Exhibit 1.1
EXECUTION COPY
FOREST OIL CORPORATION
12,500,000 Shares of Common Stock
UNDERWRITING
AGREEMENT
May 20, 2009
DEUTSCHE BANK SECURITIES INC.
CREDIT SUISSE SECURITIES (USA) LLC
As Representatives of the
several Underwriters
listed
in Schedule 1
hereto
c/o Deutsche Bank Securities
Inc.
60 Wall Street, 4 th Floor
New York, New York 10005
c/o Credit Suisse Securities (USA)
LLC
Eleven Madison Avenue,
New York, N.Y. 10010-3629
Ladies and Gentlemen:
Forest Oil Corporation, a New York
corporation (the “Company”), agrees with the several
Underwriters named in Schedule 1 hereto
(“Underwriters”) to issue and sell to the several
Underwriters 12,500,000 shares (“Firm Securities”) of
its common stock, $0.10 par value (“Common Stock”)
and also proposes to issue and sell to the Underwriters, at the
option of the Underwriters, an aggregate of not more than 1,875,000
additional shares (“Optional Securities”) of its Common
Stock as set forth below. The Firm Securities and the Optional
Securities are herein collectively called the
“Securities.”
The Company hereby confirms its
agreement with the several Underwriters concerning the purchase and
resale 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
shelf registration statement (File No. 333-159346), including
a prospectus, relating to the Securities. Such registration
statement, as amended at the time it became 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 (“Rule 430
Information”), is referred to herein as the
“Registration Statement”; and as used herein, the term
“Preliminary Prospectus” means the preliminary
prospectus supplement filed with the Commission pursuant to
Rule 424(b) under the Securities Act on May 19, 2009
and the base prospectus included in the Registration Statement at
the time of its effectiveness that omits Rule 430 Information,
and the term “Prospectus” means the prospectus in the
form first used
(or made available upon request of purchasers
pursuant to Rule 173 under the Securities Act) in connection
with confirmation of sales of the Securities. Any reference
in this Agreement to the Registration Statement, 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 Securities Act, as of the
effective date of the Registration Statement or the date of such
Preliminary Prospectus 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.
At or prior to the Applicable Time
(as defined below), the Company had prepared the following
information (collectively with the pricing information set forth on
Annex A, the “Time of Sale Information”): the
Preliminary Prospectus.
“Applicable Time” means
9:00 A.M., New York City time, on May 20,
2009.
2.
Purchase, Sale and Delivery of the Securities . On the
basis of the representations, warranties and agreements and subject
to the terms and conditions set forth herein, the Company agrees to
sell to the several Underwriters, and each of the Underwriters
agrees, severally and not jointly, to purchase from the Company, at
a purchase price of $17.85 per share, the respective number of
shares of Securities set forth opposite the names of the
Underwriters in Schedule 1 hereto.
The Company will deliver the Firm
Securities to or as instructed by the Representatives for the
accounts of the several Underwriters in a form reasonably
acceptable to the Representatives against payment of the purchase
price by the Underwriters in Federal (same day immediately
available) funds by wire transfer to an account specified by the
Company to the Representatives drawn to the order of Forest Oil
Corporation at the office of Simpson Thacher & Bartlett
LLP, at 10 A.M., New York time, on May 26, 2009, or at
such other time or place on the same or such other date not later
than seven full business days thereafter as the Representatives and
the Company determine, such time being herein referred to as the
“First Closing Date”. For purposes of Rule 15c6-1
under the Securities Exchange Act of 1934, the First Closing Date
(if later than the otherwise applicable settlement date) shall be
the settlement date for payment of funds and delivery of securities
for all the Firm Securities sold pursuant to the offering.
The Firm Securities so to be delivered or evidence of their
issuance will be made available for checking by the Representative
not later than 4:00 P.M., New York time on the business day
prior to the First Closing Date.
