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Exhibit 4.3
EXECUTION COPY
REGISTRATION RIGHTS
AGREEMENT
Dated as of August 1,
2006
by and among
Mobile Services Group, Inc.
and
Mobile Storage Group, Inc.
as Issuers,
The Guarantors Named
Herein
and
Lehman Brothers Inc.
Goldman, Sachs & Co.
and
Wachovia Capital Markets, LLC
as Initial
Purchasers
This
Registration Rights Agreement (this “ Agreement
”) is dated as of August 1, 2006 by and among Mobile Services
Group, Inc., a Delaware corporation (the “
Company ”), Mobile Storage Group, Inc., a
Delaware corporation (“ MSG ” and
together with the Company, the “ Issuers
”), the subsidiaries listed on Schedule A attached hereto
(the “ Guarantors ”) and Lehman Brothers
Inc., Goldman, Sachs & Co. and Wachovia Capital Markets, LLC
(each an “ Initial Purchaser ” and,
collectively, the “ Initial Purchasers
”), each of whom has agreed to purchase the Issuers’
9¾% Senior Notes due 2014 (the “ Notes
”) pursuant to the Purchase Agreement (as defined
below).
This
Agreement is made pursuant to the Purchase Agreement, dated July
20, 2006 (the “ Purchase Agreement ”), by
and among the Issuers, the Guarantors and the Initial Purchasers.
In order to induce the Initial Purchasers to purchase the Notes,
the Issuers and the Guarantors have agreed to provide the
registration rights set forth in this Agreement. The execution and
delivery of this Agreement is a condition to the obligations of the
Initial Purchasers set forth in Section 7(m) of the Purchase
Agreement.
Capitalized
terms used herein and not otherwise defined shall have the meanings
assigned to them in the Indenture, dated as of the date hereof (as
amended or supplemented from time to time, the “
Indenture ”), among the Issuers, the Guarantors
and Wells Fargo Bank, N.A., as Trustee (the “
Trustee ”), relating to the Notes and the
Exchange Notes (as defined below).
The
parties hereby agree as follows:
SECTION 1. DEFINITIONS
As
used in this Agreement, the following capitalized terms shall have
the following meanings:
Act : The U.S. Securities Act of 1933, as amended, or
any successor statute and the rules and regulations promulgated by
the Commission (as defined below) thereunder.
Affiliate
: As defined in Rule 144 of the Act.
Broker-Dealer
: Any broker or dealer registered under the Exchange
Act.
Business
Day : Any day that is not a Saturday, Sunday or other day
on which banking institutions in New York, New York are authorized
or required by law to close. If the time to perform any action
hereunder falls on a day that is not a Business Day, such time will
be extended to the next Business Day and no additional interest
shall accrue on such payment for the intervening period.
Certificated
Securities : Definitive Notes, as defined in the
Indenture.
Closing
Date : The date of this Agreement.
Commission
: The U.S. Securities and Exchange Commission.
Consummate
: An Exchange Offer shall be deemed “Consummated” for
purposes of this Agreement upon the occurrence of (a) the filing
and effectiveness under the Act of the Exchange Offer Registration
Statement relating to the Exchange Notes to be issued in the
Exchange Offer, (b) the maintenance of such Exchange Offer
Registration Statement continuously effective and the keeping of
the Exchange Offer open for a period not less than the period
required pursuant to Section 3(b) hereof and (c) the delivery by
the Issuers to the Registrar (as defined in the Indenture) under
the Indenture of Exchange
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Notes in the same aggregate principal amount as
the aggregate principal amount of Notes validly tendered by Holders
thereof pursuant to the Exchange Offer.
Consummation
Deadline : As defined in Section 3(b) hereof.
Effectiveness
Deadline : The Exchange Offer Effectiveness Deadline or the
Shelf Effectiveness Deadline, as applicable.
Exchange
Act : The U.S. Securities Exchange Act of 1934, as amended,
or any successor statute, and the rules and regulations promulgated
by the Commission thereunder.
Exchange
Notes : The Issuers’ 9¾ Senior Notes due 2014,
registered under the Act, and the related guarantees to be issued
pursuant to the Indenture in the Exchange Offer.
Exchange
Offer : The exchange and issuance by the Issuers of a
principal amount of Exchange Notes (which shall be registered
pursuant to the Exchange Offer Registration Statement) equal to the
outstanding principal amount of Notes that are validly tendered by
such Holders in connection with such exchange and
issuance.
