Exhibit 1.1
Execution
Copy
Dean Foods Company
22,500,000 Shares
1
Common Stock, par value $0.01 per
share
Underwriting Agreement
May 5, 2009
MERRILL LYNCH, PIERCE,
FENNER & SMITH INCORPORATED
J.P. MORGAN SECURITIES INC.
BARCLAYS CAPITAL INC.
WACHOVIA CAPITAL MARKETS, LLC
As Representatives of
the several Underwriters
c/o Merrill Lynch, Pierce, Fenner &
Smith Incorporated
One Bryant Park New York, New York
10036
Ladies and Gentlemen:
Dean Foods Company, a corporation
organized under the laws of the State of Delaware (the
“Company”), proposes to issue and sell an aggregate of
22,500,000 shares (the “Firm Stock”) of the
Company’s common stock, par value, $0.01 per share (the
“Common Stock”) to the several underwriters named in
Schedule I (the “Underwriters”) pursuant to this
agreement. In addition, the Company has granted to the Underwriters
an option to purchase up to an additional 3,375,000 shares (the
“Optional Stock”) of Common Stock to cover
overallotments, if any, as provided in Section 2 hereof. The
Firm Stock and, if and to the extent such option is exercised, the
Optional Stock are collectively called the “Stock”.
Merrill Lynch, Pierce, Fenner & Smith Incorporated
(“Merrill Lynch”), J.P. Morgan Securities Inc.
(“J.P. Morgan”), Barclays Capital Inc. and Wachovia
Capital Markets, LLC have agreed to act as representatives of the
several Underwriters (in such capacity, the
“Representatives”) in connection with the offering and
sale of the Stock. This is to confirm the agreement concerning the
purchase of the Stock from the Company by the Underwriters. Any
reference herein to the Registration Statement, the Base
Prospectus, any preliminary prospectus or the Prospectus shall be
deemed to refer to and include the documents incorporated by
reference therein pursuant to Item 12 of Form S-3 which were
filed under the Exchange Act on or before the Effective Date of the
Registration Statement or the date of the Base Prospectus, such
preliminary prospectus or the Prospectus, as the case may be; and
any reference herein to the terms “amend,”
“amendment” or “supplement” with respect to
the Registration Statement, the Base Prospectus, any preliminary
prospectus or the Prospectus shall be deemed to refer to and
include the filing of any document under the Exchange Act after the
Effective Date of the Registration Statement or the date of the
Base Prospectus, such preliminary prospectus or the Prospectus, as
the case may be, deemed to be incorporated therein by reference.
Certain terms used herein are defined in Section 20
hereof.
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1
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Plus an option
to acquire up to 3,375,000 additional shares to cover
overallotments.
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1. Representations and
Warranties . The Company represents and warrants to, and agrees
with, each Underwriter as set forth below in this
Section 1.
(a) The Company meets the
requirements for use of Form S-3 under the Act and has prepared and
filed with the Commission an “automatic shelf registration
statement” (as defined in Rule 405) (File number 333-149439)
on Form S-3, including a related Base Prospectus, for registration
under the Act of the offering and sale of the Stock. The
Registration Statement initially became effective within three
years of the date hereof. No notice of objection of the Commission
to the use of the Registration Statement or any post-effective
amendment thereto pursuant to Rule 401(g)(2) has been received by
the Company. No order suspending the effectiveness of the
Registration Statement, the Base Prospectus, any preliminary
prospectus or the Prospectus has been issued by the Commission and
no proceeding for that purpose or pursuant to Section 8A of
the Securities Act against the Company or related to the offering
has been initiated or threatened by the Commission. Such
Registration Statement, including any amendments thereto filed
prior to the Applicable Time, became effective upon filing. The
Company will file with the Commission the Prospectus relating to
the Stock in accordance with Rule 424(b). As filed, the Prospectus
shall contain all information required by the Act and the rules
thereunder, and, except to the extent the Representatives shall
agree in writing to a modification, shall be in all substantive
respects in the form furnished to you prior to the Applicable Time
or, to the extent not completed at the Applicable Time, shall
contain only such specific additional information and other changes
(beyond that contained in the Base Prospectus) as the Company has
advised you, prior to the Applicable Time, will be included or made
therein. The Registration Statement, at the Applicable Time, meets
the requirements set forth in Rule 415(a)(1)(x).
