Exhibit 1.1
$200,000,000
Wilmington Trust Corporation
8.50%
Subordinated Notes due 2018
Underwriting Agreement
March 27, 2008
J.P.
Morgan Securities Inc.
Merrill Lynch, Pierce, Fenner & Smith
Incorporated
As
Representatives of the
several Underwriters listed
in Schedule 1 hereto
c/o J.P.
Morgan Securities Inc.
270 Park Avenue
New York, New York 10017
Ladies
and Gentlemen:
Wilmington Trust Corporation, a
Delaware corporation (the “ Company ”), proposes
to issue and sell to the several Underwriters listed in
Schedule 1 hereto (the “ Underwriters ”),
for whom you are acting as representatives (the “
Representatives ”), $200,000,000 principal amount of
its 8.50% Subordinated Notes due 2018 (the “
Securities ”). The Securities will be issued pursuant
to an Indenture dated as of May 4, 1998 (the “
Indenture ”) between the Company and Wells Fargo Bank,
National Association, as trustee (the “ Trustee
”).
The Company hereby confirms its
agreement with the several Underwriters concerning the purchase and
sale of the Securities, as follows:
1. Registration
Statement . The Company has prepared and filed with the
Securities and Exchange Commission (the “ Commission
”) under the Securities Act of 1933, as amended, and the
rules and regulations of the Commission thereunder (collectively,
the “ Securities Act ”), a registration
statement on Form S-3 (File No. 333-147694), relating to,
among other things, certain debt securities to be issued from time
to time by the Company. The Company has also filed with, or
proposes to file with, the Commission pursuant to Rule 424
under the Securities Act, one or more prospectus supplements
specifically relating to the Securities (each a “
Prospectus Supplement ”). Such registration statement,
as amended at the time it becomes effective, including the
information, if any, deemed pursuant to Rule 430A, 430B or
430C under the Securities Act to be part of the registration
statement at the time of its effectiveness, is referred to
herein
as the “ Registration Statement ”; and the
related prospectus included in the Registration Statement at the
time of its effectiveness is hereinafter referred to as the “
Base Prospectus .” Any information included in a
Prospectus Supplement that was omitted from the registration
statement at the time it became effective but that is deemed to be
a part of and included in such registration statement pursuant to
Rule 430B of the Securities Act is referred to as “
Rule 430B Information .” Each Prospectus
Supplement that omits Rule 430B Information is herein referred
to as a “ Preliminary Prospectus Supplement .”
The Prospectus Supplement in the form first used (or made available
upon request of purchasers pursuant to Rule 173 under the
Securities Act) to confirm sales of the Securities is hereinafter
referred to as the “ Final Prospectus Supplement
.” The Base Prospectus as supplemented by the Final
Prospectus Supplement is hereinafter referred to as the “
Prospectus .” Any reference in this Agreement to the
Registration Statement, the Base Prospectus, any Prospectus
Supplement previously filed with the Commission pursuant to
Rule 424 under the Securities Act 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
Securities Act, as of the effective date of the Registration
Statement or the date of such Prospectus Supplement or the
Prospectus, as the case may be and any reference to
“amend”, “amendment” or
“supplement” with respect to the Registration
Statement, any Preliminary Prospectus or the Prospectus shall be
deemed to refer to and include any documents filed after such date
under the Securities Exchange Act of 1934, as amended, and the
rules and regulations of the Commission thereunder (collectively,
the “ Exchange Act ”) that are deemed to be
incorporated by reference therein. Capitalized terms used but not
defined herein shall have the meanings given to such terms in the
Registration Statement and the Prospectus.
At or prior to the time when sales of
the Securities were first made (the “ Time of Sale
”), the Company had prepared the following information
(collectively, the “ Time of Sale Information
”): the Base Prospectus, a Preliminary Prospectus Supplement
dated March 27, 2008, and each “free-writing
prospectus” (as defined pursuant to Rule 405 under the
Securities Act) listed on Annex B hereto as constituting part of
the Time of Sale Information.
2. Purchase of the
Securities by the Underwriters . (a) The Company agrees to
issue and sell the Securities to the several Underwriters as
provided in this Agreement, and each Underwriter, on the basis of
the representations, warranties and agreements set forth herein and
subject to the conditions set forth herein, agrees, severally and
not jointly, to purchase from the Company the respective principal
amount of Securities set forth opposite such Underwriter’s
name in Schedule 1 hereto at a price equal to 99.35% of the
principal amount thereof plus accrued interest, if any, from
April 1, 2008 to the Closing Date (as defined below). The
Company will not be obligated to deliver any of the Securities
except upon payment for all the Securities to be purchased as
provided herein.
