's name on Schedule II hereto.
Each Underwriter hereby represents and warrants that, under GAAP and for
federal income tax purposes, it will report its acquisition of Certificates,
pursuant to this Agreement, as a purchase of assets and not as a secured
lending.
3. PAYMENT AND DELIVERY. The closing for the purchase and sale of the
Certificates hereunder shall occur at the offices of Sidley Austin LLP, 000
Xxxxxxx Xxxxxx, Xxx Xxxx, Xxx Xxxx 00000, at 10:00 a.m. New York City time, on
the "Expected Closing Date" identified on Schedule I hereto or at such other
location, time and date as shall be mutually agreed upon by the Underwriters and
the Company (such time and date of closing, the "Closing Date"). Delivery of the
Certificates shall be made through the Same
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Day Funds Settlement System of the Depository Trust Company ("DTC"). Payment
shall be made to the Company in immediately available Federal funds wired to
such bank as may be designated by the Company (or by such other method of
payment as may be mutually agreed upon by the Company and any particular
Underwriter), against delivery of the Certificates. The Certificates will be
made available for examination by the Underwriters not later than 3:00 p.m. New
York City time on the last business day prior to 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
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 THE UNDERWRITERS; FREE WRITING PROSPECTUSES.
(a) It is understood that the Underwriters propose to offer the
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 Policy Statement 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 Certificates which are not
"mortgage related securities" as defined in the 1934 Act (as defined below).
Accordingly, each Underwriter covenants and agrees with the Company that sales
of such Certificates made by any Underwriter in the State of New York will be
made only to institutional investors within the meaning of Policy Statement 105.
(b) In connection with the offering of the Certificates, the Underwriters
may each prepare and provide to prospective investors Free Writing Prospectuses,
or portions thereof, which the Company is required to file with the Commission
in electronic format and will use reasonable efforts to provide to the Company
such Free Writing Prospectuses, or portions thereof, in either Microsoft Word(R)
or Microsoft Excel(R) format and not in a PDF, except to the extent that the
Company, in its sole discretion, waives such requirements, subject to the
following conditions and any additional conditions set forth in subsections (f),
(g), (h), (i) and (j) of this Section 4 (to which conditions and additional
conditions each Underwriter agrees (provided that no Underwriter shall be
responsible for any breach of the following conditions by any other
Underwriter)):
(i) Unless preceded or accompanied by the Prospectus, the Underwriters
shall not convey or deliver any written communication (other than the
Prospectus) to any person in connection with the initial offering of the
Certificates, unless such written communication (1) is made in reliance on
Rule 134 under the 1933 Act, (2) constitutes Time of Sale Information, or
(3) constitutes an Underwriter Free Writing Prospectus (as defined below)
(that does not constitute Time of Sale Information) that has been approved
by the Company in advance of its use.
(ii) Each Underwriter shall deliver (and, if used on or prior to the
date hereof, represents and warrants that it has delivered) to the Company,
no later than two business days prior to the date of first use thereof or
such later date as may be agreed to by the Company: (i) any Free Writing
Prospectus that was prepared by or on behalf of any Underwriter or any
affiliate thereof (each, an "Underwriter Free Writing Prospectus") and 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, information relating to Mortgage Loan Seller
Matters, as such term is collectively defined
8
in the Mortgage Loan Seller Indemnification Agreements); and (ii) any Free
Writing Prospectus or portion thereof prepared by or on behalf of any
Underwriter 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 any Underwriter to the Company not later than the later of (A)
two business days prior to the due date for filing of the Prospectus
pursuant to Rule 424(b) under the 1933 Act or such later date as may be
agreed to by the Company or (B) the date of first use of such Free Writing
Prospectus.
(c) Each Underwriter represents and warrants to the Company that:
(i) The Free Writing Prospectuses that were prepared by or on behalf
of any Underwriter or an affiliate thereof complied or, if used after the
date hereof, will comply, in all material respects with the 1933 Act and
the 1933 Act Rules.
(ii) The Free Writing Prospectuses furnished or to be furnished to the
Company by any Underwriter pursuant to or as contemplated by Section
4(b)(ii) hereof will constitute all Free Writing Prospectuses of the type
described in such Section that were furnished to prospective investors by
any Underwriter in connection with its offer and sale of the Certificates.
(iii) The Free Writing Prospectuses furnished or to be furnished to
the Company by any Underwriter pursuant to or as contemplated by Section
4(b)(ii) will constitute all Free Writing Prospectuses that were furnished
to a sponsor or servicer (as such terms are defined in Item 1101 of
Regulation AB (17 C.F.R. Section 1100, et seq.)) for use or referral by any
such person in connection with its offer and sale of the Certificates.
(iv) Each Free Writing Prospectus provided or required to be provided
by any Underwriter to the Company pursuant to or as contemplated by Section
4(b)(ii) hereof did not, as of the Time of Sale, and will not, as of the
Closing Date, contain any untrue statement of a material fact or omit to
state any material fact necessary to make the statements contained therein
(when read in conjunction with the other Time of Sale Information), in
light of the circumstances under which they were made, not misleading;
provided, however, that any such Underwriter makes no representation to the
extent such misstatements or omissions were the result of any inaccurate
Issuer Information, which information was not corrected by Corrective
Information subsequently supplied by the Company, any other Underwriter or
any Mortgage Loan Seller to such Underwriter within a reasonable period of
time prior to the Time of Sale.
(v) Each Underwriter has not and will not convey any ABS Informational
and Computational Material in reliance upon Rule 167 and Rule 426 under the
1933 Act. ABS Informational and Computational Material shall mean "ABS
informational and computational material" as defined in Item 1101 of
Regulation AB.