(b) On each Effective Date and at
the Applicable Time, the Registration Statement did and will, and
each preliminary prospectus and the Prospectus when first filed in
accordance with Rule 424(b) and on the Closing Date and any
Subsequent Closing Date, each preliminary prospectus and the
Prospectus (and any supplement thereto) will, comply in all
material respects with the applicable requirements of the Act, the
Exchange Act and the respective rules thereunder; on each Effective
Date and at the Applicable Time, the Registration Statement did not
and will not contain any untrue statement of a material fact or
omit to state any material fact required to be stated therein or
necessary in order to make the statements therein not misleading;
and on the date of any filing pursuant to Rule 424(b) and on the
Closing Date and any Subsequent Closing Date, the Prospectus
(together with any supplement thereto) will not include 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
representations or warranties as to the information contained in or
omitted from the Registration Statement or the Prospectus (or any
supplement thereto) in reliance upon and in conformity with
information furnished in writing to the Company by or on behalf the
Underwriters through the Representatives specifically for inclusion
in the Registration Statement or the
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Prospectus (or any supplement
thereto), it being understood and agreed that the only such
information furnished by or on behalf of the Underwriters consists
of the information described as such in Section 8
hereof.
(c) The Disclosure Package does not
include any untrue statement of a material fact or omit to state
any material fact necessary in order to make the statements
therein, in the light of the circumstances under which they were
made, not misleading. The preceding sentence does not apply to
statements in or omissions from the Disclosure Package based upon
and in conformity with written information furnished to the Company
by the Underwriters through the Representatives specifically for
use therein, it being understood and agreed that the only such
information furnished by or on behalf of the Underwriters consists
of the information described as such in Section 8
hereof.
(d) The documents incorporated by
reference in the Disclosure Package, the Prospectus and the
Registration Statement, when they became effective or were filed
with the Commission, as the case may be, conformed in all material
respects to the requirements of the Act or the Exchange Act, as
applicable. Any further documents so filed and incorporated by
reference in the Disclosure Package, the Prospectus and the
Registration Statement or any further amendment or supplement
thereto, when such documents become effective or are filed with the
Commission, as the case may be, will conform in all material
respects to the requirements of the Act or the Exchange Act, as
applicable, and the rules and regulations of the Commission
thereunder.
(e) (i) At the time of filing the
Registration Statement, (ii) at the time of the most recent
amendment thereto for the purposes of complying with
Section 10(a)(3) of the Act (whether such amendment was by
post-effective amendment, incorporated report filed pursuant to
Sections 13 or 15(d) of the Exchange Act or form of prospectus),
(iii) at the time the Company or any person acting on its
behalf (within the meaning, for this clause only, of Rule 163(c))
made any offer relating to the Stock in reliance on the exemption
in Rule 163, and (iv) at the Applicable Time (with such date
being used as the determination date for purposes of this clause
(iv)), the Company was or is (as the case may be) a
“well-known seasoned issuer” as defined in Rule
405.
(f) (i) At the earliest time after
the filing of the Registration Statement that the Company or
another offering participant made a bona fide offer (within
the meaning of Rule 164(h)(2)) of the Stock and (ii) as of the
Applicable Time (with such date being used as the determination
date for purposes of this clause (ii)), the Company was not and is
not an Ineligible Issuer (as defined in Rule 405), without taking
account of any determination by the Commission pursuant to Rule 405
that it is not necessary that the Company be considered an
Ineligible Issuer.
(g) Each Issuer Free Writing
Prospectus conformed or will conform in all material respects to
the requirements of the Securities Act on the date of first use,
and the Company has complied with any filing requirements
applicable to such Issuer Free Writing Prospectus under the
Securities Act. The Company has not made any offer relating to the
Stock that would constitute an Issuer Free Writing Prospectus
without the prior written consent of Merrill Lynch and J.P. Morgan.
The Company has retained in
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accordance with the requirements of
the Securities Act all Issuer Free Writing Prospectuses that were
not required to be filed pursuant to the Securities Act. Each
Issuer Free Writing Prospectus, when considered together with the
Disclosure Package as of the Applicable Time, did not include an
untrue statement of a material fact or omit to state a material
fact required to be stated therein or necessary to make the
statements therein, in the light of the circumstances under which
they were made, not misleading.