In addition, upon written notice
from the Representatives given to the Company from time to time not
more than 30 days subsequent to the date of the Prospectus, the
Underwriters may purchase all or less than all of the Optional
Securities at the purchase price per Security to be paid for the
Firm Securities. The Company agrees to sell to the Underwriters the
number of shares of Optional Securities specified in such notice
and the Underwriters agree, severally and not jointly, to purchase
such Optional Securities. Such Optional Securities shall be
purchased
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for the account of each Underwriter in the same
proportion as the number of shares of Firm Securities set forth
opposite such Underwriter’s name bears to the total number of
shares of Firm Securities (subject to adjustment by the
Representatives to eliminate fractions) and may be purchased by the
Underwriters only for the purpose of covering over-allotments made
in connection with the sale of the Firm Securities. No Optional
Securities shall be sold or delivered unless the Firm Securities
previously have been, or simultaneously are, sold and delivered.
The right to purchase the Optional Securities or any portion
thereof may be exercised from time to time and to the extent not
previously exercised may be surrendered and terminated at any time
upon notice by the Representatives to the Company.
Each time for the delivery of and
payment for the Optional Securities, being herein referred to as an
“Optional Closing Date”, which may be the First Closing
Date (the First Closing Date and each Optional Closing Date, if
any, being sometimes referred to as a “Closing Date”),
shall be determined by the Representatives but shall be not later
than five full business days after written notice of election to
purchase Optional Securities is given. The Company will deliver the
Optional Securities being purchased on each Optional Closing Date
to or as instructed by the Representatives for the accounts of the
several Underwriters in a form reasonably acceptable to the
Representatives against payment of the purchase price therefor in
Federal (same day) funds by wire transfer to an account at a bank
acceptable to the Representatives drawn to the order of Forest Oil
Corporation. The Optional Securities being purchased on each
Optional Closing Date or evidence of their issuance will be made
available for checking by the Representatives at a reasonable time
in advance of such Optional Closing Date.
3.
Representations and Warranties of the Company . The
Company represents and warrants to each Underwriter
that:
(a)
Preliminary Prospectus. No order preventing or
suspending the use of any Preliminary Prospectus has been issued by
the Commission, and each Preliminary Prospectus included in the
Time of Sale Information, at the time of filing thereof, complied
in all material respects with the Securities Act, and no
Preliminary Prospectus, at the time of filing thereof, contained
any untrue statement of a material fact or omitted 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 reliance upon and in conformity with information
relating to any Underwriter furnished to the Company by such
Underwriter through the Representatives expressly for use in any
Preliminary Prospectus, it being understood and agreed that the
only such information furnished by any Underwriter consists of the
information described as such in
Section 7(b) hereof.
(b)
Time of Sale Information . The Time of Sale
Information as of the Applicable Time did not, and as of 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 reliance upon and in conformity
with information relating to any Underwriter
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furnished to the Company by
such Underwriter through the Representatives expressly for use in
such Time of Sale Information, it being understood and agreed that
the only such information furnished by any Underwriter consists of
the information described as such in
Section 7(b) hereof.
(c)
Issuer Free Writing Prospectus. Other than the
Registration Statement, the Preliminary Prospectus and the
Prospectus, the Company (including its agents and Representatives,
other than the Underwriters in their capacity as such) has not
prepared, used, authorized, approved or referred to and will not
prepare, 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 clause (i) 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 or (ii) each electronic
road show and any other written communications 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 Preliminary Prospectus accompanying, or delivered prior to
delivery of, such Issuer Free Writing Prospectus, did not, and as
of 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 or Preliminary Prospectus in reliance upon and in
conformity with information relating to any Underwriter furnished
to the Company by such Underwriter through the Representatives
expressly for use in such Issuer Free Writing Prospectus or
Preliminary Prospectus, it being understood and agreed that the
only such information furnished by any Underwriter consists of the
information described as such in
Section 7(b) hereof.