(d) The Company agrees to file with the Commission the following:
(i) each Issuer Free Writing Prospectus that was prepared by or on
behalf of the Company or its affiliates or delivered to the Company for
filing;
(ii) any Free Writing Prospectus or portion thereof delivered by any
Underwriter to the Company pursuant to Section 4(b)(ii) hereof; and
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(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;
provided, however, that 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 or (3) any Free
Writing Prospectus that does not contain substantive changes from or additions
to a Free Writing Prospectus previously filed with the Commission.
(e) Any Free Writing Prospectus required to be filed pursuant to Section
4(d) hereof by the Company shall be filed with the Commission not later than the
date of first use of the Free Writing Prospectus (subject, in the case of any
Free Writing Prospectus required to be filed pursuant to Section 4(d)(ii)
hereof, to compliance by the Underwriters with Section 4(b)(ii)), 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 Certificates
pursuant to Rule 424(b) under the 1933 Act or two business days after the
first use of such Free Writing Prospectus; and
(iii) any Free Writing Prospectus required to be filed pursuant to
Section 4(d)(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.
(f) Each Underwriter shall file with the Commission the following:
(i) any Free Writing Prospectus that is used or referred to by it 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; and
(ii) any Free Writing Prospectus for which any 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
10
Company or any other offering participant, not later than four business
days after any Underwriter becomes aware of the publication, radio or
television broadcast or other dissemination of the Free Writing Prospectus;
provided, however, that no Underwriter shall be required to file (1) any Free
Writing Prospectus to the extent that the information contained therein is
included in a prospectus or Free Writing Prospectus previously filed that
relates to the offering of the Certificates, or (2) any Free Writing Prospectus
that does not contain substantive changes from or additions to a Free Writing
Prospectus previously filed with the Commission.
(g) The Company and each Underwriter agree that any Free Writing
Prospectuses prepared by it shall contain the following legend:
The depositor has filed a registration statement (including a
prospectus) with the SEC (SEC File No. 333-129844) 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 entity 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 0-000-000-0000 or by emailing
XXXXXXX@xxxxxx.xxx.
(h) The Company and the Underwriters agree that each of them shall retain
all Free Writing Prospectuses that it has used and not filed with the Commission
for a period of three years following the initial bona fide offering of the
Certificates.
(i) In the event that the Company becomes aware that, as of the Time of
Sale, any information in an Issuer Free Writing Prospectus or any Issuer
Information contains any untrue statement of a material fact or omits to state a
material fact necessary in order to make the statements contained therein (when
read in conjunction with the Time of Sale Information), in light of the
circumstances under which they were made, not misleading (a "Defective Issuer
Free Writing Prospectus"), the Company shall notify the Underwriters of such
untrue statement or omission 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").
In the event that any Underwriter becomes aware that, as of the Time of Sale,
any Underwriter Free Writing Prospectus delivered to an investor in any
Certificates contained any untrue statement of a material fact or omitted to
state a material fact necessary in order to make the statements contained
therein (when read in conjunction with the Time of Sale Information), in light
of the circumstances under which they were made, not misleading (a "Defective
Underwriter Free Writing Prospectus" and, together with a Defective Issuer Free
Writing Prospectus, a "Defective Free Writing Prospectus"), such Underwriter
shall notify the Company of such untrue statement or omission within one
business day after discovery.
11
The Underwriters shall, if requested by the Company:
(i) If the Defective Free Writing Prospectus was an Underwriter Free
Writing Prospectus, 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");
(ii) Either (A) deliver the Corrected Free Writing Prospectus to each
investor which received the Defective Free Writing Prospectus prior to
entering into a contract of sale with such investor, clearly identifying or
highlighting the Corrective Information, or (B) deliver the Corrected Free
Writing Prospectus to each investor which received the Defective Free
Writing Prospectus, clearly identifying or highlighting the Corrective
Information, and (x) notify in writing each such investor in a prominent
fashion that the prior contract of sale with such investor has been
terminated, and of such investor's rights as a result of termination of
such agreement and (y) provide such investor with an opportunity to
affirmatively agree in writing to purchase the Certificates on the terms
described in the Corrected Free Writing Prospectus; and
(iii) Comply with any other requirements for reformation of the
original contract of sale with such investor, as described in Section
IV.A.2.c of 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 defective information was not provided by any party
that would be obligated to indemnify the Underwriters under the Indemnification
Agreements, and the Underwriters shall in good faith incur any costs to an
investor in connection with the reformation of the contract of sale with the
investor, the Company agrees to reimburse the Underwriters for such costs;
provided that, before incurring such costs, the Underwriters first permit the
Company access to the applicable investor and an opportunity to attempt to
mitigate such costs through direct negotiation with such investor.
(j) Each Underwriter covenants with the Company that after the Prospectus
is available such Underwriter shall not distribute any written information
concerning the Certificates to a prospective investor unless such information is
preceded or accompanied by the Prospectus.
(k) Each of LBHI and UBSREI covenants with the Company that it will not
prepare or have prepared on its behalf, or use or refer to, any Free Writing
Prospectus that would constitute an Issuer Free Writing Prospectus without the
prior written consent of the Company, and each of LBHI and UBSREI represents and
warrants to the Company that it has not previously done so. In event the Company
consents in writing to, in advance of, such preparation, use or referral of a
Free Writing Prospectus by a Mortgage Loan Seller, such Mortgage Loan Seller
will deliver such Free Writing Prospectus to the Company for filing in
accordance with the timeframes set forth in Section 4(e).
(l) Each Underwriter hereby represents and warrants to and covenants with
the Company that:
(i) such Underwriter has only communicated or caused to be
communicated and will only communicate or cause to be communicated any
invitation or inducement to engage in investment activity (within the
meaning of section 21 of the Financial Services and Markets Act 2000 (the
"FSMA")) received by such Underwriter in connection with the issue or sale
of any
12
Certificates in circumstances in which section 21(1) of the FSMA does not
apply to the Company; and
(ii) such Underwriter has complied and will comply with all applicable
provisions of the FSMA with respect to anything done by such Underwriter in
relation to the Certificates in, from or otherwise involving the United
Kingdom.