(h) Each of the Company and its
subsidiaries (as defined in Section 20) has been duly
organized and is validly existing as a corporation (or such other
form of legal entity as its name and organizational documents may
indicate) in good standing under the laws of the jurisdiction in
which it is chartered or organized with full corporate (or other)
power and authority to own or lease, as the case may be, and to
operate its properties and conduct its business as described in the
Disclosure Package and the Prospectus, and, except where it would
not have a Material Adverse Effect, is duly qualified to do
business as a foreign corporation (or such other form of legal
entity as its name and organizational documents may indicate) and
is in good standing under the laws of each jurisdiction which
requires such qualification.
(i) All the outstanding shares of
capital stock or other ownership interests of each subsidiary of
the Company have been duly and validly authorized and issued and
are fully paid and non-assessable, and, except as otherwise set
forth in the Disclosure Package and the Prospectus, all outstanding
shares of capital stock or other ownership interests of such
subsidiaries are owned by the Company either directly or through
wholly-owned subsidiaries free and clear of any perfected security
interest or any other security interests, claims, liens or
encumbrances, except where such security interests, claims, liens
or encumbrances would not have a Material Adverse
Effect.
(j) There is no franchise, contract
or other document of a character required to be described in the
Registration Statement or Prospectus, or to be filed as an exhibit
thereto, which is not described or filed as required.
(k) This Agreement has been duly
authorized, executed and delivered by the Company.
(l) The shares of the Stock to be
issued and sold by the Company to the Underwriters hereunder have
been duly authorized and, upon payment and delivery in accordance
with this Agreement, will be validly issued, fully paid and
non-assessable, will conform to the description thereof contained
in the Base Prospectus, will be issued in compliance with federal
and state securities laws and will be free of statutory and
contractual preemptive rights, rights of first refusal and similar
rights.
(m) The statements set forth in the
Disclosure Package and the Prospectus under the caption
“Description of Capital Stock” are accurate and fair in
all material respects.
(n) Neither the Company nor any
subsidiary is, or, after giving effect to the offering and sale of
the Stock and the application of the proceeds thereof as described
in the Disclosure Package and the Prospectus, will be an
“investment company” as defined in the Investment
Company Act of 1940, as amended.
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(o) No consent, approval,
authorization, filing with or order of any court or governmental
agency or body is required in connection with the transactions
contemplated herein, except such as have been obtained under the
Act and the Exchange Act and such as may be required under the blue
sky laws of any jurisdiction in connection with the purchase and
distribution of the Stock by the Underwriters in the manner
contemplated herein and in the Disclosure Package and the
Prospectus.
(p) Neither the offer, issue or sale
of the Stock nor the consummation of any other of the transactions
herein contemplated nor the fulfillment of the terms hereof will
conflict with, result in a breach or violation of, or imposition of
any lien, charge or encumbrance upon any property or assets of the
Company or any of its subsidiaries pursuant to (i) the charter
or by-laws or similar organizational documents of the Company or
any of its subsidiaries, (ii) the terms of any material
indenture, contract, lease, mortgage, deed of trust, note
agreement, loan agreement or other agreement, obligation,
condition, covenant or instrument to which the Company or any of
its subsidiaries is a party or bound or to which its or their
property is subject, or (iii) any statute, law, rule,
regulation, judgment, order or decree applicable to the Company or
any of its subsidiaries of any court, regulatory body,
administrative agency, governmental body, arbitrator or other
authority having jurisdiction over the Company or any of its
subsidiaries or any of its or their properties, except, with
respect to clauses (ii) and (iii) above, where such
conflict, breach, violation or imposition would not, individually
or in the aggregate, result in a Material Adverse
Effect.
(q) No holder of securities of the
Company has rights to the registration of such securities under the
Registration Statement.
(r) The consolidated financial
statements and schedules of the Company and its consolidated
subsidiaries included or incorporated by reference in the Base
Prospectus, the Prospectus and the Registration Statement present
fairly, in all material respects, the consolidated financial
condition, results of operations and cash flows of the Company and
its consolidated subsidiaries as of the dates and for the periods
indicated, comply as to form with the applicable accounting
requirements of the Act and have been prepared in conformity with
generally accepted accounting principles applied on a consistent
basis throughout the periods involved (except as otherwise noted
therein). No other financial statements are required to be included
or incorporated by reference in the Registration
Statement.
(s) Since the date of the most
recent financial statements included or incorporated by reference
in the Prospectus (exclusive of any supplement thereto), there has
been no material adverse change, or any development involving a
prospective material adverse change, in the condition (financial or
otherwise), earnings, business or properties of the Company and its
subsidiaries, taken as a whole, whether or not arising from
transactions in the ordinary course of business or otherwise,
except as set forth in or contemplated in the Disclosure Package
and the Prospectus (exclusive of any supplement
thereto).
