EXHIBIT 1.1
EXECUTION COPY
TRW
AUTOMOTIVE HOLDINGS CORP.
Common Stock
Underwriting Agreement
May 29, 2007
Banc of
America Securities LLC
9 West 57th Street
New York, New York 10019
Ladies
and Gentlemen:
The persons named in Schedule 2
hereto (each, a “ Selling Stockholder ” and
together, the “ Selling Stockholders ”), propose
severally, subject to the terms and conditions stated herein, to
sell to you (“ you ” or the “
Underwriter ”) an aggregate of 11,000,000 shares (the
“ Shares ”), par value $.01 per share (“
Stock ”) of TRW Automotive Holdings Corp., a Delaware
corporation (the “ Company ”). The number of
Shares to be sold by each Selling Stockholder is the number of
Shares set forth opposite the name of such Selling Stockholder in
Schedule 2 hereto.
1. (i) The Company
represents and warrants to, and agrees with, the Underwriter
that:
(a) An “automatic shelf
registration statement” as defined under Rule 405 under
the Securities Act of 1933, as amended (the “ Act
”) on Form S-3 (File No. 333-138457) in respect of the
Shares has been filed with the Securities and Exchange Commission
(the “ Commission ”) not earlier than three
years prior to the date hereof; such registration statement, and
any post-effective amendment thereto, became effective on filing;
and no stop order suspending the effectiveness of such registration
statement or any part thereof has been issued and no proceeding for
that purpose has been initiated or, to the knowledge of the
Company, threatened by the Commission, and no notice of objection
of the Commission to the use of such registration statement or any
post-effective amendment thereto pursuant to Rule 401(g)(2)
under the Act has been received by the Company (the base prospectus
filed as part of such registration statement, in the form in which
it has most recently been filed with the Commission on or prior to
the date of this Agreement, is hereinafter called the “
Basic Prospectus ”; any preliminary prospectus
(including any preliminary prospectus supplement) relating to the
Shares filed with the Commission pursuant to Rule 424(b) under the
Act is hereinafter called a “ Preliminary Prospectus
”; the various parts of such registration statement,
including (x) documents incorporated by reference therein,
(y) all exhibits thereto and (z) any prospectus
supplement relating to the Shares that is filed with the Commission
and deemed by virtue of Rule 430B to be part of such
registration statement, each as amended at the time such part of
the registration statement became effective, are hereinafter
collectively called the “ Registration Statement
”; the Basic Prospectus, as amended and supplemented
immediately prior to the Applicable Time (as defined in
Section 1(i)(c) hereof), is hereinafter called the “
Pricing
Prospectus ”; the form of the final prospectus
relating to the Shares filed with the Commission pursuant to Rule
424(b) under the Act in accordance with Section 4(i)(a) hereof
is hereinafter called the “ Prospectus ”; any
reference herein to the Basic Prospectus, the Pricing 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 under the Act, as of
the date of such prospectus; any reference to any amendment or
supplement to the Basic Prospectus, any Preliminary Prospectus or
the Prospectus shall be deemed to refer to and include any
post-effective amendment to the Registration Statement, any
prospectus supplement relating to the Shares filed with the
Commission pursuant to Rule 424(b) under the Act and any documents
filed under the Securities Exchange Act of 1934, as amended (the
“ Exchange Act ”), and incorporated therein, in
each case after the date of the Basic Prospectus, such Preliminary
Prospectus, or the Prospectus, as the case may be; any reference to
any amendment to the Registration Statement shall be deemed to
refer to and include any annual report of the Company filed
pursuant to Section 13(a) or 15(d) of the Exchange Act after the
effective date of the Registration Statement that is incorporated
by reference in the Registration Statement; and any “issuer
free writing prospectus” as defined in Rule 433 under
the Act relating to the Shares is hereinafter called an “
Issuer Free Writing Prospectus ”);
(b) No order preventing or suspending
the use of any Preliminary Prospectus or any Issuer Free Writing
Prospectus has been issued by the Commission, and each Preliminary
Prospectus, at the time of filing thereof, conformed in all
material respects to the requirements of the Act and the rules and
regulations of the Commission thereunder, and did not contain 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; provided , however ,
that this representation and warranty shall not apply to any
statements or omissions made in reliance upon and in conformity
with information furnished in writing to the Company by or on
behalf of the Underwriter or any Selling Stockholder expressly for
use therein;
(c) For the purposes of this
Agreement, the “Applicable Time” is 9:45p.m. (New York
time) on the date of this Agreement. The Pricing Prospectus, as of
the Applicable Time, did 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; and each Issuer Free
Writing Prospectus listed on Schedule 3(a) hereto does not conflict
with the information contained in the Registration Statement, the
Pricing Prospectus or the Prospectus and each such Issuer Free
Writing Prospectus, as supplemented by and taken together with the
Pricing Prospectus as of the Applicable Time and the information
included on Schedule 3(b) hereto, did 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;