(m) In relation to each Member State of the European Economic Area which
has implemented the Prospectus Directive (each, a "Relevant Member State"), each
Underwriter hereby represents and warrants to and covenants with the Company
that with effect from and including the date on which the Prospectus Directive
is implemented in that Relevant Member State (the "Relevant Implementation
Date") such Underwriter has not made and will not make an offer of Certificates
to the public in that Relevant Member State prior to the publication of a
prospectus in relation to the 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 such Underwriter may, with effect from and including the
Relevant Implementation Date, make an offer of Certificates to the public in
that Relevant Member State at any time:
(i) 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) 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 provision, the expression an "offer of
Certificates to the public" in relation to any 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 Certificates so as to enable an
investor to decide to purchase or subscribe the 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.
(n) Each of the Underwriters hereby confirms that it is aware that no
German sales prospectus (Verkaufsprospekt) has been or will be published in
respect of the offering of the Certificates, and each of the Underwriters hereby
represents, warrants and agrees that it will comply with the German Securities
Sales Prospectus Act (Wertpapier-Verkaufsprospektgesetz) or any other laws
applicable in Germany governing the issue, offering and sale of the
Certificates. In particular, each of the Underwriters agrees not to engage in a
public offering (Offentliches Angebot) in Germany with respect to any of the
Certificates otherwise than in accordance with the German Securities Sales
Prospectus Act and any other act replacing or supplementing it and all other
applicable laws and regulations.
13
(o) No Underwriter shall take any action relating to the offer or sale of
any of the Certificates in any jurisdiction that would result in the Company
being obligated to register or file any further prospectus or corresponding
document relating to the Certificates in such jurisdiction, other than as
expressly contemplated hereby.
5. ADDITIONAL COVENANTS OF THE COMPANY. The Company covenants with the
respective Underwriters that:
(a) During such period following the date of this Agreement in which any
Prospectus is required to be delivered under the 1933 Act (the "Prospectus
Delivery Period"), the Company will deliver to each Underwriter such number of
copies of the Prospectus, and any amendment thereof or supplement thereto, as
such Underwriter may reasonably request.
(b) During the Prospectus Delivery Period, the Company will file promptly
with the Commission any amendment or supplement to the Registration Statement or
the Prospectus relating to or covering the Certificates that may, in the
judgment of the Company or the Underwriters, be required by the 1933 Act and the
1933 Act Rules or requested by the Commission and approved by the Underwriters.
(c) Prior to filing with the Commission during the Prospectus Delivery
Period any amendment or supplement to the Registration Statement relating to or
covering the Certificates (other than an amendment by reason of Rule 429 under
the 1933 Act) or any amendment or supplement to the Prospectus, the Company will
furnish a copy thereof to the Underwriters, and the Company will not file any
such amendment or supplement to which the Underwriters shall reasonably object.
(d) The Company will advise the Underwriters promptly (i) when, during the
Prospectus Delivery Period, any post-effective amendment to the Registration
Statement relating to or covering the Certificates (other than any amendment by
reason of Rule 429 under the 1933 Act) becomes effective, (ii) of any request or
proposed request by the Commission for any amendment or supplement to the
Registration Statement (insofar as the amendment or supplement relates to or
covers the Certificates), for any amendment or supplement to the Prospectus or
for any additional information with respect to the Certificates, (iii) of the
issuance by the Commission, during the Prospectus Delivery Period, of any stop
order suspending the effectiveness of the Registration Statement or the
initiation or threat of any such stop order proceeding, (iv) of receipt by the
Company of any notification with respect to the suspension of the qualification
of the Certificates for sale in any jurisdiction or the initiation or threat of
any proceeding for that purpose and (v) of the occurrence, during the Prospectus
Delivery Period, of any event that makes untrue any statement of a material fact
made in the Registration Statement or any Prospectus or that requires the making
of a change in or addition to the Registration Statement or any Prospectus in
order to make any material statement therein not misleading.
(e) If, during the Prospectus Delivery Period, the Commission issues an
order suspending the effectiveness of the Registration Statement, the Company
will make every reasonable effort to obtain the lifting of that order at the
earliest possible time.
(f) The Company will endeavor to qualify the Certificates for offer and
sale under the securities laws of such jurisdictions as the Underwriters may
reasonably request; provided, however, that this Section 5(f) shall not obligate
the Company to file any general consent to service of process or to qualify to
do business in any jurisdiction or as a dealer in securities in any jurisdiction
in which it is not so qualified.
14
(g) The costs and expenses associated with the transactions contemplated by
this Agreement shall be payable by UBSREI and LBHI, as and to the extent
provided in the respective Mortgage Loan Purchase Agreements.
(h) The Company will file any documents and any amendments thereof as may
be required to be filed by it pursuant to the 1933 Act and the Securities
Exchange Act of 1934, as amended (the "1934 Act"), and the rules and regulations
of the Commission under the 1933 Act and the 1934 Act, including, but not
limited to, the filing with the Commission, to the extent required under Rule
433 of the 1933 Act Rules, all Free Writing Prospectuses that the Company is
required to file under Section 4(d) hereof, within the time frames set forth in
Section 4(e) hereof. Subject to compliance by each Underwriter with the
requirements of Section 4(b) hereof, the Company represents and warrants that,
to the extent required by Rule 433 under the 1933 Act, the Company has timely
filed with the Commission any Free Writing Prospectuses contemplated to be filed
by it under Section 4(d) hereof.