Exchange
Offer Effectiveness Deadline : As defined in Section 3(a)
hereof.
Exchange
Offer Filing Deadline : As defined in Section 3(a)
hereof.
Exchange
Offer Registration Statement : The Registration Statement
relating to the Exchange Offer, including the related
Prospectus.
Exempt
Resales : The transactions in which the Initial Purchasers
propose to sell the Notes to certain “qualified institutional
buyers,” as such term is defined in Rule 144A under the Act,
and certain persons who are not U.S. Persons (as defined in
Regulation S) in offshore transactions pursuant to Regulation S
under the Act.
Filing
Deadline : The Exchange Offer Filing Deadline or the Shelf
Filing Deadline, as applicable.
Free
Writing Prospectus : Each free writing prospectus (as
defined in Rule 405 under the Securities Act) prepared by or on
behalf of any Issuer or used or referred to by any Issuer in
connection with the sale of the Notes or the Exchange
Notes.
Holders
: As defined in Section 2 hereof.
Interest
Payment Date : As defined in the Notes and the Exchange
Notes.
Person
: As defined in the Indenture.
Prospectus
: The prospectus included in a Registration Statement, including
any preliminary prospectus, as amended or supplemented by any
prospectus supplement and by all other amendments thereto,
including post-effective amendments, and all material incorporated
by reference into such Prospectus.
Recommencement
Date : As defined in Section 6(e) hereof.
Registration Default : As defined in Section 5
hereof.
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Registration
Period : As defined in Section 3(c) hereof.
Registration
Statement : Any registration statement of the Issuers and
the Guarantors relating to (a) an offering of Exchange Notes and
related Subsidiary Guarantees pursuant to an Exchange Offer or (b)
the registration for resale of Transfer Restricted Securities
pursuant to the Shelf Registration Statement, in each case (i) that
is filed pursuant to the provisions of this Agreement and (ii)
including the Prospectus included therein, all amendments and
supplements thereto (including post-effective amendments) and all
exhibits and material incorporated by reference therein.
Regulation
S : Regulation S promulgated under the Act.
Rule
144 : Rule 144 promulgated under the Act.
Shelf
Effectiveness Deadline : As defined in 4(a)
hereof.
Shelf
Filing Deadline : As defined in Section 4(a)
hereof.
Shelf
Registration Statement : As defined in Section 4(a)
hereof.
Shelf
Period : As defined in Section 4(a) hereof.
Subsidiary
Guarantees : The guarantees of the Notes and Exchange Notes
of the Guarantors under the Indenture, as amended from time to
time.
Suspension
Notice : As defined in Section 6(e) hereof.
TIA : The U.S. Trust Indenture Act of 1939 (15 U.S.C.
Section 77aaa-77bbbb) as amended, or any successor statute and the
rules and regulations promulgated thereunder.
Transfer
Restricted Securities : (a) Each Note, and the related
Subsidiary Guarantees, until the earliest to occur of (i) the date
on which such Note has been exchanged by a Person other than a
Broker-Dealer for an Exchange Note in the Exchange Offer and is
entitled to be resold to the public by such Person without
complying with the prospectus delivery requirements of the Act,
(ii) the date on which such Note has been effectively registered
under the Act and disposed of in accordance with the Shelf
Registration Statement, (iii) the date on which such Note is
distributed to the public pursuant to Rule 144 under the Act, or
(iv) the date on which such Note is eligible to be distributed to
the public pursuant to Rule 144(k) under the Act, and (b) each
Exchange Note and the related Subsidiary Guarantees acquired by a
Broker-Dealer in the Exchange Offer of a Note for such Exchange
Note, until the date on which such Exchange Note is sold to a
purchaser who receives from such Broker-Dealer on or prior to the
date of such sale a copy of the Prospectus contained in the
Exchange Offer Registration Statement.
SECTION 2. HOLDERS
A
Person is deemed to be a holder of Transfer Restricted Securities
(each, a “ Holder ” ) whenever
such Person owns Transfer Restricted Securities.
SECTION 3. REGISTERED EXCHANGE
OFFER
(a)
The Issuers and the Guarantors shall (i) cause the Exchange Offer
Registration Statement to be filed with the Commission on or prior
to 455 days after the Closing Date (such 455th day being the
“ Exchange Offer Filing Deadline ”), (ii)
use their commercially reasonable efforts to cause.
