Exhibit 1.1
PACKAGING CORPORATION OF
AMERICA
Common Stock
Underwriting
Agreement
December 15, 2005
Goldman, Sachs &
Co.,
As representative of the several
Underwriters
named in Schedule I
hereto,
c/o Goldman, Sachs &
Co.,
85 Broad Street,
New York, New York 10004.
Ladies and Gentlemen:
PCA Holdings LLC, a stockholder (the
“Selling Stockholder”) of Packaging Corporation of
America, a Delaware corporation (the “Company”),
proposes, subject to the terms and conditions stated herein, to
issue and sell to the Underwriters named in Schedule I hereto
(the “Underwriters”) an aggregate of 15,500,000 shares
(the “Firm Securities”) and, at the election of the
Underwriters, up to 2,325,000 additional shares (the
“Optional Securities”) of common stock, par value $.01
per share (“Stock”) of the Company (the Firm Securities
and the Optional Securities that the Underwriters elect to purchase
pursuant to Section 2 hereof being collectively called the
“Securities”).
1.
The Company
represents and warrants to, and agrees with, each of the
Underwriters 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. 333-130224)
in respect of the Securities 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 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
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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 Securities 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 all exhibits thereto but
excluding Form T-1 and including any prospectus supplement
relating to the Securities 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(c) hereof),
is hereinafter called the “Pricing Prospectus”; the
form of the final prospectus relating to the Securities filed with
the Commission pursuant to Rule 424(b) under the Act in
accordance with Section 6(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
Securities 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 Securities 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
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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 an Underwriter through Goldman,
Sachs & Co. expressly for use therein;
(c)
For the purposes
of this Agreement, the “Applicable Time” is
5:20 p.m. (Eastern 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 II(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, 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 an Issuer Free Writing
Prospectus in reliance upon and in conformity with information
furnished in writing to the Company by an Underwriter through
Goldman, Sachs & Co. expressly for use
therein;
(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; 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
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information
furnished in writing to the Company by an Underwriter through
Goldman, Sachs & Co. 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 II(b) hereto;
(e)
The Registration
Statement conforms, and the Prospectus and any further amendments
or supplements to the Registration Statement and 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
each part of the Registration Statement 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 an Underwriter
through Goldman, Sachs & Co. expressly for use
therein;
(f)
Neither the
Company nor any of its subsidiaries has sustained since the date of
the latest audited financial statements included or incorporated by
reference in the Pricing Prospectus any material loss or
interference with its business from fire, explosion, flood or other
calamity, whether or not covered by insurance, or from any labor
dispute or court or governmental action, order or decree, otherwise
than as set forth or contemplated in the Pricing Prospectus; and,
since the respective dates as of which information is given in the
Registration Statement and the Pricing Prospectus, there has not
been any change in the capital stock (other than pursuant to equity
incentive plans existing on, or upon the conversion or exchange of
convertible or exchangeable securities outstanding as of, the date
of this Agreement) or long term debt of the Company or any of its
subsidiaries or any material adverse change, or any development
involving a prospective material adverse change, in or affecting
the general affairs, senior management, financial position,
stockholders’ equity or results of operations of the Company
and its subsidiaries, taken as a whole, otherwise than as set forth
or contemplated in the Pricing Prospectus;
(g)
The Company and
its subsidiaries have good and marketable title in fee simple to
all real property and good and marketable title to all personal
property owned by them, in each case free and clear of all liens,
encumbrances and defects except such as are described in the
Pricing Prospectus or such as would not have a material adverse
effect on
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the business,
senior management, financial position, stockholders’ equity
or results of operations of the Company and its subsidiaries, taken
as a whole (a “Material Adverse Effect”); and any real
property and buildings held under lease by the Company and its
subsidiaries are held by them under valid, subsisting and
enforceable leases with such exceptions as would not, individually
or in the aggregate, have a Material Adverse Effect;
(h)
The Company has
been duly incorporated and is validly existing as a corporation in
good standing under the laws of the State of Delaware, with power
and authority (corporate and other) to own its properties and
conduct its business as described in the Pricing Prospectus, and
has been duly qualified as a foreign corporation for the
transaction of business and is in good standing under the laws of
each other jurisdiction in which it owns or leases properties or
conducts any business so as to require such qualification, other
than where the failure to be so qualified or in good standing would