(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 of
the Securities has been initiated or threatened by the Commission;
as of the applicable effective date of the Registration Statement
and any post-effective amendment thereto, the Registration
Statement and any such post-effective amendment complied and will
comply in all material respects with the Securities 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
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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 reliance upon and in conformity with
information relating to any Underwriter furnished to the Company by
such Underwriter through the Representatives expressly for use in
the Registration Statement and the Prospectus and any amendment or
supplement thereto, it being understood and agreed that the only
such information furnished by any Underwriter consists of the
information described as such in
Section 7(b) hereof.
(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
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
Exchange Act and will not contain any untrue statement of a
material fact or omit to state a material fact necessary to make
the statements therein, in the light of the circumstances under
which they were made, not misleading.
(f)
Ineligible Issuer Status . (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 Securities and
(ii) at the date of this Agreement, the Company was not and is
not an “ineligible issuer,” as defined in
Rule 405, including (x) the Company or any other
subsidiary in the preceding three years not having been convicted
of a felony or misdemeanor or having been made the subject of a
judicial or administrative decree or order as described in
Rule 405 and (y) the Company in the preceding three years
not having been the subject of a bankruptcy petition or insolvency
or similar proceeding, not having had a registration statement be
the subject of a proceeding under Section 8 of the Act and not
being the subject of a proceeding under Section 8A of the Act
in connection with the offering of the Securities, all as described
in Rule 405.
(g)
Financial Statements. The financial statements of the
Company and the related notes thereto included or incorporated by
reference in each of the Time of Sale Information and the
Prospectus present fairly the combined financial position of the
Company and its Subsidiaries as of the 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 U.S. generally accepted accounting principles
applied on a consistent basis throughout the periods covered
thereby; the other financial information of the Company included or
incorporated by reference in each of 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. The term “Subsidiary”
means each entity of which a majority of the voting equity
securities or other ownership interests is owned, directly or
indirectly, by the Company.
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(h)
No Material Adverse Change. Since March 31,
2009, except as otherwise disclosed in the Time of Sale Information
and the Prospectus, (i) there has not been any material
adverse change, or any development reasonably likely to result in a
prospective material adverse change, in or affecting the business,
properties, management, financial position, results of operations
of the Company and its Subsidiaries taken as a whole and
(ii) neither the Company nor any of its Subsidiaries has
entered into any transaction or agreement that is material to the
Company and its Subsidiaries taken as a whole or incurred any
liability or obligation, direct or contingent, that is material to
the Company and its Subsidiaries taken as a whole.
(i)
Organization and Good Standing . (i) The Company
has been duly incorporated and is validly existing as a corporation
in good standing under the laws of the State of New York, with
corporate power and authority to own its properties and conduct its
business in a manner consistent with any description thereof in
each of the Time of Sale Information and the Prospectus; and the
Company is duly qualified to do business as a foreign corporation
in good standing in all other jurisdictions in which its ownership
or lease of property or the conduct of its business requires such
qualification, except where the failure to be so qualified would
not, individually or in the aggregate, have a material adverse
effect on the condition (financial or otherwise), business,
properties or results of operations of the Company and its
Subsidiaries taken as a whole (“Material Adverse
Effect”).
(ii)
Each Subsidiary of the Company has been duly incorporated or formed
and is an existing corporation, limited liability company or
limited partnership and is in good standing under the laws of the
jurisdiction of its incorporation or formation, with corporate,
limited liability company or limited partnership power and
authority to own its properties and conduct its business in a
manner consistent with any description thereof each of the Time of
Sale Information and in the Prospectus; and each Subsidiary of the
Company is duly qualified to do business as a foreign corporation,
limited liability company or limited partnership in good standing
in all other jurisdictions in which its ownership or lease of
property or the conduct of its business requires such
qualification, except where the failure to be so qualified would
not, individually or in the aggregate, have a Material Adverse
Effect; all of the issued and outstanding capital stock or similar
equity interests of each Subsidiary of the Company has been duly
authorized and validly issued and is fully paid and nonassessable;
and except as set forth in the each of the Time of Sale Information
and Prospectus, the capital stock or similar equity interests of
each Subsidiary is owned by the Company, directly or through
Subsidiaries, free from liens, encumbrances and defects.