provided , however , that this representation and
warranty shall not apply to statements or omissions made in the
Pricing Prospectus or an Issuer Free Writing Prospectus in reliance
upon and in conformity with information furnished in writing to the
Company by or on behalf of the Underwriter or any Selling
Stockholder expressly for use therein;
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(d) The documents incorporated by
reference in the Pricing Prospectus and the Prospectus, 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, and the rules and
regulations of the Commission thereunder, and none of such
documents contained an untrue statement of a material fact or
omitted to state a material fact required to be stated therein or
necessary to make the statements therein not misleading; and any
further documents so filed and incorporated by reference in the
Prospectus 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 and will not
contain 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 not misleading; provided ,
however , that this representation and warranty shall not
apply to any statements or omissions made in reliance upon and in
conformity with information furnished in writing to the Company by
or on behalf of the Underwriter or any Selling Stockholder
expressly for use therein; and no such documents were filed with
the Commission since the Commission’s close of business on
the business day immediately prior to the date of this Agreement
and prior to the execution of this Agreement, except as set forth
on Schedule 3(c) hereto;
(e) The Registration Statement
conforms, and the Prospectus and any further amendments or
supplements to the Registration Statement or the Prospectus will
conform, in all material respects to the requirements of the Act
and the rules and regulations of the Commission thereunder and do
not and will not, as of the applicable effective date as to the
Registration Statement and any amendment thereto and as of the
applicable filing date as to the Prospectus and any amendment or
supplement thereto, contain 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 not misleading;
provided , however , that this representation and
warranty shall not apply to any statements or omissions made in
reliance upon and in conformity with information furnished in
writing to the Company by or on behalf of the Underwriter or any
Selling Stockholder expressly for use therein;
(f) Neither the Company nor any
subsidiaries has, since the date of the most recent audited
financial statements included or incorporated by reference in the
Pricing Prospectus: (i) incurred any material liability or
obligation, direct or contingent, other than in the ordinary course
of business or (ii) entered into any material transaction or
agreement other than in the ordinary course of business, in each
case otherwise than as set forth or contemplated in the Pricing
Prospectus; and, since the respective dates as of which information
has been provided in the Registration Statement and the Pricing
Prospectus, there has not been any change in the capital stock or
long-term debt of the Company or any of its “significant
subsidiaries” (as such term is defined in Rule 1-02(w)
of Regulation S-X under the Act) (each, a “
Significant Subsidiary ” and collectively, the “
Significant Subsidiaries ”) or any dividend or
distribution of any kind declared, set aside for payment, paid or
made by the Company on any class of its capital stock except as set
forth on Schedule 4 hereto (solely with respect to Significant
Subsidiaries);
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(g) The Company and each of its
subsidiaries have good and valid title in fee simple to, or have
valid rights to lease or otherwise use, all items of real and
personal property that are material to the respective businesses of
the Company and its subsidiaries, in each case free and clear of
all liens, encumbrances, claims and defects and imperfections of
title except those that (A) do not materially interfere with
the use made and proposed to be made of such property by the
Company and its subsidiaries, (B) (x) are contemplated by the
Fifth Amended and Restated Credit Agreement dated as of May 9,
2007, as amended through the date hereof, among the Company, TRW
Automotive Intermediate Holdings Corp., TRW Automotive Inc.,
certain subsidiaries of the Company, the financial institutions
named therein and JPMorgan Chase Bank as Administrative Agent and
Collateral Agent (the “ Credit Agreement ”),
(y) are contemplated by the receivables arrangements (as such
term is used in the Prospectus) or (z) such as are described
in the Pricing Prospectus, or (C) could not reasonably be
expected, individually or in the aggregate, to have a material
adverse effect on the business, financial condition, or results of
operations of the Company and its subsidiaries, taken as a whole (a
“ Material Adverse Effect ”);
(h) The Company and each of its
Significant Subsidiaries have been duly organized and are validly
existing and in good standing under the laws of their respective
jurisdictions of organization, are duly qualified to do business
and are in good standing in each jurisdiction in which their
respective ownership or lease of property or the conduct of their
respective businesses requires such qualification, and have all
corporate power and authority necessary to own their respective
properties and to conduct the businesses in which they are engaged