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(t) No action, suit or proceeding by
or before any court or governmental agency, authority or body or
any arbitrator involving the Company or its property is pending or,
to the best knowledge of the Company, threatened that
(i) could reasonably be expected to have a material adverse
effect on the performance of this Agreement or the consummation of
any of the transactions contemplated hereby or (ii) could
reasonably be expected to have a Material Adverse Effect, except as
set forth in or contemplated in the Disclosure Package and the
Prospectus (exclusive of any supplement thereto).
(u) Each of the Company and its
subsidiaries owns or leases all such properties as are necessary to
the conduct of its operations as presently conducted. The Company
and each of its subsidiaries has good and marketable title to all
the properties and assets reflected as owned in the financial
statements referred to in paragraph 1(r) above, in each case free
and clear of any security interests, mortgages, liens,
encumbrances, equities, claims and other defects, except such as
would not, individually or in the aggregate, result in a Material
Adverse Effect, or except as set forth in or contemplated in the
Disclosure Package and the Prospectus (exclusive of any supplement
thereto). The real property, improvements, equipment and personal
property held under lease by the Company or any subsidiary are held
under valid and enforceable leases, with such exceptions as would
not, individually or in the aggregate, result in a Material Adverse
Effect or except as set forth in or contemplated in the Disclosure
Package and the Prospectus (exclusive of any supplement
thereto).
(v) Neither the Company nor any of
its subsidiaries is in violation or default of (i) any
provision of its charter or bylaws or similar organizational
documents, (ii) the terms of any indenture, contract, lease,
mortgage, deed of trust, note agreement, loan agreement or other
agreement, obligation, condition, covenant or instrument to which
it is a party or bound or to which its property is subject, or
(iii) any statute, law, rule, regulation, judgment, order or
decree of any court, regulatory body, administrative agency,
governmental body, arbitrator or other authority having
jurisdiction over the Company or such subsidiary or any of its
properties, as applicable, except, with respect to (ii) and
(iii) above, for such violations and defaults that would not,
individually or in the aggregate, result in a Material Adverse
Effect.
(w) Deloitte & Touche LLP,
who have certified certain financial statements of the Company and
its consolidated subsidiaries and delivered their report with
respect to the audited consolidated financial statements and
schedules included or incorporated by reference in the Base
Prospectus and the Prospectus, are independent public accountants
with respect to the Company and its consolidated subsidiaries
within the meaning of the Act and the applicable published rules
and regulations thereunder.
(x) The statistical and
market-related data included under the captions included or
incorporated by reference in the Disclosure Package and the
Prospectus are based on or derived from sources that the Company
believes to be reliable and accurate in all material
respects.
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(y) Each of the Company and its
subsidiaries (i) has filed all foreign, federal, state and
local tax returns that are required to be filed or has requested
extensions thereof, except where the failure so to file would not
have a Material Adverse Effect, and (ii) has paid all taxes
required to be paid by it and any other assessment, fine or penalty
levied against it, to the extent they are due and payable, except
where any such tax, assessment, fine or penalty is currently being
contested in good faith or would not have a Material Adverse
Effect, and except as set forth in or contemplated in the
Disclosure Package and the Prospectus (exclusive of any supplement
thereto).
(z) There are no transfer taxes or
other similar fees or charges under federal law or the laws of any
state, or any political subdivision thereof, required to be paid in
connection with the execution and delivery of this Agreement or the
issuance by the Company or sale by the Company of the
Stock.
(aa) No labor problem or dispute
with the employees of the Company or any of its subsidiaries exists
or is threatened or imminent, and neither the Company nor any of
its subsidiaries is aware of any existing or imminent labor
disturbance by the employees of any of its or any of its
subsidiaries’ principal suppliers, contractors or customers,
that could have a Material Adverse Effect, except as set forth in
or contemplated in the Disclosure Package and the Prospectus
(exclusive of any supplement thereto).
(bb) The Company is insured by
insurers of recognized financial responsibility against such losses
and risks and in such amounts as are prudent and customary in the
businesses in which they are engaged.