6. CONDITIONS TO THE OBLIGATIONS OF THE UNDERWRITERS. The obligations of
the Underwriters hereunder to purchase the Certificates shall be subject to the
accuracy in all material respects 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 prior to the Closing Date 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 in
all material respects by the Company of its obligations hereunder and to
satisfaction, as of the Closing Date, of the following additional conditions:
(a) 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; the Prospectus Supplement shall have been
filed or transmitted for filing with the Commission in accordance with Rule 424
under the 1933 Act; and any Free Writing Prospectuses contemplated to be filed
by the Company under Section 4(d) hereof shall have been filed or transmitted
for filing with the Commission in accordance with Rule 433 under the 1933 Act,
to the extent required to be filed thereunder.
(b) The Company shall have delivered to the Underwriters 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 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) 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.
(c) The Underwriters shall have received with respect to the Company a good
standing certificate from the Secretary of State of the State of Delaware, dated
not earlier than ten (10) days prior to the Closing Date.
(d) The Underwriters shall have received from the Secretary or an assistant
secretary of the Company, in his individual capacity, a certificate, dated the
Closing Date, to the effect that: (i) each individual who, as an officer or
representative of the Company, signed this Agreement, the Pooling and Servicing
Agreement, any of the Mortgage Loan Purchase Agreements or any other document or
certificate delivered on or before the Closing Date in connection with the
transactions contemplated herein, in the
15
Pooling and Servicing Agreement or in any of the Mortgage Loan Purchase
Agreements, 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 (ii) 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 (c) 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 (i) the certificate of incorporation and by-laws of
the Company, as in effect on the Closing Date, and (ii) the resolutions of the
Company and any required shareholder consent relating to the transactions
contemplated in this Agreement, the Pooling and Servicing Agreement and the
Mortgage Loan Purchase Agreements.
(e) The Underwriters shall have received from Xxxxxx Xxxxxx LLP, special
counsel for the Company, one or more favorable opinions, dated the Closing Date,
in form and substance reasonably acceptable to the Underwriters (taking into
account comparable opinions rendered by such counsel on behalf of the Company in
similar commercial mortgage securitization transactions involving the Company
and the Underwriters).
(f) The Underwriters shall have received copies of all legal opinion
letters delivered by Xxxxxx Xxxxxx LLP, special counsel for the Company, to the
Rating Agencies in connection with the issuance of the Certificates, accompanied
in each case by a letter signed by Xxxxxx Xxxxxx LLP stating that the
Underwriters may rely on such opinion letter as if it were addressed to them as
of date thereof.
(g) The Underwriters shall have received from in-house counsel for the
Company, a favorable opinion, dated the Closing Date, in form and substance
reasonably acceptable to the Underwriters (taking into account comparable
opinions rendered by such counsel on behalf of the Company in similar commercial
mortgage securitization transactions involving the Company and the
Underwriters).
(h) The Underwriters shall have received from Xxxxxx Xxxxxx LLP, special
counsel for the Company, a letter, dated the Closing Date, containing a
statement substantially to the effect that, based on discussions with certain
representatives of the Company, the Mortgage Loan Sellers, the Underwriters, the
Trustee, 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 any documents,
records, agreements, ratings or portfolio data or any other information
regarding the business or operations of the sponsors, the Trustee, the Master
Servicer or the Special Servicer (other than the Pooling and Servicing
Agreement), and without having made any independent check or verification of the
statements contained in the Prospectus or the Time of Sale Information, nothing
has come to such counsel's attention that would lead it to believe that the
Offering Prospectus, at the Time of Sale, or the Prospectus, at the date of the
Prospectus Supplement or at the Closing Date, contained or contains any untrue
statement of a material fact or omitted or omits to state a material fact
necessary to make the statements therein, in the light of the circumstances
under which they were made, not misleading, except that such counsel need not
comment on (i) any financial, statistical or numerical data set forth or
referred to therein or omitted therefrom, (ii) any information set forth on or
omitted from any diskette or CD-ROM that may accompany the Prospectus, (iii) any
documents or information incorporated therein by reference, or (iv) any
Third-Party Information contained therein or omitted therefrom.
16
(i) The Underwriters shall have received from Deloitte & Touche LLP,
certified public accountants, a letter dated the date of the Prospectus
Supplement and satisfactory in form and substance to the Underwriters and their
counsel, to the following effect:
(i) they have performed certain specified procedures as a result of
which they have determined that such information of an accounting,
financial or statistical nature set forth in the Time of Sale Information,
as was agreed upon by the Underwriters, agrees with the data sheet or
computer tape prepared by or on behalf of the Mortgage Loan Sellers, unless
otherwise noted in such letter;
(ii) they have performed certain specified procedures as a result of
which they have determined that such information of an accounting,
financial or statistical nature set forth in the Prospectus Supplement, as
was agreed upon by the Underwriters, agrees with the data sheet or computer
tape prepared by or on behalf of the Mortgage Loan Sellers, unless
otherwise noted in such letter; and
(iii) they have compared the data contained in the data sheet or
computer tape referred to in the immediately preceding clauses (i) and (ii)
to information contained in an agreed upon sampling 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 otherwise noted in such letter.
(j) The Underwriters shall have received, with respect to each of the
Master Servicer, the Special Servicer and the Trustee, a favorable opinion of
counsel, dated the Closing Date, addressing: the valid existence of such party
under the laws of its jurisdiction of organization; the due authorization,
execution and delivery of the Pooling and Servicing Agreement by such party; the
enforceability of the Pooling and Servicing Agreement against such party,
subject to such limitations as are reasonably acceptable to the Underwriters and
their counsel; and such other matters as the Underwriters and their counsel may
reasonably request. Counsel rendering each such opinion may express its reliance
as to factual matters on representations and warranties made by, and on
certificates or other documents furnished by officers and/or authorized
representatives of, the parties to the Pooling and Servicing Agreement and on
certificates furnished by public officials and, further, may assume the due
authorization, execution and delivery of the instruments and documents referred
to therein by the parties thereto other than the party on behalf of which such
opinion is being rendered. Each such opinion need cover only the laws of the
State of New York, the laws of the jurisdiction of organization for the party on
behalf of which such opinion is being rendered and the federal law of the United
States.