as described in the Pricing Prospectus, except where the failure to
be so qualified or have such power or authority would not,
individually or in the aggregate, have a Material Adverse
Effect;
(i) The Company has an authorized
capitalization as set forth in the Pricing Prospectus and
Prospectus and all the issued and outstanding shares of capital
stock of the Company have been duly and validly authorized and
issued and are fully paid and non-assessable and conform to the
description of the Stock incorporated by reference in the Pricing
Prospectus and Prospectus; all of the outstanding shares of capital
stock of each Significant Subsidiary of the Company have been duly
and validly authorized and issued, are fully paid and
non-assessable and are owned directly or indirectly by the Company,
free and clear of any lien, charge, encumbrance, security interest,
restriction upon voting or transfer or any other claim of any third
party, other than those contained in the Credit Agreement;
(j) The Company has the corporate
power and authority to execute and deliver this Agreement and to
perform its obligations hereunder; and all corporate action
required to be taken for the due and proper authorization,
execution and delivery of this Agreement and the consummation of
the transactions contemplated hereby have been duly and validly
taken by the Company;
(k) This Agreement has been duly
authorized, executed and delivered by the Company and constitutes a
valid and legally binding agreement of the Company except as
enforceability may be limited by (A) the effects of
bankruptcy, insolvency, fraudulent conveyance,
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reorganization,
moratorium and other similar laws relating to or affecting
creditors’ rights generally, (B) general equitable
principles (whether considered in a proceeding in equity or at law)
and (C) an implied covenant of good faith and fair
dealing;
(l) The Shares have been duly and
validly authorized and issued and are fully paid and non-assessable
and conform to the description of the Stock incorporated by
reference in the Prospectus;
(m) The sale of the Shares to be sold
by the Selling Stockholders and the compliance by the Company with
all of the provisions of this Agreement and the consummation of the
transactions herein contemplated will not (A) conflict with or
result in a breach or violation of any of the terms or provisions
of, or constitute a default under, any indenture, mortgage, deed of
trust, loan agreement or other agreement or instrument to which the
Company or any of its Significant Subsidiaries is a party or by
which the Company or any of its Significant Subsidiaries is bound
or to which any of the property or assets of the Company or any of
its Significant Subsidiaries is subject, except for such conflicts,
breaches, violations, defaults, liens, charges or encumbrances that
could not, individually or in the aggregate, reasonably be expected
to have a Material Adverse Effect, (B) result in any violation
of any law or statute or any judgment, order, decree, rule or
regulation of any court or arbitrator or governmental or regulatory
authority or body having jurisdiction over the Company or any of
its Significant Subsidiaries or any of their respective properties
or assets, except for such violations that could not, individually
or in the aggregate, reasonably be expected to have a Material
Adverse Effect, or (C) result in any violation of the
provisions of the Certificate of Incorporation or By-laws (or
similar organizational documents) of the Company or any of its
Significant Subsidiaries; and no consent, approval, authorization
or order of, or filing, qualification or registration with, any
such court or arbitrator or governmental or regulatory authority or
body under any such statute, judgment, order, decree, rule or
regulation is required for the sale of the Shares to be sold by the
Selling Stockholders or consummation of the transactions
contemplated by this Agreement, except the registration under the
Act and the Exchange Act and such consents, approvals,
authorizations, registrations or qualifications as may be required
under state securities or Blue Sky laws in connection with the
purchase and distribution of the Shares by the Underwriter or to
list the Shares on the New York Stock Exchange (the “
Exchange ”);
(n) Neither the Company nor any of
its Significant Subsidiaries is (A) in violation of its
Certificate of Incorporation or By-laws (or similar organizational
documents), (B) in default in any respect or is alleged by any
other party to be in default in any respect, and no event has
occurred which, with notice or lapse of time or both, would
constitute such a default, in the due performance or observance of
any term, covenant or condition contained in any indenture,
mortgage, deed of trust, loan agreement or other agreement or
instrument to which the Company or any of its Significant
Subsidiaries is a party or by which the Company or any of its
Significant Subsidiaries is bound or to which any of the property
or assets of the Company or any of its Significant Subsidiaries is
subject or (C) in violation in any respect of any law or
statute or any judgment, order, decree, rule or regulation of any
court or arbitrator or governmental or regulatory authority or body
to which it or its property or assets may be
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subject, other
than, in the case of clauses (B) or (C), such defaults or
violations that could not, individually or in the aggregate,