(j)
Due Authorization. The Company has taken all action
required to be taken for the due and proper authorization,
execution and delivery of this Agreement.
(k)
The Securities . The Securities and all other
outstanding shares of capital stock of the Company have been duly
authorized; the authorized equity capitalization of the Company is
as set forth in the Time of Sale Information; all outstanding
shares of capital stock of the Company are, and, when the
Securities have been delivered and paid for in accordance
with
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this Agreement on each Closing Date, such
Securities will have been, validly issued, fully paid and
nonassessable, will conform to the information in the Time of Sale
Information and to the description of such Securities contained in
the Prospectus; the stockholders of the Company have no preemptive
rights with respect to the Securities; and none of the outstanding
shares of capital stock of the Company have been issued in
violation of any preemptive or similar rights of any security
holder.
(l)
Registration Rights . Except as disclosed in the Time
of Sale Information and the Prospectus, there are no contracts,
agreements or understandings between the Company and any person
granting such person the right to require the Company to file a
registration statement under the Act with respect to any securities
of the Company owned or to be owned by such person or to require
the Company to include such securities in the securities registered
pursuant to the Registration Statement.
(m)
Underwriting Agreement. This Agreement has been duly
authorized, executed and delivered by the Company.
(n)
No Violation or Default. Neither the Company nor any
of its 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 its
Subsidiaries is a party or by which the Company or any of its
Subsidiaries is bound or to which any of the property or assets of
the Company or any of its 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.
(o)
No Conflicts. The execution, delivery and performance
by the Company of this Agreement, the issuance and sale of the
Securities and compliance by the Company with the terms thereof and
the consummation by the Company of the transactions contemplated by
this Agreement 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 its Subsidiaries pursuant to, any indenture,
mortgage, deed of trust, loan agreement or other agreement or
instrument to which the Company or any of its Subsidiaries is a
party or by which the Company or any of its Subsidiaries is bound
or to which any of the property or assets of the Company or any of
its 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.
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(p)
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 this Agreement, the issuance and sale of the Securities and
compliance by the Company with the terms hereof and the
consummation of the transactions contemplated hereby, except for
the registration of the Securities under the Securities Act and
such consents, approvals, authorizations, orders and registrations
or qualifications as may be required by the Financial Industry
Regulatory Authority, Inc. (“FINRA”) and under
applicable state securities laws in connection with the purchase
and distribution of the Securities by the Underwriters.
(q)
Legal Proceedings.
Except as described in each
of 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 its Subsidiaries
is or may be a party or to which any property of the Company or any
of its Subsidiaries is or may be the subject 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; and no such investigations, actions, suits or
proceedings are threatened or, to the best knowledge of the
Company, contemplated by any governmental or regulatory authority
or threatened by others.
(r)
Independent
Accountants.
Ernst & Young LLP, who have certified certain financial
statements of the Company and its Subsidiaries included or
incorporated by reference in the Time of Sale Information and the
Prospectus, are independent public accountants with respect to the
Company and its Subsidiaries within the meaning of Rule 101 of
the Code of Professional Conduct of the American Institute of
Certified Public Accountants and its interpretations and rulings
thereunder 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.
(s)
Title to Real and Personal
Property. Except
as disclosed in each of the Time of Sale Information and the
Prospectus, the Company and its Subsidiaries have good and
marketable title to all material real and personal property, in
each case free and clear of all liens, encumbrances, claims and
defects and imperfections of title except those that (i) do
not materially interfere with the use made and proposed to be made
of such property by the Company and its Subsidiaries or
(ii) could not reasonably be expected, individually or in the
aggregate, to have a Material Adverse Effect.
(t)
Title to Intellectual
Property. The
Company and its Subsidiaries own, possess or can acquire on
reasonable terms, adequate rights to use all material 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; and the Company and its Subsidiaries have
not received any notice of any claim of infringement of or conflict
with any rights of others that, if determined adversely to the
Company or any of its Subsidiaries would, individually or in the
aggregate, have a Material Adverse Effect.
