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UNDERWRITING AGREEMENT

Underwriting Agreement

UNDERWRITING AGREEMENT | Document Parties: GEORGIA POWER CO | Banc of America Securities LLC | J.P. Morgan Securities Inc. You are currently viewing:
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GEORGIA POWER CO | Banc of America Securities LLC | J.P. Morgan Securities Inc.

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Title: UNDERWRITING AGREEMENT
Governing Law: New York     Date: 12/6/2005

UNDERWRITING AGREEMENT, Parties: georgia power co , banc of america securities llc , j.p. morgan securities inc.
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                                                                  Exhibit 1.1

                    $250,000,000 Series Z 5.25% Senior Notes

                              due December 15, 2015

 

                              GEORGIA POWER COMPANY

 

                              UNDERWRITING AGREEMENT

 

                                                             November 30, 2005

 

 

Banc of America Securities LLC

214 N. Tryon Street

Charlotte, North Carolina   28255

 

J.P. Morgan Securities Inc.

270 Park Avenue

New York, New York   10017

 

         As Representatives of the Several Underwriters

 

 

Ladies and Gentlemen:

 

                  Georgia Power Company, a Georgia corporation (the "Company"),

confirms its agreement (the "Agreement") with you and each of the other

Underwriters named in Schedule I hereto (collectively, the "Underwriters", which

term shall also include any underwriter substituted as hereinafter provided in

Section 10 hereof) for whom you are acting as representatives (in such capacity

you shall hereinafter be referred to as the "Representatives"), with respect to

the sale by the Company and the purchase by the Underwriters, acting severally

and not jointly, of $250,000,000 aggregate principal amount of the Series Z

5.25% Senior Notes due December 15, 2015 (the "Senior Notes") as set forth in

Schedule I hereto.

 

                  The Company understands that the Underwriters propose to make

a public offering of the Senior Notes as soon as the Representatives deem

advisable after this Agreement has been executed and delivered. The Senior Notes

will be issued pursuant to an indenture, dated as of January 1, 1998 (the "Base

Indenture"), by and between the Company and JPMorgan Chase Bank, N.A. (formerly

known as The Chase Manhattan Bank), as trustee (the "Trustee"), as heretofore

supplemented and amended and as to be further supplemented and amended by a

twenty-sixth supplemental indenture, dated as of December 6, 2005, to the Base

Indenture relating to the Senior Notes (the "Supplemental Indenture" and,

together with the Base Indenture and any other amendments or supplements

thereto, the "Indenture"), between the Company and the Trustee.

<PAGE>

 

SECTION   1. REPRESENTATIONS AND WARRANTIES. The Company represents and warrants

         to the Underwriters as follows:

 

(a)   A   registration   statement on Form S-3, as amended   (File Nos.   333-121202,

     333-121202-01,   333-121202-02, 333-121202-03 and 333-121202-04), in respect

     of the Senior   Notes and certain   other   securities   has been   prepared and

     filed in accordance   with the   provisions of the Securities Act of 1933, as

     amended (the "1933 Act"), with the Securities and Exchange   Commission (the

     "Commission");    such    registration    statement,    as   amended,    and   any

     post-effective   amendment thereto, each in the form heretofore delivered or

     to be delivered to the   Underwriters,   has been   declared   effective by the

     Commission in such form (except that copies of the registration   statement,

     as amended, and any post-effective   amendment delivered to the Underwriters

     need not include   exhibits but shall include all documents   incorporated by

     reference therein);   and no stop order suspending the effectiveness of such

     registration   statement,   as amended, has been issued and no proceeding for

     that purpose has been   initiated or, to the best   knowledge of the Company,

     threatened by the Commission (any preliminary   prospectus   included in such

     registration   statement,   as amended, or filed with the Commission pursuant

     to Rule 424(a) of the rules and   regulations   of the   Commission   under the

     1933   Act   being   hereinafter   called   a   "Preliminary   Prospectus");   such

     registration statement,   as amended, as it became effective,   including the

     exhibits   thereto   and all   documents   incorporated   by   reference   therein

     pursuant to Item 12 of Form S-3 at the time such registration statement, as

     amended,   became   effective,   being   hereinafter   called the   "Registration