reasonably be expected to have a Material Adverse Effect;
(o) Other than as set forth in the
Pricing Prospectus and Prospectus, there are no legal or
governmental proceedings pending to which the Company or any of its
subsidiaries is a party or of which any property of the Company or
any of its subsidiaries is the subject (A) as to which an
adverse determination is reasonably probable and (B) which
could reasonably be expected to have, individually or in the
aggregate, a Material Adverse Effect; and, to the knowledge of the
Company, no such proceedings are threatened or contemplated by
governmental authorities or threatened by others;
(p) The Company is not an
“investment company”, as such term is defined in the
Investment Company Act of 1940, as amended (the “
Investment Company Act ”);
(q) (A) (x) At the time of
filing the Registration Statement and (y) at the time the
Company or any person acting on its behalf (within the meaning, for
this clause only, of Rule 163(c) under the Act) made any offer
relating to the Shares in reliance on the exemption of
Rule 163 under the Act, the Company was a “well-known
seasoned issuer” as defined in Rule 405 under the Act;
and (B) at the time of the filing of the Registration
Statement, the Company was not an “ineligible issuer”
as defined in Rule 405 under the Act;
(r) Ernst & Young LLP, who has
certified certain financial statements of the Company and its
subsidiaries and has audited the Company’s internal control
over financial reporting and management’s assessment thereof,
is an independent public accountant as required by the Act and the
rules and regulations of the Commission thereunder;
(s) The Company maintains a system of
internal control over financial reporting (as such term is defined
in Rule 13a-15(f) of the Exchange Act) that complies with the
requirements of the Exchange Act and has been designed by the
Company’s principal executive officer and principal financial
officer, or under their supervision, to provide reasonable
assurance regarding the reliability of financial reporting and the
preparation of financial statements for external purposes in
accordance with generally accepted accounting principles. The
Company’s internal control over financial reporting is
effective and the Company is not aware of any material weaknesses
in its internal control over financial reporting;
(t) Since the date of the latest
audited financial statements included or incorporated by reference
in the Pricing Prospectus, there has been no change in the
Company’s internal control over financial reporting that has
materially affected, or is reasonably likely to materially affect,
the Company’s internal control over financial
reporting;
(u) The Company maintains disclosure
controls and procedures (as such term is defined in
Rule 13a-15(e) of the Exchange Act) that comply with the
requirements of the Exchange Act; such disclosure controls and
procedures have been designed to ensure that material information
relating to the Company and its subsidiaries is made known to the
Company’s
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principal
executive officer and principal financial officer by others within
those entities; and such disclosure controls and procedures are
effective;
(v) To the knowledge of the Company,
no action has been taken and no statute, rule, regulation or order
has been enacted, adopted or issued by any governmental agency or
body (other than “Blue Sky” laws, regulations or
orders) that prevents the sale of the Shares by the Selling
Stockholders in any jurisdiction; no injunction, restraining order
or order of any nature by any Federal or state court of competent
jurisdiction has been issued with respect to the Company that would
prevent or suspend the sale by the Selling Stockholders of the
Shares or the use of the Pricing Prospectus and Prospectus in any
jurisdiction; no action, suit or proceeding is pending against or,
to the knowledge of the Company, threatened against or affecting
the Company before any court or arbitrator or any governmental
agency, body or official, domestic or foreign, that could
reasonably be expected to restrain, enjoin, interfere with or
adversely affect the transactions contemplated by this Agreement in
any material respect;
(w) The Company and each of its
subsidiaries possess all licenses, certificates, permits and other
authorizations issued by the appropriate Federal, state, local or
foreign governmental or regulatory authorities or bodies that are
necessary for the conduct of their respective businesses as
described in the Pricing Prospectus and Prospectus, except where
the failure to possess the same could not, individually or in the
aggregate, reasonably be expected to have a Material Adverse
Effect, and neither the Company nor any of its subsidiaries has
received notification of any revocation or modification of any such
license, certificate, permit or other authorization or has any
reason to believe that any such license, certificate, permit or
other authorization will not be renewed in the ordinary course,
except where the failure to possess the same could not,
individually or in the aggregate, reasonably be expected to have a
Material Adverse Effect;
(x) The Company and each of its
subsidiaries have filed all Federal, state, local and foreign
income and franchise tax returns required to be filed through the
date hereof or have timely filed requests for extensions and such
extensions have been granted and have not expired and have paid all