not, individually or in the aggregate, reasonably be expected to
have a Material Adverse Effect; and each subsidiary of the Company
has been duly incorporated or organized, is validly existing as a
corporation or limited liability company in good standing under the
laws of the jurisdiction of its incorporation or
organization;
(i)
The Company has
an authorized capitalization as set forth in the Pricing Prospectus
and all of the issued 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
contained in the Pricing Prospectus and Prospectus; and all of the
issued shares of capital stock of each subsidiary of the Company
have been duly and validly authorized and issued, are fully paid
and non-assessable and (except for directors’ qualifying
shares) are owned directly or indirectly by the Company, free and
clear of all liens, encumbrances, equities or claims;
(j)
The Securities to
be sold by the Selling Stockholder to the Underwriters hereunder
have been duly and validly authorized and issued by the Company and
are fully paid and non-assessable and, when delivered against
payment therefor as provided herein, conform to the description of
the Securities contained in the Prospectus;
(k)
The compliance by
the Company with this Agreement and the consummation of the
transactions herein contemplated will not 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 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
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Company or any of
its subsidiaries is subject, except for conflicts, breaches or
violations which would not, individually or in the aggregate, have
a Material Adverse Effect nor will such action result in any
violation of the provisions of the Certificate of Incorporation or
By-laws of the Company or the Delaware General Corporation Law (the
“DGCL”), or any other statute or any order,
rule or regulation of any court or governmental agency or body
having jurisdiction over the Company or any of its subsidiaries or
any of their properties except for violations which would not,
individually or in the aggregate, have a Material Adverse Effect;
and no consent, approval, authorization, order, registration or
qualification of or with any such court or governmental agency or
body is required for the sale of the Securities or the performance
by the Company of its obligations as contemplated by this Agreement
except such as have been obtained under the 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 Securities by the
Underwriters or the failure of which to be obtained would not,
individually or in the aggregate, have a Material Adverse
Effect;
(l)
Neither the
Company nor any of its subsidiaries is (A) in violation of its
Certificate of Incorporation or By-laws, or (B) in default in
the performance or observance of any material obligation, covenant
or condition contained in any indenture, mortgage, deed of trust,
loan agreement, lease or other agreement or instrument to which it
is a party or by which it or any of its properties may be bound
except, in the case of any indenture, mortgage, deed of trust, loan
agreement, lease or other agreement or instrument, for violations
and defaults which would not, individually or in the aggregate,
have a Material Adverse Effect;
(m)
The statements
set forth in the Pricing Prospectus and Prospectus under the
caption “Description of Capital Stock”, insofar as they
purport to constitute a summary of the terms of the Stock, under
the caption “Certain U.S. Federal
Income Tax Considerations”, and under the caption
“Underwriting”, insofar as they purport to describe the
provisions of the laws and documents referred to therein, are
accurate and complete in all material respects;
(n)
Other than as set
forth in the Pricing 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 which, if determined adversely to the
Company or any of its subsidiaries, would reasonably be expected,
individually or in the aggregate, to have a Material Adverse
Effect; and, to the Company’s knowledge, no such proceedings
are threatened or contemplated by governmental authorities or
threatened by others;
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(o)
The Company is
not and, after giving effect to the offering and sale of the
Securities and the application of the proceeds thereof, will not be
an “investment company”, as such term is defined in the
Investment Company Act of 1940, as amended (the “Investment
Company Act”);
(p)
(A) (i) At the time
of filing the Registration Statement, (ii) at the time of the
most recent amendment thereto for the purposes of complying with
Section 10(a)(3) of the Act (whether such amendment was
by post-effective amendment, incorporated report filed pursuant to
Section 13 or 15(d) of the Exchange Act or form of
prospectus), and (iii) 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
Securities 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
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) under the Act) of
the Securities, the Company was not an “ineligible
issuer” as defined in Rule 405 under the
Act;
(q)
Ernst &
Young LLP, who have audited the consolidated balance sheets of the
Company and its subsidiaries as of December 31, 2004 and 2003,
and the related consolidated statements of operations, changes in
stockholders’ equity and cash flows for each of the three
years in the period ended December 31, 2004, and have audited
the Company’s internal control over financial reporting as of
December 31, 2004 and management’s assessment thereof,
are an independent registered public accounting firm as required by
the Act and the rules and regulations of the Commission
thereunder;
(r)
The Company
maintains a system of internal control over financial reporting (as
such term is defined in Rule 13a-15(f) under 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;
(s)
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
7
that has
materially affected, or is reasonably likely to materially affect,