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such Exchange Offer Registration Statement to
become effective on or prior to 547 days after the Closing Date
(such 547th day being the “ Exchange Offer
Effectiveness Deadline ” ) , (iii) in
connection with the foregoing use their commercially reasonable
efforts to, (A) file all pre-effective amendments to such Exchange
Offer Registration Statement as may be necessary in order to cause
it to become effective, (B) file, if applicable, a post-effective
amendment to such Exchange Offer Registration Statement pursuant to
Rule 430A under the Act and (C) cause all necessary filings, if
any, in connection with the registration and qualification of the
Exchange Notes to be made under the Blue Sky laws of such
jurisdictions as are necessary to permit Consummation of the
Exchange Offer provided, however, that neither the Issuers nor the
Guarantors shall be required to take any action that would subject
them to general service of process or taxation in any jurisdiction
where they are not already subject, and (iv) as promptly as
practicable after the effectiveness of such Exchange Offer
Registration Statement, unless the Exchange Offer shall not be
permitted by applicable law or Commission policy, commence the
Exchange Offer and use their commercially reasonable efforts to
Consummate the Exchange Offer on or prior to 60 days, or longer, if
required by federal securities laws after the date on which the
Exchange Offer Registration Statement was declared effective by the
Commission. The Exchange Offer shall be on the appropriate form
permitting (I) registration of the Exchange Notes to be
offered in exchange for the Transfer Restricted Securities and
(II) resales of Exchange Notes by Broker-Dealers that tendered
into the Exchange Offer Notes that such Broker-Dealers acquired for
their own account as a result of market-making activities or other
trading activities (other than Notes acquired directly from any
Issuer or any of their Affiliates) as contemplated by Section 3(c)
below.
(b) Unless
the Exchange Offer shall not be permitted by applicable law or
Commission policy (after the procedures set forth in Section
6(a)(A) have been complied with), the Issuers and the Guarantors
shall use their commercially reasonable efforts to cause the
Exchange Offer Registration Statement to be effective continuously,
and shall keep the Exchange Offer open for a period of not less
than the minimum period required under applicable federal and state
securities laws to Consummate the Exchange Offer; provided ,
however , that in no event shall such period be less than 20
Business Days. The Issuers and the Guarantors shall cause the
Exchange Offer to comply with all applicable federal and state
securities laws. No securities other than the Exchange Notes shall
be included in the Exchange Offer Registration Statement. The
Issuers and the Guarantors shall use their commercially reasonable
efforts to cause the Exchange Offer to be Consummated within 60
days after the Exchange Offer Registration Statement has become
effective, but in no event (unless required by federal securities
laws) later than 607 days after the Closing Date (such 607th day
being the “ Consummation Deadline
”).
(c) The
Issuers and the Guarantors shall include a “Plan of
Distribution” section in the Prospectus contained in the
Exchange Offer Registration Statement and indicate therein that any
Broker-Dealer who holds Transfer Restricted Securities that were
acquired for the account of such Broker-Dealer as a result of
market-making activities or other trading activities (other than
Transfer Restricted Securities acquired directly from the Issuers
or any Affiliate of the Issuers), may exchange such Transfer
Restricted Securities pursuant to the Exchange Offer. Such
“Plan of Distribution” section shall also contain all
other information with respect to such sales by such Broker-Dealers
that the Commission may require in order to permit such sales
pursuant thereto, but such “Plan of Distribution” shall
not name any such Broker -Dealer or disclose the amount of Transfer
Restricted Securities held by any such Broker-Dealer, except to the
extent required by the Commission as a result of a change in
policy, rules or regulations after the date of this Agreement. See
the Shearman & Sterling no-action letter (available July
2, 1993).
Because
such Broker-Dealer may be deemed to be an “underwriter”
within the meaning of the Act and must, therefore, deliver a
prospectus meeting the requirements of the Act in connection with
its initial sale of any Exchange Notes received by such
Broker-Dealer in the Exchange Offer, the
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Issuers and the Guarantors shall permit the use
of the Prospectus contained in the Exchange Offer Registration
Statement by such Broker-Dealer to satisfy such prospectus delivery
requirement. To the extent necessary to ensure that the Prospectus
contained in the Exchange Offer Registration Statement is available
for sales of Exchange Notes by Broker-Dealers, the Issuers and the
Guarantors agree to use their commercially reasonable efforts to
keep the Exchange Offer Registration Statement continuously
effective, supplemented, amended and current as required by and
subject to the provisions of Section 6(a) and 6(c) hereof and in
conformity with the requirements of this Agreement, the Act and the
policies, rules and regulations of the Commission as announced from
time to time, for a period of one year from the date on which the
Exchange Offer is Consummated or such shorter period as will
terminate when all Transfer Restricted Securities covered by such
Registration Statement have been sold pursuant thereto (the
“ Registration Period ” ). The Issuers
shall provide sufficient copies of the latest version of such
Prospectus to such Broker-Dealers, promptly upon request, and in no
event later than one day after such request, at any time during
such period.