taxes due thereon (or have made adequate provision for such taxes
on their respective balance sheets), except for taxes being
contested in good faith for which adequate reserves have been
provided and any such taxes the failure of which to pay or so file
could not, individually or in the aggregate, reasonably be expected
to have a Material Adverse Effect, and no tax deficiency has been
determined adversely to the Company or any of its subsidiaries
that, individually or in the aggregate, has had (nor does the
Company or any of its subsidiaries have any knowledge of any tax
deficiency that, individually or in the aggregate, if determined
adversely to the Company or any of its subsidiaries, could
reasonably be expected to have) a Material Adverse Effect;
(y) The Company and its subsidiaries
have insurance covering their respective properties, operations,
personnel and businesses, which insurance is in amounts and insures
against such losses and risks as is customary for similar
businesses or is required by law;
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(z) No labor dispute with the
employees of the Company or any of its subsidiaries exists or, to
the knowledge of the Company, is contemplated or threatened that,
individually or in the aggregate, could reasonably be expected to
have a Material Adverse Effect;
(aa) No “prohibited
transaction” (as defined in Section 406 of the Employee
Retirement Income Security Act of 1974, as amended, including the
regulations and published interpretations thereunder (“
ERISA ”), or Section 4975 of the Internal Revenue
Code of 1986, as amended from time to time (the “ Code
”)) or “accumulated funding deficiency” (as
defined in Section 302 of ERISA) or any of the events set
forth in Section 4043(b) of ERISA (other than events with respect
to which the 30-day notice requirement under Section 4043 of
ERISA has been waived) has occurred with respect to any employee
benefit plan of the Company or any of its subsidiaries which could
reasonably be expected, individually or in the aggregate, to have a
Material Adverse Effect; each such employee benefit plan has been
maintained in compliance with its terms and the requirements of
applicable law, including ERISA and the Code, except where any
noncompliance, individually or in the aggregate, could not
reasonably be expected to have a Material Adverse Effect; the
Company and its Significant Subsidiaries have not incurred and do
not expect to incur liability under Title IV of ERISA with respect
to the termination of, or withdrawal from, any pension plan which
could reasonably be expected, individually or in the aggregate, to
have a Material Adverse Effect;
(bb) Except as described in the
Pricing Prospectus and except as could not, individually or in the
aggregate, reasonably be expected to result in a Material Adverse
Effect, (A) neither the Company nor any of its subsidiaries is
in violation of any Federal, state, local or foreign statute, law,
rule, regulation, ordinance, code, legally binding policy or rule
of common law or any judicial or legally binding administrative
interpretation thereof, including any judicial or legally binding
administrative order, consent, decree or judgment, relating to
pollution or protection of human health, the environment
(including, without limitation, ambient air, surface water,
groundwater, land surface or subsurface strata) or wildlife,
including, without limitation, laws and regulations relating to the
release or threatened release of chemicals, pollutants,
contaminants, wastes, toxic substances, hazardous substances,
petroleum or petroleum products (collectively, “ Hazardous
Materials ”) or to the manufacture, processing,
distribution, use, treatment, storage, disposal, transport or
handling of Hazardous Materials (collectively, “
Environmental Laws ”), (B) the Company and its
subsidiaries have all permits, authorizations and approvals
required under any applicable Environmental Laws (except for such
permits, authorizations and approvals the failure of which to
possess could not, individually or in the aggregate, reasonably be
expected to result in a Material Adverse Effect) and are each in
compliance with their requirements, (C) there are no pending or, to
the knowledge of the Company, threatened administrative, regulatory
or judicial actions, suits, demands, demand letters, claims, liens,
notices of noncompliance or violation, investigations or
proceedings relating to any Environmental Law against the Company
or any of its subsidiaries and (D) to the knowledge of the
Company, there are no events or circumstances that might reasonably
be expected to form the basis of an order for clean up or
remediation, or an action, suit or proceeding by any private party
or governmental body or agency, against or affecting the
8
Company or any
of its subsidiaries relating to Hazardous Materials or any
Environmental Laws;
(cc) Except as described in the
Pricing Prospectus, there are no outstanding subscriptions, rights,
warrants, calls or options to acquire, or instruments convertible
into or exchangeable for, or agreements or understandings with
respect to the sale or issuance of, any shares of capital stock of
or other equity or other ownership interest in the Company;
(dd) Other than this Agreement,
neither the Company nor any of its subsidiaries is a party to any
contract, agreement or understanding with any person that would
give rise to a valid claim against the Company or any of its
subsidiaries or the Underwriter for a brokerage commission,