(k) The Underwriters shall have been furnished with all documents,
certificates and opinions required to be delivered by each Mortgage Loan Seller
and/or any affiliate thereof in connection with the sale of Mortgage Loans by
such Mortgage Loan Seller to the Company, pursuant to the related Mortgage Loan
Purchase Agreement. The Underwriters shall be entitled to rely on each such
certificate executed and delivered by a Mortgage Loan Seller, any affiliate
thereof or any of their respective officers and representatives, to the same
extent that the Company may so rely, and each such opinion addressed to the
Company shall also be addressed to the Underwriters.
(l) The Underwriters shall have been furnished with such other documents
and opinions as the Underwriters may reasonably require, for the purpose of
enabling them to pass upon the issuance and
17
sale of the Certificates as herein contemplated and related proceedings, or in
order to evidence the accuracy of any of the representations or warranties, or
the fulfillment of any of the conditions, herein contained.
(m) The Certificates shall have been assigned ratings no less than those
set forth on Schedule I and such ratings shall not have been qualified,
downgraded or withdrawn.
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 material 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 the Underwriters and their counsel, this Agreement and
all obligations of the Underwriters hereunder may be cancelled at, or at any
time prior to, the Closing Date by the Underwriters. 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 Certificates
provided for herein is not consummated because any condition to the obligations
of the Underwriters set forth in Section 6 hereof is not satisfied or because of
any refusal, inability or failure on the part of the Company to perform in all
material respects any agreement herein or comply in all material respects with
any provision hereof, other than by reason of a default by the Underwriters or a
refusal, inability or failure on the part of UBSREI or any of its affiliates to
perform in all material respects any agreement in, or comply in all material
respects with any provision of, the UBS Mortgage Loan Purchase Agreement, the
Company will reimburse the Underwriters upon demand, for all out-of-pocket
expenses (including reasonable fees and disbursements of counsel) that shall
have been incurred by any of them in connection with the proposed purchase and
sale of the Certificates. If the sale of the Certificates provided for herein is
not consummated because of a refusal, inability or failure on the part of UBSREI
or any of its affiliates to perform in all material respects any agreement in,
or comply in all material respects with any provision of, the UBS Mortgage Loan
Purchase Agreement, UBSREI will reimburse the Underwriters upon demand, for all
out-of-pocket expenses (including reasonable fees and disbursements of counsel)
that shall have been incurred by any of them in connection with the proposed
purchase and sale of the Certificates. An Underwriter will be entitled to the
benefits of this Section 7 notwithstanding that it does not have an allocation
of Certificates.
8. INDEMNIFICATION.
(a) The Company agrees to indemnify and hold harmless the Underwriters and
each person, if any, who controls each Underwriter within the meaning of Section
15 of the 1933 Act or Section 20 of the 1934 Act, against:
(i) any and all losses, liabilities, claims, damages, costs and
expenses whatsoever, as incurred (A) arising out of or based upon 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 (B)
arising out of or based upon any untrue statement or alleged untrue
statement of a material fact contained in the Prospectus (or any amendment
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 or
(C) arising out of or based upon any untrue statement or alleged untrue
statement of a material fact contained in any Issuer Free Writing
Prospectus prepared by or on behalf of the Company or any Issuer
Information contained in any Underwriter Free Writing Prospectus, or the
omission or alleged
18
omission therefrom of a material fact required to be stated therein or
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 or any Mortgage Loan
Seller to any Underwriter within a reasonable period of time prior to the
Time of Sale;
(ii) any and all losses, liabilities, claims, damages, costs and
expenses 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 any claim
whatsoever based upon any such untrue statement or omission or any such
alleged untrue statement or omission, contemplated by clause (i) above, if
such settlement is effected with the written consent of the Company or as
otherwise provided in Section 8(c) hereof; and
(iii) any and all expenses whatsoever, as incurred (including, without
limitation, the fees and disbursements of counsel chosen by the
Underwriters), reasonably incurred in investigating, preparing for 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, contemplated by clause (i) above, to
the extent that any such expense is not paid under clause (i) or (ii)
above;
provided, however, that the Company shall not be liable under the indemnity
agreement in this subsection (a) for any such loss, liability, claim, damage,
cost or expense that arises out of or is based upon any untrue statement or
omission or alleged untrue statement or omission contemplated by clause (i)
above that was made in the Excluded Information; and, provided, further, that
the Company shall not be liable to any Underwriter or any person controlling
such Underwriter under the indemnity agreement in this subsection (a) for any
such loss, liability, claim, damage, cost or expense that arises out of or is
based upon any untrue statement or omission contemplated by clause (i) above as
to which any Underwriter has agreed to indemnify the Company pursuant to Section
8(b).
(b) The respective Underwriters, severally and not jointly, each 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 losses, liabilities, claims, damages, costs and
expenses described in clauses (i), (ii) and (iii) of Section 8(a) hereof, as
incurred, but only with respect to (i) untrue statements or omissions, or
alleged untrue statements or omissions made in the Underwriter Information or
(ii) untrue statements or omissions made in any Underwriter Free Writing
Prospectus prepared by or on behalf of such Underwriter or omissions or alleged
omissions to state in such Underwriter Free Writing Prospectus a material fact
necessary in order to make the statements therein (when read in conjunction with
the Time of Sale Information), in the light of the circumstances under which
they were made, not misleading; provided, however, that such Underwriter shall
not be liable under the indemnity agreement in this subsection (b) for any such
loss, liability, claim, damage, cost or expense that are caused by a
misstatement or omission resulting from an error or omission in the Issuer
Information which was not corrected by Corrective Information subsequently
supplied by the Company or any Mortgage Loan Seller to any Underwriter within a
reasonable period of time prior to the Time of Sale.