SECTION 4. SHELF REGISTRATION
(a)
Shelf Registration . If (i) the Issuers and the Guarantors
are not required to file the Exchange Offer Registration Statement,
(ii) the Exchange Offer is not permitted by applicable law or
Commission policy (after the Issuers and the Guarantors have
complied with the procedures set forth in Section 6(a)(A) hereof),
(iii) the Commission shall notify the Issuers that it shall refuse
to declare effective the Exchange Offer Registration Statement
filed with the Commission or (iv) if any Holder of Transfer
Restricted Securities shall notify the Issuers prior to the 20th
Business Day following the Consummation of the Exchange Offer that
(A) such Holder was prohibited by applicable law or Commission
policy from participating in the Exchange Offer or (B) such Holder
may not resell the Exchange Notes acquired by it in the Exchange
Offer to the public without delivering a prospectus and the
Prospectus contained in the Exchange Offer Registration Statement
is not appropriate or available for such resales by such Holder or
(C) such Holder is a Broker-Dealer and holds Notes acquired
directly from the Issuers or any Affiliate of the Issuers, then the
Issuers and the Guarantors shall:
(I) use
their commercially reasonable efforts to cause to be filed, on or
prior to 30 days after the earlier of (x) the date on which the
Issuers determine that the Exchange Offer Registration Statement is
not required to be filed or cannot be filed as a result of clause
(a)(i) or (a)(ii) of this Section 4(a) and (y) the date on which
the Issuers receive the notice specified in clause (a)(iii) or
(a)(iv)of this Section 4(a) (the 30th day after such earlier date
(and in any event within 607 days after the Closing Date), the
“ Shelf Filing Deadline ” ) , a
shelf registration statement pursuant to Rule 415 under the Act
(which may be an amendment to the Exchange Offer Registration
Statement (the “ Shelf Registration Statement
” )) , relating to all Transfer Restricted Securities
of Holders that have provided information pursuant to Section 4(b)
hereof; and
(II) use
their commercially reasonable efforts to cause such Shelf
Registration Statement to become effective on or prior to 60 days
after the Filing Deadline for the Shelf Registration Statement
(such 60th day the “ Shelf Effectiveness
Deadline ” ) .
If,
after the Issuers and the Guarantors have filed an Exchange Offer
Registration Statement that satisfies the requirements of Section
3(a) above, the Issuers and the Guarantors are required to file and
make effective a Shelf Registration Statement solely because the
Exchange Offer is not permitted under applicable federal law or
Commission policy (i.e. , clause (a)(ii) of this Section 4),
then the filing of the Exchange Offer Registration Statement shall
be deemed to satisfy the requirements of clause (I) above;
provided that, in such event, the Issuers and the Guarantors
shall remain obligated to meet the Effectiveness Deadline set forth
in clause (II) above.
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To
the extent necessary to ensure that the Shelf Registration
Statement is available for sales of Transfer Restricted Securities
by the Holders thereof entitled to the benefit of this Section 4(a)
and the other securities required to be registered therein pursuant
to Section 6(b)(ii) hereof, the Issuers and the Guarantors shall
use their commercially reasonable efforts to keep any Shelf
Registration Statement required by this Section 4(a) continuously
effective, supplemented, amended and current as required by and
subject to the provisions of Sections 6(b) and 6(c) hereof and in
conformity with the requirements of this Agreement, the Act and the
policies, rules and regulations of the Commission as announced from
time to time, for a period of at least two years (as extended
pursuant to Section 6(d)(i) hereof) following the Closing Date, or
such shorter period as will terminate when all Transfer Restricted
Securities covered by such Shelf Registration Statement have been
sold pursuant thereto (the “ Shelf Period
”).