finder’s fee or like payment in connection with the offering
and sale of the Shares;
(ee) No forward-looking statement
(within the meaning of Section 27A of the Act and
Section 21E of the Exchange Act) contained in the Registration
Statement, the Preliminary Prospectus or the Prospectus has been
made or reaffirmed without a reasonable basis or has been disclosed
other than in good faith;
(ff) Neither the Company nor any of
its affiliates has taken or will take, directly or indirectly, any
action designed to, or that could reasonably be expected to, cause
or result in any stabilization or manipulation of the price of the
Shares; provided that the Company may acquire Stock in open
market transactions for purposes of matching contributions under
its 401K plan to the extent that all such open market transactions
comply with the provisions of Regulation M, as promulgated by
the Commission; and
(gg) The Company and its subsidiaries
own or possess adequate rights to use all patents, patent
applications, trademarks, service marks, trade names, trademark
registrations, service mark registrations, copyrights, licenses and
know-how (including trade secrets and other unpatented and/or
unpatentable proprietary or confidential information, systems or
procedures) necessary for the conduct of their respective
businesses, except where the failure to own or possess such rights
could not reasonably be expected to have a Material Adverse Effect;
and, to the knowledge of the Company, the conduct of their
respective businesses does not conflict with any such rights of
others, except for any such conflicts as could not reasonably be
expected to have a Material Adverse Effect, and the Company and its
subsidiaries have not received any written notice of any claim of
infringement of or conflict with any such rights of others
(a) as to which an adverse determination is probable and
(b) which could reasonably be expected to have, individually,
a Material Adverse Effect.
(ii) Each
Selling Stockholder, severally and not jointly, represents and
warrants to, and agrees with, the Underwriter that:
(a) This Agreement has been duly
authorized (with respect to Selling Stockholders who are not
natural persons), executed and delivered by such Selling
Stockholder;
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(b) Such Selling Stockholder, as of
the Time of Delivery (as defined in Section 3(i)), will be the
lawful owner of the number of Shares to be sold by such Selling
Stockholder pursuant to this Agreement and, at the Time of
Delivery, will have valid title to such Shares, free and clear of
all liens, encumbrances, claims and defects and imperfections of
title;
(c) Such Selling Stockholder has full
legal right, power and authority to enter into this Agreement and
to sell, assign, transfer and deliver the Shares to be sold by such
Selling Stockholder pursuant to this Agreement in the manner
provided in this Agreement;
(d) Such Selling Stockholder has not
taken nor will take, directly or indirectly, any action designed
to, or that could reasonably be expected to, cause or result in any
stabilization or manipulation of the price of the Shares;
(e) No consent, approval,
authorization or order of any court or arbitrator or governmental
or regulatory authority or body under any statute or any judgment,
order, decree, rule or regulation of any court or arbitrator or
governmental or regulatory authority or body is required for the
sale of the Shares to be sold by such Selling Stockholder or the
consummation by such Selling Stockholder of the transactions
contemplated by this Agreement, except such as may have been
obtained under the Act and such as may be required under state
securities or Blue Sky laws in connection with the purchase and
distribution of the Shares by the Underwriter and such other
approvals as have been obtained;
(f) The sale of the Shares to be sold
by such Selling Stockholder and the compliance by such Selling
Stockholder with all of the provisions of this Agreement and the
consummation of the transactions herein contemplated will not
(A) conflict with or result in a breach or violation of any of
the terms or provisions of, or constitute a default under, any
indenture, mortgage, deed of trust, loan agreement or other
agreement or instrument to which such Selling Stockholder is a
party or by which the such Selling Stockholder is bound or to which
any of the property or assets of such Selling Stockholder is
subject, except for such conflicts, breaches, violations, defaults,
liens, charges or encumbrances that could not, individually or in
the aggregate, reasonably be expected to have a material adverse
effect on the business, financial condition, or results of
operations of such Selling Stockholder, (B) result in any
violation of any law or statute or any judgment, order, decree,
rule or regulation of any court or arbitrator or governmental or
regulatory authority or body having jurisdiction over such Selling
Stockholder or any of its respective properties or assets, except
for such violations that could not, individually or in the
aggregate, reasonably be expected to have a material adverse effect
on the business, financial condition, or results of operations of
such Selling Stockholder, or (C) result in any violation of
the provisions of the Certificate of Incorporation or By-laws (or
similar organizational documents) of such Selling Stockholder if
such Selling Stockholder is not a natural person;
(g) Other
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