(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
19
hereunder, but failure to so notify an indemnifying party shall not relieve such
indemnifying party from any liability which it may have otherwise than on
account of the indemnity agreement in subsection (a) or (b), as applicable, of
this Section 8. 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
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 (in addition to any local counsel) separate from its or their own
counsel to 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.
Notwithstanding anything herein to the contrary, an indemnifying party
shall not be liable under subsection (a) or (b) of this Section 8 for any
settlement or compromise or consent to the entry of any judgment with respect to
any litigation, or any investigation or proceeding by any governmental agency or
body, commenced or threatened, or any claim whatsoever in respect of which
indemnification could be sought under such subsection (a) or (b), as the case
may be, of this Section 8, effected without its written consent, unless (i) at
any time an indemnified party shall have requested such indemnifying party to
reimburse the indemnified party for fees and expenses of counsel for which the
indemnifying party is obligated under this Section 8, (ii) such settlement is
entered into more than 30 days after receipt by such indemnifying party of the
aforesaid request and (iii) such indemnifying party shall not have reimbursed
the indemnified party in accordance with such request prior to the date of such
settlement.
No indemnifying party shall, without the prior written consent of the
indemnified parties, settle or compromise or consent to the entry of any
judgment with respect to any litigation, or any investigation or proceeding by
any governmental agency or body, commenced or threatened, or any claim
whatsoever in respect of which indemnification could be sought under subsection
(a) or (b), as applicable, of this Section 8 (whether or not the indemnified
parties are actual or potential parties thereto), unless such settlement,
compromise or consent (i) includes an unconditional release of each indemnified
party from all liability arising out of such litigation, investigation,
proceeding or claim and (ii) 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.
(d) The amount paid or payable by an indemnified party as a result of the
losses, liabilities, claims, damages, costs or expenses referred to in this
Section 8 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, to the extent
that it is reasonable to believe that the indemnifying party will be ultimately
obligated to pay such expenses. 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.
20
(e) The remedies provided for in this Section 8 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.
(f) 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
any of the Underwriters, and (iii) acceptance of and payment for any of the
Certificates.
9. CONTRIBUTION.
(a) In order to provide for just and equitable contribution in
circumstances in which the indemnity agreement provided for in Section 8(a) or
Section 8(b) hereof is for any reason held to be unenforceable by the
indemnified parties although applicable in accordance with its terms, the
Company, on the one hand, and the Underwriters, on the other hand, shall
contribute to the aggregate losses, liabilities, claims, damages, costs and
expenses of the nature contemplated by said indemnity agreement incurred by the
Company, on the one hand, or the Underwriters, on the other hand, as incurred,
(i) in such proportions as are appropriate to reflect the relative benefits
received by the Company, on the one hand, and the Underwriters, on the other
hand, from the transactions contemplated by this Agreement, 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, on
the one hand, and the Underwriters, on the other hand, in connection with the
statements or omissions which resulted in such losses, liabilities, claims,
damages, costs and/or expenses, as well as any other relevant equitable
considerations; provided, however, that in no case shall any Underwriter be
responsible under this Section 9(a) for any amount in excess of the fees and/or
underwriting discounts received by such Underwriter in connection with the
underwriting of the Certificates, less any amount previously paid by such
Underwriter in respect of the subject losses, liabilities, claims, damages,
costs and/or expenses. For purposes of the foregoing, the benefits received by
the Company in connection with the transactions contemplated by this Agreement
shall be deemed to be equal to the total gross proceeds from the sale of the
Certificates (before deducting expenses, but excluding fees paid to the
Underwriters) received by the Company, and the benefits received by each
Underwriter in connection with the transactions contemplated by this Agreement
shall be deemed to be equal to the fees and/or underwriting discounts received
by such Underwriter in connection with the underwriting of the Certificates. The
relative fault of the Company, on the one hand, and the Underwriters, on the
other hand, 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
or by the Underwriters, and the parties' relative intent, knowledge, access to
information and opportunity to correct or prevent such statement or omission.
The parties hereto agree that it would not be just and equitable if contribution
pursuant to this Section 9(a) were determined by per capita allocation or by any
other method of allocation that does not take account of the considerations
referred to in this Section 9(a).
(b) Notwithstanding the foregoing, 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. For purposes of this Section 9, each person, if any, who
controls any Underwriter 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 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
21
same rights to contribution as the Company. The remedies provided for in this
Section 9 are not exclusive and shall not limit any rights or remedies that may
otherwise be available at law or in equity to any party entitled to contribution
under this Section 9.
(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 any of the Underwriters, and (iii) acceptance of and payment for any
of the Certificates.
10. 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 hereof, and shall survive delivery of
the Certificates to the Underwriters.
11. TERMINATION OF AGREEMENT; SURVIVAL.
(a) The Underwriters may terminate their obligations under 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 and its subsidiaries considered as one enterprise, 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 the
effect of which is such as to make it, in the reasonable judgment of the
Underwriters, impracticable to market the Certificates or to enforce contracts
for the sale of the Certificates, or (iii) if trading generally on the New York
Stock Exchange has been suspended, or if a banking moratorium has been declared
by either federal or New York authorities.
(b) If this Agreement is terminated pursuant to this Section 11, such
termination shall be without liability of any party to any other party, except
that the provisions of Section 5(g) hereof regarding the payment of costs and
expenses and the provisions of Sections 8 and 9 hereof shall survive the
termination of this Agreement.