(cc) No subsidiary of the Company is
currently prohibited, directly or indirectly, from paying any
dividends to the Company, from making any other distribution on
such subsidiary’s capital stock or other ownership interest,
from repaying to the Company any loans or advances to such
subsidiary from the Company or from transferring any of such
subsidiary’s property or assets to the Company or any other
subsidiary of the Company, except as described in or contemplated
by the Disclosure Package and the Prospectus (exclusive of any
supplement thereto).
(dd) The Company and its
subsidiaries possess all licenses, certificates, permits and other
authorizations issued by the appropriate federal, state or foreign
regulatory authorities necessary to conduct their respective
businesses, and neither the Company nor any subsidiary has received
any notice of proceedings relating to the revocation or
modification of any such certificate, authorization or permit
which, singly or in the aggregate, if the subject of an unfavorable
decision, ruling or finding, would have a Material Adverse Effect,
except as set forth in or contemplated in the Disclosure Package
and the Prospectus (exclusive of any supplement
thereto).
(ee) The Company and its
subsidiaries maintain a system of internal accounting controls
sufficient to provide reasonable assurance that
(i) transactions are executed in accordance with
management’s general or specific authorizations;
(ii) transactions are recorded as necessary to permit
preparation of financial statements in conformity with generally
accepted accounting principles and to maintain asset
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accountability; (iii) access to
assets is permitted only in accordance with management’s
general or specific authorization; and (iv) the recorded
accountability for assets is compared with the existing assets at
reasonable intervals and appropriate action is taken with respect
to any differences. The Company and its subsidiaries’
internal controls over financial reporting are effective, and,
except as disclosed in the Disclosure Package and the Prospectus,
or in any document incorporated by reference therein, since the end
of the Company’s most recent audited fiscal year, there has
been (i) no material weakness in the Company’s and its
subsidiaries’ internal controls over financial reporting
(whether or not remediated) and (ii) no change in the
Company’s and its subsidiaries’ internal control over
financial reporting that has materially affected, or is reasonably
likely to materially affect, such internal controls.
(ff) The Company and its
subsidiaries maintain “disclosure controls and
procedures” (as such term is defined in Rule 13a-15(e) under
the Exchange Act); such disclosure controls and procedures are
effective at the reasonable assurance level.
(gg) There is and has been no
failure on the part of the Company or any of its directors or
executive officers in their capacities as such, to comply in all
material respects with any applicable provision of the
Sarbanes-Oxley Act of 2002 and the rules and regulations
promulgated in connection therewith (the “Sarbanes-Oxley
Act”), including Section 402 related to loans and
Sections 302 and 906 related to certifications.
(hh) Except as set forth in the
Disclosure Package and the Prospectus (exclusive of any supplement
thereto), the Company and each of its subsidiaries are (i) in
compliance in all material respects with any and all applicable
laws and regulations relating to the protection of human health and
safety, the environment or hazardous or toxic substances or wastes,
pollutants or contaminants (“Environmental Laws”),
(ii) have received and are in compliance with all permits,
licenses or other approvals required of them under applicable
Environmental Laws to conduct their respective businesses, and
(iii) have not received notice of any actual or potential
liability under any Environmental Law, except where such
non-compliance with Environmental Laws, failure to receive required
permits, licenses or other approvals, or liability would not,
individually or in the aggregate, have a Material Adverse Effect.
Except as set forth in the Disclosure Package and the Prospectus
(exclusive of any supplement thereto), neither the Company nor any
of its subsidiaries has been named as a “potentially
responsible party” under the Comprehensive Environmental
Response, Compensation, and Liability Act of 1980, as
amended.
(ii) In the ordinary course of its
business, the Company periodically reviews the effect of
Environmental Laws on the business, operations and properties of
the Company and its subsidiaries, in the course of which it
identifies and evaluates associated costs and liabilities. On the
basis of such review, the Company and its subsidiaries have
reasonably concluded that such associated costs and liabilities
would not, singly or in the aggregate, have a Material Adverse
Effect, except as set forth in or contemplated in the Disclosure
Package and the Prospectus (exclusive of any supplement
thereto).