the Company’s internal control over financial
reporting;
(t)
The Company
maintains disclosure controls and procedures (as such term is
defined in Rule 13a-15(e) under 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 principal executive officer and
principal financial officer by others within those entities; and
such disclosure controls and procedures are effective;
(u)
The Company and
its subsidiaries (i) are in compliance with any and all
applicable foreign, Federal, state and local laws and regulations
relating to the protection of human health and safety, the
environment or hazardous or toxic substances or wastes, pollutants
or contaminants (“Environmental Laws”), (ii) have
received all permits, licenses or other approvals required of them
under applicable Environmental Laws to conduct their respective
businesses and (iii) are in compliance with all terms and
conditions of any such permit, license or approval, except where
such noncompliance with Environmental Laws, failure to receive
required permits, licenses or other approvals or failure to comply
with the terms and conditions of such permits, licenses or
approvals would not, singly or in the aggregate, have a Material
Adverse Effect;
(v)
Except as
disclosed in the Pricing Prospectus, there are no costs or
liabilities associated with Environmental Laws (including, without
limitation, any capital or operating expenditures required for
clean-up, closure of properties or compliance with Environmental
Laws or any permit, license or approval, any related constraints on
operating activities and any potential liabilities to third
parties) which would, singly or in the aggregate, have a Material
Adverse Effect;
(w)
No labor dispute
with the employees of the Company or any of its subsidiaries exists
or, to the knowledge of the Company, is imminent, and the Company
is not aware of any existing or imminent labor disturbance by the
employees of any of its or any of its subsidiaries’ principal
suppliers, manufacturers, customers or contractors, which, in
either case, would reasonably be expected to have a Material
Adverse Effect; and
(x)
The Company and
its subsidiaries possess all certificates, authorizations,
approvals, licenses, registrations and permits issued by
appropriate Federal, state or foreign regulatory authorities
necessary to
8
conduct their
respective businesses, except where the failure to possess such
certificates, authorizations, approvals, licenses, registrations or
permits would not have a Material Adverse Effect.
2.
The Selling
Stockholder represents and warrants to, and agrees with, each of
the Underwriters and the Company that:
(a)
The Selling
Stockholder has been duly organized and is validly existing as a
limited liability company in good standing under the laws of the
State of Delaware;
(b)
All consents,
approvals, authorizations and orders necessary for the execution
and delivery by the Selling Stockholder of this Agreement and for
the sale and delivery of the Securities to be sold by the Selling
Stockholder hereunder have been obtained; and the Selling
Stockholder has full right, power and authority to enter into this
Agreement and to sell, assign, transfer and deliver the Securities
to be sold by the Selling Stockholder hereunder;
(c)
The sale of the
Securities to be sold by the Selling Stockholder hereunder and the
compliance by the Selling Stockholder with all of the provisions of
this Agreement and the consummation of the transactions herein
contemplated (i) will not 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 material agreement or material instrument to
which the Selling Stockholder is a party or by which the Selling
Stockholder is bound or to which any of the property or assets of
the Selling Stockholder is subject, and (ii) will not result
in any violation of the provisions of (A) the Certificate of
Formation or the Operating Agreement of the Selling Stockholder or
the Delaware Limited Liability Company Act, or (B) any other
statute, order, rule or regulation of any court or
governmental agency or body having jurisdiction over the Selling
Stockholder or the property of the Selling Stockholder that, solely
with respect to this clause (B), would have a material and adverse
effect on the Selling Stockholder;
(d)
The Selling
Stockholder has good and valid title to the Securities to be sold
by the Selling Stockholder hereunder free and clear of all liens,
encumbrances, equities and claims, and, assuming that the
Underwriters purchase such Securities without notice of any adverse
claim (within the meaning of Section 8-105 of the New York
UCC), upon the sale and delivery of, and payment for, such
Securities as provided herein, the Underwriters will acquire the
interest of the Selling Stockholder (including, without limitation,
all rights that the Selling Stockholder had or has to transfer such
Securities) in such Securities and will acquire the
Securities
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free and clear of
any adverse claim (within the meaning of Section 8-105 of the
UCC);
(e)
During the period
beginning from the date hereof and continuing to and including the
date ninety (90) days after the date of the Prospectus (the initial
“Lock-Up Period”), not to offer, sell, contract to sell
or otherwise dispose of, except as provided hereunder in the
Pricing Prospectus or under the lock-up letter executed and
delivered by the Selling Stockholder dated as of even date
herewith, any securities of the Company that are substantially
similar to the Securities, including but not limited to any
securities that are convertible into or exchangeable for, or that
represent the right to receive, Stock or any such substantially
similar securities (other than pursuant to employee stock option
plans existing on, or upon the conversion or exchange of
convertible or exchangeable securities outstanding as of, the date
of this Agreement), without your prior written consent.