12. SUBSTITUTION OF UNDERWRITERS.
(a) If any Underwriter shall fail to take up and pay for the amount of
the Certificates agreed by such Underwriter to be purchased under this
Agreement, upon tender of such Certificates in accordance with the terms hereof,
and the amount of the Certificates not purchased does not aggregate more than
10% of the total amount of the Certificates set forth in Schedule II hereof
(based on aggregate purchase price), then the remaining Underwriter shall be
obligated to take up and pay for the Certificates that the withdrawing or
defaulting Underwriter agreed but failed to purchase.
(b) If any Underwriter shall fail to take up and pay for the amount of
the Certificates agreed by such Underwriter to be purchased under this Agreement
(such Underwriter being a "Defaulting Underwriter"), upon tender of such
Certificates in accordance with the terms hereof, and the amount of the
Certificates not purchased aggregates more than 10% of the total amount of the
Certificates set forth in Schedule II hereto (based on aggregate purchase
price), and arrangements satisfactory to the remaining
22
Underwriter and the Company for the purchase of such Certificates by other
persons are not made within 36 hours thereafter, this Agreement shall terminate.
In the event of any such termination, the Company shall not be under any
liability to any Underwriter (except to the extent provided in Section 5(g),
Section 8 and Section 9 hereof), nor shall the non-Defaulting Underwriter be
under any liability to the Company (except to the extent provided in Sections 8
and 9 hereof). Nothing herein shall be deemed to relieve any Defaulting
Underwriter from any liability it may have to the Company or the other
Underwriter by reason of its failure to take up and pay for Certificates as
agreed by such Defaulting Underwriter.
13. NOTICES. Any notice by the Company to any Underwriter shall be
sufficient if given in writing or by telegraph addressed to the address for such
Underwriter set forth on Schedule II hereto (or, in the case of any Underwriter,
to such other address as such Underwriter shall designate in writing to the
Company in accordance with this Section 13) and any notice by any Underwriter to
the Company shall be sufficient if given in writing or by telegraph addressed to
the Company at 000 Xxxxxxx Xxxxxx, Xxx Xxxx, Xxx Xxxx 00000, Attention: Xxxxx
Xxxxxxx (or to such other address as the Company shall designate in writing to
the Underwriters in accordance with this Section 13).
14. BENEFICIARIES. This Agreement shall be binding upon the
Underwriters, the Company and their respective successors. This Agreement and
the terms and provisions hereof are for the sole benefit of only those persons,
except that the indemnity agreement of the Underwriters contained in Section 8
hereof and the contribution agreement of the Underwriters contained in Section 9
hereof shall each be deemed to be also for the benefit of directors of the
Company, officers of the Company who have signed the Registration Statement and
any person controlling the Company; and the indemnity agreement of the Company
contained in Section 8 hereof and the contribution agreement of the Company
contained in Section 9 hereof shall each be deemed to be also for the benefit of
any person controlling an Underwriter. Nothing in this Agreement is intended or
shall be construed to give any person, other than the persons referred to in
this Section 14, any legal or equitable right, remedy or claim under or in
respect of this Agreement or any provision contained herein.
15. BUSINESS DAY. For purposes of this Agreement, "business day" means
any day on which the New York Stock Exchange is open for trading.
16. APPLICABLE LAW. This Agreement will be governed by and construed
in accordance with the laws of the State of New York, applicable to contracts
negotiated, made and to be performed entirely in said State.
17. COUNTERPARTS. This Agreement may be executed in one or more
counterparts, and, if executed in more than one counterpart, the executed
counterparts shall together constitute a single instrument.
18. WAIVERS, MODIFICATIONS AND AMENDMENTS. Neither this Agreement nor
any term hereof may be changed, waived, discharged or terminated except by a
writing signed by the party against whom enforcement of such change, waiver,
discharge or termination is sought.
23
If the foregoing is in accordance with your understanding of our
agreement, please sign and return to the undersigned a counterpart hereof,
whereupon this instrument, along with all counterparts, and your acceptance
shall represent a binding agreement between the Company, the Underwriters and
the Mortgage Loan Sellers signing this Agreement for purposes of Section 4(k),
5(g) and 7.
Very truly yours,
STRUCTURED ASSET SECURITIES CORPORATION II
By: /s/ Xxxxx Xxxx
-----------------------------------
Name: Xxxxx Xxxx
Title: Senior Vice President
Confirmed and accepted as of the date first above written:
XXXXXX BROTHERS INC.
By: /s/ Xxxxxx X. Xxxxxxxx
-----------------------------
Name: Xxxxxx X. Xxxxxxxx
Title: Vice President
UBS GLOBAL ASSET MANAGEMENT (US) INC.
By: /s/ Xxxxxx X. Xxxxxxxxx
------------------------------
Name: Xxxxxx X. Xxxxxxxxx
Title: Executive Director
By: /s/ Xxxx X. Xxxxx
--------------------------------
Name: Xxxx X. Xxxxx
Title: Executive Director
UBS SECURITIES LLC
By: /s/ Xxxx Xxxxxxxx
--------------------------------
Name: Xxxx Xxxxxxxx
Title: Director
By: /s/ Xxxxxxx Xxxxxx
--------------------------------
Name: Xxxxxxx Xxxxxx
Title: Director
Confirmed and accepted as of the date first above written, solely for purposes
of Sections 4(k), 5(g) and 7:
UBS REAL ESTATE INVESTMENTS INC.
By: /s/ Xxxxx X. Xxxxxx
--------------------------------
Name: Xxxxx X. Xxxxxx
Title: Director
By: /s/ Xxxxxx XxXxxxxxx
--------------------------------
Name: Xxxxxx XxXxxxxxx
Title: Executive Director
Confirmed and accepted as of the date first above written, solely for purposes
of Section 4(k) and 5(g):
XXXXXX BROTHERS HOLDINGS INC.