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(jj) The minimum funding standard
under Section 302 of the Employee Retirement Income Security
Act of 1974, as amended, and the regulations and published
interpretations thereunder (“ERISA”), has been
satisfied by each “pension plan” (as defined in
Section 3(2) of ERISA) which has been established or
maintained by the Company and/or one or more of its subsidiaries,
and the trust forming part of each such plan which is intended to
be qualified under Section 401 of the Code is so qualified;
each of the Company and its subsidiaries has fulfilled its
obligations, if any, under Section 515 of ERISA; neither the
Company nor any of its subsidiaries maintains or is required to
contribute to a “welfare plan” (as defined in
Section 3(1) of ERISA) which provides retiree or other
post-employment welfare benefits or insurance coverage (other than
“continuation coverage” (as defined in Section 602
of ERISA)); each pension plan and welfare plan established or
maintained by the Company and/or one or more of its subsidiaries is
in compliance in all material respects with the currently
applicable provisions of ERISA; and neither the Company nor any of
its subsidiaries has incurred or could reasonably be expected to
incur any withdrawal liability under Section 4201 of ERISA,
any liability under Section 4062, 4063, or 4064 of ERISA, or
any other liability under Title IV of ERISA.
(kk) Neither the Company nor any of
its subsidiaries nor, to the knowledge of the Company, any
director, officer, agent, employee or affiliate of the Company or
any of its subsidiaries is aware of or has taken any action,
directly or indirectly, that would result in a violation by such
persons of the FCPA, including, without limitation, making use of
the mails or any means or instrumentality of interstate commerce
corruptly in furtherance of an offer, payment, promise to pay or
authorization of the payment of any money, or other property, gift,
promise to give, or authorization of the giving of anything of
value to any “foreign official” (as such term is
defined in the FCPA) or any foreign political party or official
thereof or any candidate for foreign political office, in
contravention of the FCPA, and the Company, its subsidiaries and,
to the knowledge of the Company, its affiliates have conducted
their businesses in compliance with the FCPA and have instituted
and maintain policies and procedures designed to ensure, and which
are reasonably expected to continue to ensure, continued compliance
therewith.
(ll) The operations of the Company
and its subsidiaries are and have been conducted at all times in
compliance with applicable financial recordkeeping and reporting
requirements of the Currency and Foreign Transactions Reporting Act
of 1970, as amended, the money laundering statutes of all
applicable jurisdictions, the rules and regulations thereunder and
any related or similar rules, regulations or guidelines issued,
administered or enforced by any governmental agency (collectively,
the “Money Laundering Laws”) and no action, suit or
proceeding by or before any court or governmental agency, authority
or body or any arbitrator involving the Company or any of its
subsidiaries with respect to the Money Laundering Laws is pending
or, to the best knowledge of the Company, threatened.
(mm) Neither the Company nor, to the
knowledge of the Company, any director, officer, agent, employee or
affiliate of the Company is currently subject to any U.S. sanctions
administered by the Office of Foreign Assets Control of the U.S.
Treasury Department (“OFAC”); and the Company will not
directly or indirectly use the proceeds
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of the offering, or lend, contribute
or otherwise make available such proceeds, to any subsidiary, joint
venture partner or other person or entity, for the purpose of
financing the activities of any person currently subject to any
U.S. sanctions administered by OFAC.
(nn) Except as would not,
individually or in the aggregate, have a Material Adverse Effect,
the Company and its subsidiaries own, possess, license or have
other rights to use, on reasonable terms, all patents, patent
applications, trade and service marks, trade and service mark
registrations, trade names, copyrights, licenses, inventions, trade
secrets, technology, know-how and other intellectual property
necessary for the conduct of their respective businesses as now
conducted or as proposed in the Prospectus to be conducted. Neither
the Company nor any of its subsidiaries has received any notice of
any claim of infringement of or conflict with any such rights of
others that if determined adversely to the Company or such
subsidiary, would, individually or in the aggregate, have a
Material Adverse Effect.
(oo) Neither the Company nor any
subsidiary has taken, directly or indirectly, any action designed
to or that would constitute or that might reasonably be expected to
cause or result in, under the Exchange Act or otherwise,
stabilization or manipulation of the price of any security of the
Company to facilitate the sale or resale of the Stock.
(pp) The Stock has been approved for
listing, subject to official notice of issuance, on the New York
Stock Exchange.
Any certificate signed by any
officer of the Company and delivered to the Representatives or
counsel for the Underwriters in connection with the offering of the
Stock shall be deemed a representation and warranty by the Company,
as to matters covered thereby, to each Underwriter.
2. Purchase and Sale
.
(a) The Firm Stock . The
Company agrees to issue and sell to the several Underwriters the
Firm Stock upon the terms herein set forth. On the basis of the
representations, warranties and agreements herein contained, and
upon the terms bu