(f)
The Selling
Stockholder has not taken and will not take, directly or
indirectly, any action which is designed to or which has
constituted or which might reasonably be expected to cause or
result in stabilization or manipulation of the price of any
security of the Company to facilitate the sale or resale of the
Securities;
(g)
To the extent
that any statements or omissions made in the Registration
Statement, any Preliminary Prospectus, the Pricing Prospectus, the
Prospectus or any amendment or supplement thereto are made in
reliance upon and in conformity with written information furnished
to the Company by the Selling Stockholder expressly for use
therein, such Preliminary Prospectus and the Registration Statement
did, and the Pricing Prospectus and any further amendments or
supplements to the Registration Statement and the Prospectus, when
they are filed with the Commission will, conform in all material
respects to the requirements of the Act and the rules and
regulations of the Commission thereunder and will not contain any
untrue statement of a material fact or omit to state any material
fact required to be stated therein or necessary to make the
statements therein not misleading;
(h)
In order to
document the Underwriters’ compliance with the reporting and
withholding provisions of the Tax Equity and Fiscal Responsibility
Act of 1982 with respect to the transactions herein contemplated,
such Selling Stockholder will deliver to you prior to or at the
First Time of Delivery (as hereinafter defined) a properly
completed and executed United States Treasury Department
Form W-9 (or other applicable form or statement specified by
Treasury Department regulations in lieu thereof);
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(i)
The obligations
of the Selling Stockholder hereunder shall not be terminated by
operation of law, by the dissolution of the Selling Stockholder, or
by the occurrence of any other event; if the Selling Stockholder
should be dissolved, or if any other such event should occur,
before the delivery of the Securities hereunder, certificates
representing the Securities shall be delivered by or on behalf of
the Selling Stockholder in accordance with the terms and conditions
of this Agreement; and
(j)
Except as
previously disclosed in writing to Sidley Austin Brown &
Wood LLP, counsel for the Underwriters, neither the Selling
Stockholder nor any of its affiliates directly, or indirectly
through one or more intermediaries, controls, or is controlled by,
or is under common control with, or is a person associated with
(within the meaning of Article I(dd) of the By-laws of the
National Association of Securities Dealers, Inc. (the
“NASD”)), any member firm of the NASD.
3.
Subject to the
terms and conditions herein set forth, (a) the Selling
Stockholder agrees to sell to each of the Underwriters, and each of
the Underwriters agrees, severally and not jointly, to purchase
from the Selling Stockholder, at a purchase price per share of
$20.69, the number of Firm Securities set forth opposite the name
of such Underwriter in Schedule I hereto and (b) in the
event and to the extent that the Underwriters shall exercise the
election to purchase Optional Securities as provided below, the
Selling Stockholder agrees to sell to each of the Underwriters, and
each of the Underwriters agrees, severally and not jointly, to
purchase from the Selling Stockholder, at the purchase price per
share set forth in clause (a) of this Section 3, that
portion of the number of Optional Securities as to which such
election shall have been exercised (to be adjusted by you so as to
eliminate fractional shares) determined by multiplying such number
of Optional Securities by a fraction, the numerator of which is the
maximum number of Optional Securities which such Underwriter is
entitled to purchase as set forth opposite the name of such
Underwriter in Schedule I hereto and the denominator of which
is the maximum number of Optional Securities that all of the
Underwriters are entitled to purchase hereunder.