      Statement";   the   prospectus   relating to the Senior Notes,   in the form in

     which it was included in the   Registration   Statement at the time it became

     effective, being hereinafter called the "Prospectus";   any reference herein

     to 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 1933 Act, as of the date of such   Preliminary

     Prospectus   or   Prospectus,   as the   case   may   be;   any   reference   to any

     amendment or supplement   to any   Preliminary   Prospectus or the   Prospectus

     shall be deemed to refer to and include any documents   filed after the date

     of such Preliminary Prospectus or Prospectus, as the case may be, under the

     Securities   Exchange   Act   of   1934,   as   amended   (the   "1934   Act"),   and

     incorporated by reference in such Preliminary Prospectus or 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 1934 Act after the

     effective   date   of the   Registration   Statement   that is   incorporated   by

     reference in the Registration   Statement;   and the Prospectus as amended or

     supplemented   in final   form by a   prospectus   supplement   relating   to the

     Senior Notes in the form in which it is filed with the Commission, pursuant

     to Rule 424(b) under the 1933 Act in   accordance   with Section 3(e) hereof,

     including any documents incorporated by reference therein as of the date of

     such filing, being hereinafter called the "Final Supplemented Prospectus".

 

(b)   The documents   incorporated by reference in the   Registration   Statement or

     Prospectus,   when they were   filed   with the   Commission,   complied   in all

 

                                       2

<PAGE>

 

     material   respects with the   applicable   provisions of the 1934 Act and the

     rules and regulations of the Commission thereunder,   and as of such time of

     filing,   when read together   with the   Prospectus,   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, 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   Prospectus   or any further   amendment   or   supplement

     thereto, when such documents are filed with the Commission,   will comply in

     all material   respects with the   applicable   provisions of the 1934 Act and

     the rules and   regulations   of the   Commission   thereunder   and,   when read

     together    with   the    Prospectus    as   it   otherwise   may   be   amended   or

     supplemented,   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, in the light of the circumstances under which

     they were made, not   misleading,   except that the Company makes no warranty

     or   representation   to the Underwriters with respect to: (A) any statements

     or   omissions   made in reliance   upon and in   conformity   with   information

     furnished   in   writing   to the   Company   by the   Underwriters   through   the

     Representatives   expressly for use in the Final Supplemented Prospectus; or

     (B) any information set forth in the Final   Supplemented   Prospectus   under

     the caption   "Description   of the Series Z Senior Notes -- Book-Entry   Only

     Issuance -- The Depository Trust Company".

 

(c)   The   Registration   Statement,   the   Prospectus   and the Final   Supplemented

     Prospectus   comply,   and   any   further   amendments   or   supplements   to the

     Registration   Statement   or the   Prospectus,   when any such   post-effective

     amendments   are   declared   effective   or   supplements   are   filed   with the

     Commission,   as the case may be, will comply, in all material respects with

     the   applicable   provisions of the 1933 Act, the 1934 Act, the 1939 Act (as

     hereinafter    defined)   and   the   General   Rules   and   Regulations   of   the

     Commission   thereunder   and do not and will not,   (i) as of the   applicable

     effective date as to the Registration   Statement and any amendment   thereto

     and   (ii)   as of the   date of the   Final   Supplemented   Prospectus   and any

     Prospectus as further amended or supplemented,   contain an untrue statement

     of a material fact or omit to state a material   fact   necessary in order to

     make the statements   therein not misleading in the case of the Registration

     Statement and any amendment thereto, and, in the light of the circumstances

     under   which   they   were   made,   not   misleading   in the case of the   Final

     Supplemented    Prospectus   and   any    Prospectus   as   further    amended   or

      supplemented;    except    that    the    Company    makes   no    warranties    or

     representations   with   respect   to:   (A)   that   part   of   the   Registration

     Statement which shall   constitute the Statements of Eligibility   (Form T-1)

     under the Trust   Indenture   Act of 1939,   as amended (the "1939 Act");   (B)

     statements   or omissions   made in the   Registration   Statement or the Final

     Supplemented Prospectus in reliance upon and in conformity with information

     furnished   in   writing   to the   Company   by the   Underwriters   through   the

     Representatives expressly for use therein; or (C) any information set forth

     in the Final Supplemented   Prospectus under the caption "Description of the

     Series Z Senior Notes -- Book-Entry   Only Issuance -- The Depository   Trust

     Company".