(b)
Provision by Holders of Certain Information in Connection with
the Shelf Registration Statement . No Holder of Transfer
Restricted Securities may include any of its Transfer Restricted
Securities in any Shelf Registration Statement pursuant to this
Agreement unless and until (i) such Holder furnishes to the Issuers
in writing, within 20 days after receipt of a written request
therefor, the information specified in Item 507 or 508 of
Regulation S-K, as applicable, of the Act for use in connection
with any Shelf Registration Statement or Prospectus or preliminary
Prospectus included therein, and (ii) in the case of an
underwritten offering, such Holder completes and executes all
questionnaires, powers of attorney, underwriting agreements,
lock-up letters and other documents reasonably requested by the
Issuers in connection with the terms of the underwritten offering.
Furthermore, no Holder of Transfer Restricted Securities may
include any of its Transfer Restricted Securities in any Shelf
Registration Statement pursuant to this Agreement unless and until
such Holder furnishes to the Issuers in writing, within 10 Business
Days after receipt of a request therefor, such Holder’s
comments to the disclosure relating to such Holder in the Shelf
Registration Statement. No Holder of Transfer Restricted Securities
shall be entitled to additional interest pursuant to Section 5
hereof unless and until such Holder shall have provided all such
information. By its acceptance of Transfer Restricted Securities,
each Holder agrees to notify the Issuers promptly if any of the
information previously furnished is misleading or inaccurate in any
material respect and to promptly furnish additional information
required to be disclosed in order to make the information
previously furnished to the Issuers by such Holder not materially
misleading.
SECTION 5. ADDITIONAL INTEREST
If
(a) any Registration Statement required by this Agreement is not
filed with the Commission on or prior to the applicable Filing
Deadline, (b) any such Registration Statement has not been declared
effective by the Commission on or prior to the applicable
Effectiveness Deadline, (c) the Exchange Offer has not been
Consummated on or prior to the Consummation Deadline or (d) any
Registration Statement required by this Agreement is filed and
declared effective but shall thereafter cease to be effective or
fail to be usable for its intended purpose during the Registration
Period or Shelf Period, as applicable, without being succeeded
immediately by a post-effective amendment or an additional
Registration Statement that causes the Exchange Offer Registration
Statement (and/or, if applicable, the Shelf Registration Statement)
to again be declared effective or made usable (each such event
referred to in clauses (a) through (d), a “
Registration Default ” ) , then the
Issuers and the Guarantors hereby jointly and severally agree to
pay to each Holder of Transfer Restricted Securities affected
thereby additional interest in an amount equal to $.05 per week per
$1,000 in principal amount of Transfer Restricted Securities held
by such Holder for the first 90-day period immediately following
the occurrence of such Registration Default. The amount of the
additional interest shall increase by an additional $.05 per week
per $ 1,000 in principal amount of Transfer Restricted Securities
with respect to each subsequent 90-day period until all
Registration Defaults have been cured, up to a maximum amount of
additional interest of $.20 per week per $1,000 in principal amount
of Transfer Restricted Securities;
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provided that the Issuers and the
Guarantors shall in no event be required to pay additional interest
for more than one Registration Default at any given time.
Notwithstanding anything to the contrary set forth herein, (i) upon
Filing of the Exchange Offer Registration Statement (and/or, if
applicable, the Shelf Registration Statement), in the case of
clause (a) above, (ii) upon the effectiveness of the Exchange Offer
Registration Statement (and/or, if applicable the Shelf
Registration Statement), in the case of clause (b) above, (iii)
upon Consummation of the Exchange Offer, in the case of clause (c)
above, or (iv) upon the filing of a post-effective amendment to the
Registration Statement or an additional Registration Statement that
causes the Exchange Offer Registration Statement (and/or, if
applicable, the Shelf Registration Statement) to again be declared
effective or made usable, in the case of clause (d) above, the
additional interest payable with respect to the Transfer Restricted
Securities as a result of such clause (a), (b), (c) or (d), as
applicable, shall cease on the date of such cure and the interest
rate on such Transfer Restricted Securities will revert to the
interest rate on such Transfer Restricted Securities prior to the
applicable Registration Default.
All
accrued additional interest shall be paid to the Holders entitled
thereto, in the manner provided for the payment of interest in the
Indenture, on each Interest Payment Date, as more fully set forth
in the Indenture and the Notes and the Exchange Notes.
Notwithstanding the fact that any securities for which additional
interest are due cease to be Transfer Restricted Securities, all
obligations of the Issuers and the Guarantors to pay additional
interest with respect to securities shall survive until such time
as such obligations with respect to such securities shall have been
satisfied in full.
A
Holder of Notes or Exchange Notes who is not entitled to the
benefits of a Shelf Registration Statement shall not be entitled to
additional interest with respect to a Registration Default that
pertains to such Shelf Registration Statement.