The Selling
Stockholder hereby grants to the Underwriters the right to purchase
at their election up to 2,325,000 Optional Securities, at the
purchase price set forth in the paragraph above, for the sole
purpose of covering sales of Securities in excess of the number of
Firm Securities, provided that the purchase price per Optional
Security shall be reduced by an amount per share equal to any
dividends or distributions declared by the Company and payable on
the Firm Securities but not payable on the Optional
Securities. Any such election to purchase Optional Securities
may be exercised only by written notice from you to the Company and
the Selling Stockholder, given within a period of 30 calendar days
after the date of this Agreement, setting forth the aggregate
number of
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Optional
Securities to be purchased and the date on which such Optional
Securities are to be delivered, as determined by you but in no
event earlier than the First Time of Delivery (as defined in
Section 5 hereof) or, unless you and the Selling Stockholder
otherwise agree in writing, earlier than two or later than ten
business days after the date of such notice.
4.
Upon the
authorization by you of the release of the Firm Securities, the
several Underwriters propose to offer the Firm Securities for sale
upon the terms and conditions set forth in the
Prospectus.
5.
(a)
The Securities to
be purchased by each Underwriter hereunder, in definitive form, and
in such authorized denominations and registered in such names as
Goldman, Sachs & Co. may request upon at least forty-eight
hours’ prior notice to the Company and the Selling
Stockholder shall be delivered by or on behalf of the Selling
Stockholder to Goldman, Sachs & Co., through the
facilities of the Depository Trust Company (“DTC”), for
the account of such Underwriter, against payment by or on behalf of
such Underwriter of the purchase price therefor by wire transfer of
Federal (same-day) funds to the account specified by the Selling
Stockholder to Goldman, Sachs & Co. at least forty-eight
hours in advance. The Selling Stockholder will cause the
certificates representing the Securities to be made available for
checking and packaging at least twenty-four hours prior to the Time
of Delivery (as defined below) with respect thereto at the office
of DTC or its designated custodian (the “Designated
Office”). The time and date of such delivery and
payment shall be, with respect to the Firm Securities,
9:30 a.m., New York City time, on December 21, 2005 or
such other time and date as Goldman, Sachs & Co., the
Company and the Selling Stockholder may agree upon in writing, and,
with respect to the Optional Securities, 9:30 a.m., New York
time, on the date specified by Goldman, Sachs & Co. in the
written notice given by Goldman, Sachs & Co. of the
Underwriters’ election to purchase such Optional Securities,
or such other time and date as Goldman, Sachs & Co., the
Company and the Selling Stockholder may agree upon in
writing. Such time and date for delivery of the Firm
Securities is herein called the “First Time of
Delivery”, such time and date for delivery of the Optional
Securities, if not the First Time of Delivery, is herein called the
“Second Time of Delivery”, and each such time and date
for delivery is herein called a “Time of
Delivery”.
(b)
The documents to
be delivered at each Time of Delivery by or on behalf of the
parties hereto pursuant to Section 9 hereof, including the
cross-receipt for the Securities and any additional documents
requested by the Underwriters pursuant to Section 9(l) hereof,
will be delivered at the offices of Sidley Austin Brown &
Wood LLP, 787 Seventh Avenue, New York, New York 10019 (the
“Closing Location”), and the Securities will be
delivered at the Designated Office, all at such Time of
Delivery. A meeting will be held at the Closing Location at
6:00 p.m., New
12
York City time,
on the New York Business Day next preceding such Time of Delivery,
at which meeting the final drafts of the documents to be delivered
pursuant to the preceding sentence will be available for review by
the parties hereto. For the purposes of this Section 5,
“New York Business Day” shall mean each Monday,
Tuesday, Wednesday, Thursday and Friday which is not a day on which
banking institutions in New York City are generally authorized or
obligated by law or executive order to close.
6.