(b) The Company understands that
the Underwriters intend to make a public offering of the Securities
as soon after the effectiveness of this Agreement as in the
judgment of the Representatives is advisable, and initially to
offer the Securities on the
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terms
set forth in the Prospectus. The Company acknowledges and agrees
that the Underwriters may offer and sell Securities to or through
any affiliate of an Underwriter and that any such affiliate may
offer and sell Securities purchased by it to or through any
Underwriter.
(c) Payment for and delivery of
the Securities will be made at the offices of Simpson Thacher &
Bartlett LLP, 425 Lexington Avenue, New York, New York 10017, at
10:00 a.m., New York City time, on April 1, 2008, or at
such other time or place on the same or such other date, not later
than the fifth business day thereafter, as the Representatives and
the Company may agree upon in writing. The time and date of such
payment and delivery is referred to herein as the “
Closing Date .”
(d) Payment for the Securities
shall be made by wire transfer in immediately available funds to
the account(s) specified by the Company to the Representatives
against delivery to the nominee of The Depository Trust Company,
for the account of the Underwriters, of one or more global notes
representing the Securities (collectively, the “ Global
Note ”), with any transfer taxes payable in connection
with the sale of the Securities duly paid by the Company. The
Global Note will be made available for inspection by the
Representatives not later than 1:00 p.m., New York City time, on
the business day prior to the Closing Date.
(e) The Company acknowledges and
agrees that the Underwriters are acting solely in the capacity of
an arm’s-length contractual counterparty to the Company with
respect to the offering of Securities contemplated hereby
(including in connection with determining the terms of the
offering) and not as a financial advisor or a fiduciary to, or an
agent of, the Company or any other person. Additionally, neither
the Representatives nor any other Underwriter is advising the
Company or any other person as to any legal, tax, investment,
accounting or regulatory matters in any jurisdiction. The Company
shall consult with its own advisors concerning such matters and
shall be responsible for making its own independent investigation
and appraisal of the transactions contemplated hereby, and the
Underwriters shall have no responsibility or liability to the
Company with respect thereto. Any review by the Underwriters of the
Company, the transactions contemplated hereby or other matters
relating to such transactions will be performed solely for the
benefit of the Underwriters and shall not be on behalf of the
Company.
3. Representations and
Warranties of the Company . The Company represents and warrants
to each Underwriter that:
(a) Prospectus Supplement;
Prospectus. No order preventing or suspending the use of any
Prospectus Supplement or the Prospectus has been issued by the
Commission, and each of the Prospectus and any Prospectus
Supplement, at the time of filing thereof, complied in all material
respects with the Securities Act and, as at the time of filing
thereof, as of their respective dates and as of the Closing Date,
did not contain any untrue statement of a material fact or omit to
state a material fact required to be stated therein or necessary in
order to make the statements therein, in the light of the
circumstances under which they were made, not misleading; and on
the date of any
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filing
pursuant to Rule 424(b) under the Securities Act and on the Closing
Date, the Prospectus (together with any Prospectus Supplement) will
not contain any untrue statement of a material fact or omit to
state any material fact required to be stated therein or necessary
to make the statements therein, in light of the circumstances under
which they were made, not misleading; provided that the
Company makes no representation or warranty with respect to any
statements or omissions made in reliance upon and in conformity
with information relating to any Underwriter furnished to the
Company in writing by such Underwriter through the Representatives
expressly for use in any Prospectus Supplement.
(b) Time of Sale
Information . The Time of Sale Information, at the Time of Sale
did not, and at the Closing Date will not, contain any untrue
statement of a material fact or omit to state a material fact
necessary in order to make the statements therein, in the light of
the circumstances under which they were made, not misleading;
provided that the Company makes no representation or
warranty with respect to any statements or omissions made in
reliance upon and in conformity with information relating to any
Underwriter furnished to the Company in writing by such Underwriter
through the Representatives expressly for use in such Time of Sale
Information. No statement of material fact included in the
Prospectus has been omitted from the Time of Sale Information and
no statement of material fact included in the Time of Sale
Information that is required to be included in the Prospectus has
been omitted therefrom.