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(u)
Investment Company
Act. Neither the
Company nor any of its Subsidiaries is, and after giving effect to
the offering and sale of the Securities and the application of the
proceeds thereof as described in each of the Time of Sale
Information and the Prospectus none of them will be, 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,
“Investment Company Act”).
(v)
Licenses and Permits.
The Company and its
Subsidiaries possess adequate 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 each of 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 each of the Time of Sale Information and the Prospectus, neither
the Company nor any of its Subsidiaries has received notice of any
revocation or modification of any such license, certificate, permit
or authorization that if determined adversely to the Company or any
of its Subsidiaries, would, individually or in the aggregate, have
a Material Adverse Effect.
(w)
No Labor Disputes.
No labor disturbance by or
dispute with employees of the Company or any of its Subsidiaries
exists or, to the best knowledge of the Company, is contemplated or
threatened that could reasonably be expected, individually or in
the aggregate, to have a Material Adverse Effect.
(x)
Compliance With Environmental
Laws. Except as
disclosed in each of the Time of Sale Information and the
Prospectus, neither the Company nor any of its Subsidiaries is in
violation of any statute, rule, regulation, decision or order of
any governmental agency or body or any court, domestic or foreign,
relating to the use, disposal or release of hazardous or toxic
substances or wastes, pollutants or contaminants (collectively,
“Environmental Laws”), owns or operates any real
property contaminated with any substance that is subject to any
Environmental Laws, is liable for any off site disposal or
contamination pursuant to any Environmental Laws, or is subject to
any claim relating to any Environmental Laws, which violation,
contamination, liability or claim would, individually or in the
aggregate, have a Material Adverse Effect; and to the
Company’s best knowledge, there is no pending investigation
which might lead to such a claim.
(y)
No Broker’s
Fees. Neither the
Company nor any of its Subsidiaries is a party to any contract,
agreement or understanding with any person (other than this
Agreement) that would give rise to a valid claim against any of
them or any Underwriter for a brokerage commission, finder’s
fee or other like payment in connection with the offering and sale
of the Securities contemplated hereby.
(z)
Disclosure Controls
. The Company and its
Subsidiaries maintain “disclosure controls and
procedures” (as defined in Rule 13a-15(e) of the
Exchange Act) that are 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, summarized and
reported within the time periods
9
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
regarding required disclosure.
(aa)
Accounting Controls
. The Company and its
Subsidiaries maintain systems of “internal control over
financial reporting” (as defined in
Rule 13a-15(f) of the Exchange Act) that (i) pertain
to the maintenance of records that in reasonable detail accurately
and fairly reflect the transactions and dispositions of the assets
of the Company and its Subsidiaries; (ii) provide reasonable
assurance that transactions are recorded as necessary to permit
preparation of financial statements in accordance with generally
accepted accounting principles, and that receipts and expenditures
of the Company and its Subsidiaries are being made only in
accordance with authorizations of management and directors of the
Company and its Subsidiaries, as applicable; and (iii) provide
reasonable assurance regarding prevention or timely detection of
unauthorized acquisition, use or disposition of the Company’s
or any of its Subsidiary’s assets that could have a material
effect on the financial statements.
(bb)
No Stabilization.
The Company has not taken,
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 Common Stock.
(cc)
Margin Rules
. Neither the issuance, sale
and delivery of the Securities nor the application of the proceeds
thereof by the Company as described in each of the Time of Sale
Information and the Prospectus will violate Regulation T, U or X of
the Board of Governors of the Federal Reserve System or any other
regulation of such Board of Governors.
(dd)
Forward-Looking
Statements. No
forward-looking statement (within the meaning of Section 27A
of the Securities Act and Section 21E of the Exchange Act)
contained or incorporated by reference in any of the Time of Sale
Information or the Prospectus has been made or reaffirmed without a
reasonable basis or has been disclosed other than in good
faith.
(ee)
Statistical and Market
Data . Nothing has
come to the attention of the Company that has caused the Company to
believe that the statistical and market-related data included or
incorporated by reference in each of the Time of Sale Information
and the Prospectus is not based on or derived from sources that are
reliable and accurate in all material respects.