By: /s/ Xxxxxxxxx Xxxxxxx
--------------------------------
Name: Xxxxxxxxx Xxxxxxx
Title: Authorized Signatory
SCHEDULE I
Underwriting Agreement, dated as of September 22, 2006
Title and Description of the Certificates: LB-UBS Commercial Mortgage Trust
2006-C6, Commercial Mortgage
Pass-Through Certificates, Series
2006-C6, Class A-1, Class A-2,
Class A-3, Class A-AB, Class A-4,
Class A-1A, Class A-M, Class A-J,
Class B, Class C, Class D, Class E
Class F and Class X-CP Certificates
Cut-off Date: As defined in the Pooling and Servicing Agreement.
Expected Closing Date: October 4, 2006
CERTIFICATES
CLASS A-1 CLASS A-2 CLASS A-3 CLASS A-AB CLASS A-4
----------- ------------ ----------- ----------- --------------
Initial Aggregate
Principal Amount $80,000,000 $220,000,000 $41,000,000 $77,000,000 $1,353,238,000
Initial Pass-
Through Rate 5.2300% 5.26200% 5.33700% 5.34100% 5.37200%
Rating(1) AAA / Aaa AAA / Aaa AAA / Aaa AAA / Aaa AAA / Aaa
Purchase Price(2) 100.49720 100.49990 100.49649 100.49560 100.49425
CLASS A-1A CLASS A-M CLASS A-J CLASS B CLASS C
------------ ------------ ------------ ----------- -----------
Initial Aggregate
Principal Amount $361,398,000 $304,663,000 $228,496,000 $26,658,000 $49,508,000
Initial Pass-
Through Rate 5.34200% 5.41300% 5.45200% 5.47200% 5.48200%
Rating(1) AAA / Aaa AAA / Aaa AAA / Aaa AA+ / Aa1 AA / Aa2
Purchase Price(2) 100.49893 100.49554 100.49320 100.49589 100.49723
CLASS D CLASS E CLASS F CLASS X-CP
----------- ----------- ----------- --------------
Initial Aggregate
Principal Amount $30,446,000 $15,233,000 $38,083,000 $2,850,537,000(3)
Initial Pass-Through
Rate 5.50200% 5.54100% 5.57000% 0.64673%(4)
Rating(1) AA- / Aa3 A+ / A1 A / A2 AAA / Aaa
Purchase Price(2) 100.49993 100.49770 100.49415 3.53762
----------
(1) By Standard & Poor's Ratings Services, a division of The XxXxxx-Xxxx
Companies, Inc. and Xxxxx'x Investors Service, Inc., respectively.
(2) Expressed as a percentage of the initial aggregate stated principal amount
of each class of Certificates. There shall be added to the Purchase Price
for each class of Certificates accrued interest at the initial Pass-Through
Rate therefor on the initial aggregate principal amount thereof from and
including September 11, 2006 to but not including the Closing Date.
(3) Notional Amount.
(4) Approximate
SCHEDULE II
PRINCIPAL AMOUNT
OF RELEVANT CLASS OF
UNDERWRITERS (AND ADDRESSES) CLASS CERTIFICATES TO BE PURCHASED
------------------------------------- ----- ----------------------------
Xxxxxx Brothers Inc. A-1 $ 80,000,000
000 Xxxxxxx Xxxxxx X-0 $ 220,000,000
New York, New York 10019 A-3 $ 41,000,000
Attention: Xxxxx Xxxxxxx A-AB $ 77,000,000
A-4 $1,353,238,000
A-1A $ 361,398,000
A-M $ 304,663,000
A-J $ 228,496,000
B $ 26,658,000
C $ 49,508,000
D $ 30,466,000
E $ 15,233,000
F $ 38,083,000
X-CP $2,850,537,000(1)
UBS Securities LLC A-1 $ 0
0000 Xxxxxx xx xxx Xxxxxxxx A-2 $ 0
New York, New York 10019 A-3 $ 0
Attention: Xxxxxx Xxxxxxxxx A-AB $ 0
Telecopier No.: (000) 000-0000 A-4 $ 0
A-1A $ 0
with a copy to: A-M $ 0
A-J $ 0
0000 Xxxxxx xx xxx Xxxxxxxx B $ 0
New York, New York 10019 C $ 0
Attention: Xxxxx X. Xxxxxx D $ 0
Telecopier No.: (000) 000-0000 E $ 0
F $ 0
X-CP $ 0(1)
A-2-1
PRINCIPAL AMOUNT
OF RELEVANT CLASS OF
UNDERWRITERS (AND ADDRESSES) CLASS CERTIFICATES TO BE PURCHASED
------------------------------------- ----- ----------------------------
UBS Global Asset Management (US) Inc. A-1 $ 0
0000 Xxxxxx xx xxx Xxxxxxxx X-0 $ 0
New York, New York 10019 A-3 $ 0
Attention: Xxxxxx Xxxxxxxxx A-AB $ 0
Telecopier No.: (000) 000-0000 A-4 $ 0
A-1A $ 0
with a copy to: A-M $ 0
A-J $ 0
0000 Xxxxxx xx xxx Xxxxxxxx B $ 0
New York, New York 10019 C $ 0
Attention: Xxxxx X. Xxxxxx D $ 0
Telecopier No.: (000) 000-0000 E $ 0
F $ 0
X-CP $ 0(1)
----------
(1) Notional Amount
A-2-2
SCHEDULE III
The Underwriter Information in the Offering Prospectus and the
Prospectus Supplement consists of: (i) the statements set forth in the first,
fourth and fifth sentences of the penultimate paragraph, and the entire last
paragraph, above the bolded names of the Underwriters on the cover of each of
the Offering Prospectus and the Prospectus Supplement; and (ii) the statements
in the table (if any) and in the second sentence of the first paragraph, the
first sentence of each of the third and eighth paragraphs, and the entire
fourth, fifth and ninth paragraphs, under the caption "Method of Distribution"
in each of the Offering Prospectus and the Prospectus Supplement.
A-2-1