(c) Issuer Free Writing
Prospectus. The Company (including its agents and
representatives, other than the Underwriters in their capacity as
such) has not prepared, made, used, authorized, approved or
referred to and will not prepare, make, use, authorize, approve or
refer to any “written communication” (as defined in
Rule 405 under the Securities Act) that constitutes an offer
to sell or solicitation of an offer to buy the Securities (each
such communication by the Company or its agents and representatives
(other than a communication referred to in clauses (i)
(ii) and (iii) below) an “ Issuer Free Writing
Prospectus ”) other than (i) any document not
constituting a prospectus pursuant to Section 2(a)(10)(a) of
the Securities Act or Rule 134 under the Securities Act,
(ii) the Base Prospectus, (iii) any Preliminary
Prospectus Supplement, (iv) the Prospectus, (v) the
documents listed on Annex B hereto as constituting the Time of Sale
Information and (vi) any electronic road show or other written
communications, in each case approved in writing in advance by the
Representatives. Each such Issuer Free Writing Prospectus complied
in all material respects with the Securities Act, has been or will
be (within the time period specified in Rule 433) filed in
accordance with the Securities Act (to the extent required thereby)
and, when taken together with the Time of Sale Information, at the
Time of Sale did not, and at the Closing Date will not, contain any
untrue statement of a material fact or omit to state a material
fact necessary in order to make the statements therein, in the
light of the circumstances under which they were made, not
misleading; provided that the Company makes no
representation and warranty with respect to any statements or
omissions made in each such Issuer Free Writing Prospectus in
reliance upon and in conformity with information relating to any
Underwriter furnished to the Company in writing by such Underwriter
through the Representatives expressly for use in any Issuer Free
Writing Prospectus.
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(d) Registration Statement
and Prospectus. The Registration Statement is an
“automatic shelf registration statement” as defined
under Rule 405 of the Securities Act that has been filed with
the Commission not earlier than three years prior to the date
hereof; 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 Securities Act has been
received by the Company. No order suspending the effectiveness of
the Registration Statement 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. As of the
applicable effective date of the Registration Statement and of any
amendment thereto, the Registration Statement complied and will
comply in all material respects with the Securities Act and the
Trust Indenture Act of 1939, as amended, and the rules and
regulations of the Commission thereunder (collectively, the “
Trust Indenture Act ”), and did not and will not
contain any untrue statement of a material fact or omit to state a
material fact required to be stated therein or necessary in order
to make the statements therein not misleading; and as of the date
of the Prospectus and any amendment or supplement thereto and as of
the Closing Date, the Prospectus will not contain any untrue
statement of a material fact or omit to state a material fact
required to be stated therein or necessary in order to make the
statements therein, in the light of the circumstances under which
they were made, not misleading; provided that the Company
makes no representation or warranty with respect to (i) that
part of the Registration Statement that constitutes the Statement
of Eligibility and Qualification (Form T-1) of the Trustee under
the Trust Indenture Act or (ii) any statements or omissions
made in reliance upon and in conformity with information relating
to any Underwriter furnished to the Company in writing by such
Underwriter through the Representatives expressly for use in the
Registration Statement and the Prospectus and any amendment or
supplement thereto.
(e) Incorporated
Documents. The documents incorporated by reference in the
Registration Statement, the Prospectus and the Time of Sale
Information, when they were filed with the Commission conformed in
all material respects to the requirements of the Exchange Act, and
none of such documents contained any 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, in the light
of the circumstances under which they were made, not misleading;
and any further documents so filed and incorporated by reference in
the Registration Statement, the Prospectus or the Time of Sale
Information, when such documents are filed with the Commission,
will conform in all material respects to the requirements of the
Securities Act or the Exchange Act, as applicable, and will not
contain any 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.
(f) Financial
Statements. The financial statements and the related notes
thereto included or incorporated by reference in the Registration
Statement, the Time of Sale Information and the Prospectus comply
in all material respects with the applicable requirements of the
Securities Act and the Exchange Act, as applicable, and present
fairly the financial position of the Company and its consolidated
subsidiaries as of the
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dates
indicated and the results of their operations and the changes in
their cash flows for the periods specified; such financial
statements have been prepared in conformity with generally accepted
accounting principles applied on a consistent basis throughout the
periods covered thereby, and the supporting schedules included or
incorporated by reference in the Registration Statement present
fairly the information required to be stated therein; and the other
financial information included or incorporated by reference in the
Registration Statement, the Time of Sale Information and the
Prospectus has been derived from the accounting records of the
Company and its subsidiaries and presents fairly the information
shown thereby.