(ff)
Sarbanes-Oxley Act
. The Company is in compliance
in all material respects with the applicable provisions 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.
4.
Further Agreements of the
Company . The
Company covenants and agrees with each Underwriter that:
(a)
Required Filings.
The Company will file the
Prospectus with the Commission within the time periods specified by
Rule 424(b) and Rule 430A, 430B or 430C under the
Securities Act; will file any Issuer Free Writing Prospectus to the
extent required by Rule 433
10
under the Securities Act; will file promptly all
reports and any definitive proxy or information statements required
to be filed by the Company with the Commission pursuant to
Section 13(a), 13(c), 14 or 15(d) of the Exchange Act
subsequent to the date of the Prospectus and for so long as the
delivery of a prospectus is required in connection with the
offering or sale of the Securities; and will furnish copies of the
Prospectus and each Issuer Free Writing Prospectus (to the extent
not previously delivered) to the Underwriters as soon as reasonably
practicable in such quantities as the Representatives may
reasonably request. The Company will pay the registration fee
for this offering within the time period required by
Rule 456(b)(1) under the Securities Act (without giving
effect to the proviso therein) and in any event prior to the
Closing Date.
(b)
Delivery of Copies.
The Company will deliver,
without charge, (i) to the Representatives, two signed copies
of the Registration Statement as originally filed and each
amendment thereto, in each case including all exhibits and consents
filed therewith; and (ii) to each Underwriter (A) a
conformed copy of the Registration Statement as originally filed
and each amendment thereto (without exhibits) and (B) during
the Prospectus Delivery Period (as defined below), as many copies
of the Prospectus (including all amendments and supplements thereto
and documents incorporated by reference therein and each Issuer
Free Writing Prospectus) as the Representatives may reasonably
request. As used herein, the term “Prospectus Delivery
Period” means such period of time after the first date of the
public offering of the Securities as in the opinion of counsel for
the Underwriters a prospectus relating to the Securities is
required by law to be delivered (or required to be delivered but
for Rule 172 under the Securities Act) in connection with
sales of the Securities by any Underwriter or dealer.
(c)
Amendments or Supplements, Issuer
Free Writing Prospectuses. Before preparing, using, authorizing,
approving, referring to or filing any Issuer Free Writing
Prospectus, and before filing any amendment or supplement to the
Registration Statement or the Prospectus, the Company will furnish
to the Representatives and counsel for the Underwriters a copy of
the proposed Issuer Free Writing Prospectus, amendment or
supplement for review and will not prepare, use, authorize,
approve, refer to or file any such Issuer Free Writing Prospectus
or file any such proposed amendment or supplement to which the
Representatives reasonably objects.
(d)
Notice to the
Representatives. The Company will
advise the Representatives promptly, and confirm such advice in
writing, (i) when any amendment to the Registration Statement
has been filed or becomes effective; (ii) when any supplement
to the Prospectus or any Issuer Free Writing Prospectus or any
amendment to the Prospectus has been filed; (iii) of any
request by the Commission for any amendment to the Registration
Statement or any amendment or supplement to the Prospectus or the
receipt of any comments from the Commission relating to the
Registration Statement or any other request by the Commission for
any additional information; (iv) of the issuance by the
Commission of any order suspending the effectiveness of the
Registration Statement or preventing or suspending the use of any
Preliminary Prospectus, any of the Time of Sale Information or the
Prospectus or the initiation or threatening of any proceeding for
that purpose or pursuant to Section 8A of the
Securities
11
Act; (v) of the
occurrence of any event within the Prospectus Delivery Period as a
result of which the Prospectus, the Time of Sale Information or any
Issuer Free Writing Prospectus as then amended or supplemented
would 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 existing when the
Prospectus, the Time of Sale Information or any such Issuer Free
Writing Prospectus is delivered to a purchaser, not misleading; and
(vi) of the receipt by the Company of any 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) under the Securities Act; and
(vii) of the receipt by the Company of any notice with respect
to any suspensi