SECTION 6. REGISTRATION
PROCEDURES
(a)
Exchange Offer Registration Statement . In connection with
the Exchange Offer, the Issuers and the Guarantors shall (i) comply
with all applicable provisions of Section 6(c) below, (ii) use
their respective commercially reasonable efforts to effect such
exchange and to permit the resale of Exchange Notes by any
Broker-Dealer that tendered Notes in the Exchange Offer that such
Broker-Dealer acquired for its own account as a result of its
market-making activities or other trading activities (other than
Notes acquired directly from any Issuer or any Affiliate of any
Issuer) being sold in accordance with the intended method or
methods of distribution thereof set forth in the Registration
Statement, and (iii) comply with all of the following
provisions:
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(A)
If, following the date hereof there has been announced a change in
Commission policy with respect to exchange offers such as the
Exchange Offer, that in the reasonable opinion of counsel to the
Issuers raises a substantial question as to whether the Exchange
Offer is permitted by applicable federal law, the Issuers and the
Guarantors hereby agree to seek a no-action letter or other
favorable decision from the Commission allowing the Issuers and the
Guarantors to Consummate an Exchange Offer for such Transfer
Restricted Securities. The Issuers and the Guarantors hereby agree
to pursue the issuance of such a decision to the Commission staff
level but shall not be required to take commercially unreasonable
action to effect a change in Commission policy. In connection with
the foregoing, the Issuers and the Guarantors hereby agree to take
all such other actions as may be requested by the Commission or
otherwise required in connection with the issuance of such
decision, including without limitation (I) participating in
telephonic conferences with the Commission staff, (II) delivering
to the Commission staff an analysis prepared by counsel to the
Issuers setting forth the legal bases, if any, upon which such
counsel has concluded that such an Exchange Offer should be
permitted and (III) diligently pursuing a resolution (which need
not be favorable) by the Commission staff.
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(B) As
a condition to its participation in the Exchange Offer, each Holder
of Transfer Restricted Securities (including, without limitation,
any Holder who is a Broker-Dealer) shall furnish, upon the request
of the Issuers, prior to the Consummation of the Exchange Offer, a
written representation to the Issuers and the Guarantors (which may
be contained in the letter of transmittal contemplated by the
Exchange Offer Registration Statement) to the effect that (I) it is
not an Affiliate of the Issuers, (II) it is not engaged in, and
does not intend to engage in, and has no arrangement or
understanding with any Person to participate in, a distribution of
the Exchange Notes to be issued in the Exchange Offer and (III) it
is acquiring the Exchange Notes in its ordinary course of business.
As a condition to its participation in the Exchange Offer, each
Holder using the Exchange Offer to participate in a distribution of
the Exchange Notes will be required to acknowledge and agree that,
if the resales are of Exchange Notes obtained by such Holder in
exchange for Notes acquired directly from any Issuer or any
Affiliate of any Issuer, it (1) could not, under Commission policy
as in effect on the date of this Agreement, rely on the position of
the Commission enunciated in Morgan Stanley and Co., Inc.
(available June 5, 1991) and Exxon Capital Holdings
Corporation (available May 13, 1988), as interpreted in the
Commission’s fetter to Shearman & Sterling dated
July 2, 1993, and similar no-action letters (including, if
applicable, any no-action letter obtained pursuant to clause (A)
above), and (2) must comply with the registration and prospectus
delivery requirements of the Act in connection with a secondary
resale transaction and that such a secondary resale transaction
must be covered by an effective Registration Statement containing
the selling security holder information required by Item 507 or
508, as applicable, of Regulation S-K.
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(C) Prior
to effectiveness of the Exchange Offer Registration Statement, the
Issuers and the Guarantors shall, to the extent required by the
Commission, provide a supplemental letter to the Commission (I)
stating that the Issuers and the Guarantors are registering the
Exchange Offer in reliance on the position of the Commission
enunciated in Exxon Capital Holdings Corporation (available
May 13, 1988), Morgan Stanley and Co., Inc. (available June
5, 1991) as interpreted in the Commission’s letter to
Shearman & Sterling dated July 2, 1993, and, if
applicable, any no-action letter obtained pursuant to clause (A)
above, (II) including a representation that neither the Issuers nor
any Guarantor has entered into any arrangement or understanding
with any Person to distribute the Exchange Notes to be received in
the Exchange Offer and that, to the best of the
Issuers&
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