(g) No Material Adverse
Change. Since the date of the most recent financial statements
of the Company included or incorporated by reference in the
Registration Statement, the Time of Sale Information and the
Prospectus, there has not been any change in the capital stock
(other than the issuance of shares of capital stock upon the
exercise of stock options pursuant to stock option plans and the
repurchase of shares of capital stock by the Company under its
share repurchase plan, in each case as disclosed in documents
incorporated by reference in the Registration Statement, the Time
of Sale Information or the Prospectus) or long-term debt of the
Company or any of its subsidiaries, or any dividend or distribution
of any kind declared, set aside for payment, paid or made by the
Company on any class of capital stock (other than as described in
the Company’s Current Report on Form 8-K, furnished to the
Commission on January 18, 2008), or any material adverse
change, or any adverse development which materially affects the
business, properties, management (which shall be understood to
refer to the Company’s “named executive officers”
as set forth in the Company’s Proxy Statement on
Schedule 14A, filed with the Commission on February 29,
2008), financial condition, or results of operations of the Company
and its subsidiaries taken as a whole, except in each case as
otherwise disclosed in the Registration Statement, the Time of Sale
Information and the Prospectus.
(h) Organization and Good
Standing.
(i) The
Company is validly existing and, to the extent such concept is
applicable thereto, in good standing under the laws of its
jurisdiction of organization, is duly qualified to do business and
is in good standing in each jurisdiction in which its ownership or
lease of property or the conduct of its businesses requires such
qualification, and has all power and authority necessary to own or
hold its properties and to conduct the businesses in which it is
engaged, except where the failure to be so qualified, in good
standing or have such power or authority would not, individually or
in the aggregate, have a material adverse effect on the business,
properties, management (which shall be understood to refer to the
Company’s “named executive officers” as set forth
in the Company’s Proxy Statement on Schedule 14A, filed
with the Commission on February 29, 2008), financial position
or results of operations of the Company and the Significant
Subsidiaries (as defined below) taken as a whole or on the
performance by the Company of its obligations under the Securities
(a “ Material Adverse Effect ”).
(ii) Each
of the Company’s significant subsidiaries listed in
Schedule 2 hereto (each such significant subsidiary a
“Significant Subsidiary” and,
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collectively, the “Significant Subsidiaries”) has been
duly organized and is validly existing and, to the extent such
concept is applicable thereto, in good standing under the laws of
their respective jurisdictions of organization, is duly qualified
to do business and is in good standing in each jurisdiction in
which its respective ownership or lease of property or the conduct
of its respective businesses requires such qualification, and has
all power and authority necessary to own or hold its respective
properties and to conduct the businesses in which it is engaged,
except where the failure to be so qualified, in good standing or
have such power or authority would not, individually or in the
aggregate, have a Material Adverse Effect.
(i) Capitalization. The
Company has an authorized capitalization as set forth in the
Registration Statement, the Time of Sale Information and the
Prospectus under the heading “Capitalization” and all
the outstanding shares of capital stock or other equity interests
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 on
voting or transfer or any other claim of any third party.
(j) Due Authorization.
The Company has all requisite corporate power and authority to
execute and deliver this Agreement, the Securities and the
Indenture (collectively, the “ Transaction Documents
”) and to perform its obligations hereunder and thereunder;
and all action required to be taken for the due and proper
authorization, execution and delivery of each of the Transaction
Documents and the consummation of the transactions contemplated
thereby has been duly and validly taken.
(k) The Indenture. The
Indenture has been duly authorized by the Company and upon
effectiveness of the Registration Statement was or will have been
duly qualified under the Trust Indenture Act and constitutes a
valid and legally binding agreement of the Company enforceable
against the Company in accordance with its terms, except as
enforceability may be limited by (i) applicable bankruptcy,
reorganization, insolvency, moratorium, fraudulent conveyance,
liquidation or similar laws relating to or affecting the
enforcement of creditors’ rights and remedies generally,
(ii) the application of general principles of equity
(regardless of whether considered in a proceeding in equity or at
law, and including without limitation the possible unavailability
of specific performance, injunctive relief or any other equitable
remedy and concepts of materiality, reasonableness, good faith and
fair dealing) relating to enforceability, and (iii) public policy
(collectively, the “ Enforceability Exceptions
”).