The Company
agrees with each of the Underwriters:
(a)
To prepare the
Prospectus in a form approved by you and to file such Prospectus
pursuant to Rule 424(b) under the Act not later than the
Commission’s close of business on the second business day
following the execution and delivery of this Agreement; to make no
further amendment or any supplement to the Registration Statement,
the Basic Prospectus or the Prospectus prior to the last Time of
Delivery which shall be disapproved by you promptly after
reasonable notice thereof; to advise you, promptly after it
receives notice thereof, of the time when any amendment to the
Registration Statement has been filed or becomes effective or any
amendment or supplement to the Prospectus has been filed and to
furnish you with copies thereof; to file within the time required
all other material required to be filed by the Company with the
Commission pursuant to Rule 433(d) under the Act; to file
within the time required 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 (or in
lieu thereof, the notice referred to in Rule 173(a) under
the Act) is required in connection with the offering or sale of the
Securities; to advise you, promptly after it receives notice
thereof, of the issuance by the Commission of any stop order or of
any order preventing or suspending the use of any Preliminary
Prospectus or other prospectus in respect of the Securities, 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 Act, of the
suspension of the qualification of the Securities for offering or
sale in any jurisdiction, of the initiation or threatening of any
proceeding for any such purpose, or of any request by the
Commission for the amending or supplementing of the Registration
Statement or the Prospectus or for additional information; and, in
the event of the issuance of any stop order or of any order
preventing or suspending the use of any Preliminary Prospectus or
other prospectus or suspending any such qualification, to promptly
use its best efforts to obtain the withdrawal of such order; and in
the event of any such issuance of a notice of objection, promptly
to take such steps including,
13
without
limitation, amending the Registration Statement or filing a new
registration statement, at its own expense, as may be necessary to
permit offers and sales of the Securities by the Underwriters
(references herein to the Registration Statement shall include any
such amendment or new registration statement);
(b)
If required by
Rule 430B(h) under the Act, to prepare a form of
prospectus in a form approved by you and to file such form of
prospectus pursuant to Rule 424(b) under the Act not
later than may be required by Rule 424(b) under the Act;
and to make no further amendment or supplement to such form of
prospectus which shall be disapproved by you promptly after
reasonable notice thereof;
(c)
Promptly from
time to time to take such action as you may reasonably request to
qualify the Securities for offering and sale under the securities
laws of such jurisdictions as you may request and to comply with
such laws so as to permit the continuance of sales and dealings
therein in such jurisdictions for as long as may be necessary to
complete the distribution of the Securities, provided that in
connection therewith the Company shall not be required to qualify
as a foreign corporation or to file a general consent to service of
process in any jurisdiction;
(d)
Prior to
10:00 a.m., New York City time, on the New York Business Day
next succeeding the date of this Agreement and from time to time,
to furnish the Underwriters with written and electronic copies of
the Prospectus in New York City in such quantities as you may
reasonably request, and, if the delivery of a prospectus (or in
lieu thereof, the notice referred to in Rule 173(a) under
the Act) is required at any time prior to the expiration of nine
months after the time of issue of the Prospectus in connection with
the offering or sale of the Securities and if at such time any
event shall have occurred as a result of which the Prospectus as
then amended or supplemented would include an 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 when such Prospectus (or in lieu
thereof, the notice referred to in Rule 173(a) under the
Act) is delivered, not misleading, or, if for any other reason it
shall be necessary during such same period to amend or supplement
the Prospectus or to file under the Exchange Act any document
incorporated by reference in the Prospectus in order to comply with
the Act or the Exchange Act, to notify you and upon your request to
file such document and to prepare and furnish without charge to
each Underwriter and to any dealer in securities as many written
and electronic copies as you may from time to time reasonably
request of an amended Prospectus or a supplement to the Prospectus
which will correct such statement or omission or effect such
compliance; and in case any
14
Underwriter is
required to deliver a prospectus (or in lieu thereof, the notice
referred to in Rule 173(a) under the Act) in connection
with sales of any of the Securities at any time nine months or more
after the time of issue of the Prospectus, upon your request but at
the expense of such Underwriter, to prepare and deliver to such
Underwriter as many written and electronic copies as you may
request of an amended or supplemented Prospectus complying with
Section 10(a)(3) of the Act;
(e)
To ma
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