(l) The Securities . The
Securities have been duly authorized by the Company and, when duly
executed, authenticated, issued and delivered as provided in the
Indenture and paid for as provided herein, will be duly and validly
issued and outstanding and will constitute valid and legally
binding obligations of the Company enforceable against the Company
in accordance with their terms, subject to the Enforceability
Exceptions, and will be entitled to the benefits of the
Indenture.
(m) Underwriting
Agreement . This Agreement has been duly authorized, executed
and delivered by the Company.
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(n) Descriptions of the
Transaction Documents . Each Transaction Document conforms in
all material respects to the description thereof contained in the
Registration Statement, the Time of Sale Information and the
Prospectus.
(o) No Violation or
Default. Neither the Company nor any of the Significant
Subsidiaries is (i) in violation of its charter or by-laws or
similar organizational documents; (ii) in default, and no
event has occurred that, 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 the
Significant Subsidiaries is a party or by which the Company or any
of the Significant Subsidiaries is bound or to which any of the
property or assets of the Company or any of the Significant
Subsidiaries is subject; or (iii) in violation of any law or
statute or any judgment, order, rule or regulation of any court or
arbitrator or governmental or regulatory authority, except, in the
case of clauses (ii) and (iii) above, for any such
default or violation that would not, individually or in the
aggregate, have a Material Adverse Effect.
(p) No Conflicts. The
execution, delivery and performance by the Company of each of the
Transaction Documents, the issuance and sale of the Securities and
compliance by the Company with the terms thereof and the
consummation of the transactions contemplated by the Transaction
Documents will not (i) conflict with or result in a breach or
violation of any of the terms or provisions of, or constitute a
default under, or result in the creation or imposition of any lien,
charge or encumbrance upon any property or assets of the Company or
any of the Significant Subsidiaries pursuant to, any indenture,
mortgage, deed of trust, loan agreement or other agreement or
instrument to which the Company or any of the Significant
Subsidiaries is a party or by which the Company or any of the
Significant Subsidiaries is bound or to which any of the property
or assets of the Company or any of the Significant Subsidiaries is
subject, (ii) result in any violation of the provisions of the
charter or by-laws or similar organizational documents of the
Company or any of its subsidiaries or (iii) result in the
violation of any law or statute or any judgment, order, rule or
regulation of any court or arbitrator or governmental or regulatory
authority, except, in the case of clauses (i) and
(iii) above, for any such conflict, breach, violation or
default that would not, individually or in the aggregate, have a
Material Adverse Effect.
(q) No Consents Required
. No consent, approval, authorization, order, registration or
qualification of or with any court or arbitrator or governmental or
regulatory authority is required for the execution, delivery and
performance by the Company of each of the Transaction Documents,
the issuance and sale of the Securities and compliance by the
Company with the terms thereof and the consummation of the
transactions contemplated by the Transaction Documents, except for
the registration of the Securities under the Securities Act, the
qualification of the Indenture under the Trust Indenture Act and
such consents, approvals, authorizations, orders and registrations
or qualifications as may be required under applicable state
securities laws in connection with the purchase and distribution of
the Securities by the Underwriters.
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(r) Bank Holding Company
Status . The Company is duly registered as a bank holding
company and qualified as a financial holding company under the Bank
Holding Company Act of 1956.
(s) Compliance with Banking
Regulations . The Company and each of its subsidiaries are in
compliance with all laws administered by the Board of Governors of
the Federal Reserve System (the “ Federal Reserve
Board ”), the Office of the Comptroller of the Currency
(the “ OCC” ), the Federal Deposit Insurance
Corporation (“ FDIC ”) and any other federal or
state bank regulatory authorities (together with the Federal
Reserve Board, the OCC and the FDIC, the “ Bank Regulatory
Authorities ”) with jurisdiction over the Company or any
of its subsidiaries, except for any such non-compliance that would
not individually or in the aggregate have a Material Adverse
Effect.
(t) Bank Regulatory
Proceedings . There are no written agreements or other written
statements as described under 12 U.S.C.1818(u) between any federal
banking agency and the Company or any of its subsidiaries (whether
or not such federal banking agency has determined that publication
would be contrary to the public interest) and except as disclosed
to the Underwriters, there are no material agreements, memoranda of
understanding, cease and desist orders, orders of prohibition or
suspension or consent decrees between any Bank Regulatory Authority
and the Company or any of its subsidiaries.
(u) Legal Proceedings.
Except as described in the Registration Statement, the Time of Sale
Information and the Prospectus, there are no legal, governmental or
regulatory investigations, actions, suits or proceedings pending to
which the Company or any of the Significant Subsidiaries is a party
or to which any property of the Company or any of the Significant
Subsidiaries is the subject that, individually or in the aggregate,
if determined adversely to the Company or any of the Significant
Subsidiaries, could reasonably be expected to have a Material
Adverse Effect; no such investigations, actions, suits or
proceedings are threatened or, to the best knowledge of the
Company, threatened by any governmental or regulatory authority or
others; and (i) there are no current or pending legal,
governmental or regulatory actions, suits or proceedings that are
required under the Securities Act to be described in the
Registration Statement or the Prospectus that are not so described
in the Registration Statement, the Time of Sale Information and the
Prospectus and (ii) there are no statutes, regulations or
contracts or other documents that are required under the Securities
Act to be filed as exhibits to the Registration Statement or
described in the Registration Statement and the Prospectus that are
not so filed as exhibits to the Registration Statement or described
in the Registration Statement, the Time of Sale Information and the
Prospectus.
(v) Independent
Accountants. KPMG LLP, which has certified certain financial
statements of the Company and its subsidiaries, is an independent
registered public accounting firm with respect to the Company and
its consolidated subsidiaries within the applicable rules and
regulations adopted by the Commission and the Public Company
Accounting Oversight Board (United States) and as required by the
Securities Act.
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(w) No Undisclosed
Relationships. No relationship, direct or indirect, exists
between or among the Company or any of its subsidiaries, on the one
hand, and the directors, officers, stockholders, customers or
suppliers of the Company or any of its subsidiaries, on the other,
that is required by the Securities Act to be described in the
Registration Statement and the Prospectus and that is not so
described in such documents and in the Time of Sale
Information.
(x) Investment Company
Act. The Company is not and, after giving effect to the
offering and sale of the Securities and the application of the
proceeds thereof as described in the Registration Statement, the
Time of Sale Information and the Prospectus, will not be an
“investment company” or an entity
“controlled” by an “investment company”
within the meaning of the Investment Company Act of 1940, as
amended, and the rules and regulations of the Commission thereunder
(collectively, the “ Investment Company Act
”).
(y) Taxes. The Company
and the Significant Subsidiaries have paid all federal, state,
local and foreign taxes and filed all tax returns required to be
paid or filed through the date hereof except where such non-payment
could not reasonably be expected to have a Material Adverse Effect;
and except as otherwise disclosed in the Registration Statement,
the Time of Sale Information and the Prospectus, there is no tax
deficiency that has been asserted against the Company or any of the
Significant Subsidiaries or any of their respective properties or
assets that could reasonably be expected to have a Material Adverse
Effect.
(z) Licenses and
Permits. The Company and the Significant Subsidiaries possess
all licenses, certificates, permits and other authorizations issued
by, and have made all declarations and filings with, the
appropriate federal, state, local or foreign governmental or
regulatory authorities that are necessary for the ownership or
lease of their respective properties or the conduct of their
respective businesses as described in the Registration Statement,
the Time of Sale Information and the Prospectus, except where the
failure to possess or make the same would not, individually or in
the aggregate, have a Material Adverse Effect; and except as
described in the Registration Statement, the Time of Sale
Information and the Prospectus, neither the Company nor any of the
Significant Subsidiaries has received notice of any revocation or
modification of any such license, certificate, permit or
authorization.
(aa) No Labor Disputes.
No labor disturbance by or dispute with employees of the Company or
any of the Significant Subsidiaries exists or, to the best
knowledge of the Company, is threatened and the Company is not
aware of any existing or imminent labor disturbance by, or dispute
with, the employees of any of its or the Significant
Subsidiaries’ principal suppliers, contractors or customers,
except as would not have a Material Adverse Effect.
(bb) Disclosure Controls
. The Company maintains an effective system of “disclosure
controls and procedures” (as defined in Rule 13a-15(e)
of the Exchange Act) that is designed to ensure that information
required to be disclosed by the Company in reports that it files or
submits under the Exchange Act is recorded, processed,
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summarized and reported within the time periods specified in the
Commission’s rules and forms, including controls and
procedures designed to ensure that such information is accumulated
and communicated to the Company’s management as appropriate
to allow timely decisions regar
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