 

                                       3

<PAGE>

 

(d)    With respect to the Registration Statement, the conditions for use of

      Form S-3, as set forth in the General Instructions thereof, have been

      satisfied.

 

(e)    Since the respective dates as of which information is given in the

      Registration Statement and the Final Supplemented Prospectus, except as

      otherwise stated therein, there has been no material adverse change in

      the business, properties or financial condition of the Company.

 

(f)    The Company is a corporation duly organized and existing under the laws

      of the State of Georgia and has due corporate authority to carry on the

      public utility business in which it is engaged and to own and operate

      the properties used by it in such business, to enter into and perform

      its obligations under this Agreement and the Indenture and to issue and

      sell the Senior Notes to the Underwriters.

 

(g)    This Agreement has been duly authorized, executed and delivered by the

      Company.

 

(h)   The Indenture   has been duly   authorized by the Company and, on the Closing

     Date (as hereinafter   defined),   will have been duly executed and delivered

     by the Company, and, assuming due authorization,   execution and delivery of

     the   Indenture by the Trustee,   the   Indenture   will,   on the Closing Date,

     constitute   a valid and   binding   obligation   of the   Company,   enforceable

     against the Company in accordance   with its terms except to the extent that

     enforcement    thereof   may   be   limited   by   (1)   bankruptcy,    insolvency,

     reorganization,     receivership,     liquidation,    fraudulent    conveyance,

     moratorium or other similar laws affecting   creditors'   rights generally or

     (2) general   principles of equity   (regardless   of whether   enforcement   is

     considered   in a   proceeding   at law   or in   equity)   (the   "Enforceability

     Exceptions");   the Indenture   will conform in all material   respects to all

     statements relating thereto contained in the Final Supplemented Prospectus;

     and, on the Closing Date, the Indenture will have been duly qualified under

     the 1939 Act.

 

(i)   The issuance and delivery of the Senior Notes have been duly authorized

     by the Company and, on the Closing Date, the Senior Notes will have

     been duly executed by the Company and, when authenticated in the manner

     provided for in the Indenture and delivered against payment therefor as

     described in the Final Supplemented Prospectus, will constitute valid

     and legally binding obligations of the Company, enforceable against the

     Company in accordance with their terms, except to the extent that

     enforcement thereof may be limited by the Enforceability Exceptions,

     will be in the form contemplated by, and entitled to the benefits of,

     the Indenture and will conform in all material respects to all

     statements relating thereto in the Final Supplemented Prospectus.

 

(j)   The execution,   delivery and   performance by the Company of this Agreement,

     the Indenture and the Senior Notes and the   consummation   by the Company of

     the   transactions   contemplated   herein and therein and   compliance   by the

     Company with its obligations   hereunder and thereunder shall have been duly

 

                                       4

<PAGE>

 

     authorized by all necessary corporate action on the part of the Company and

     do not and will not result in any violation of the charter or bylaws of the

     Company,   and do not and will not conflict   with,   or result in a breach 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   under   (A) any   contract,   indenture,

     mortgage,   loan agreement,   note, lease or other agreement or instrument to

     which the Company is a party or by which it may be bound or to which any of

     its properties may be subject   (except for conflicts,   breaches or defaults

     which would not, individually or in the aggregate, be materially adverse to

     the Company or materially adverse to the transactions   contemplated by this

     Agreement), or (B) any existing applicable law, rule, regulation, judgment,

     order or decree of any government,   governmental   instrumentality or court,

     domestic or foreign,   or any regulatory   body or   administrative   agency or

     other governmental body having jurisdiction over the Company, or any of its

     properties.

 

(k)   No authorization, approval, consent or order of any court or

     governmental authority or agency is necessary in connection with the

     issuance and sale by the Company of the Senior Notes or the

     transactions by the Company contemplated in this Agreement, except (A)

     such as may be required under the 1933 Act or the rules and regulations

     thereunder; (B) such as may be required under the Public Utility

     Holding Company Act of 1935, as amended; (C) the qualification of the

     Indenture under the 1939 Act; (D) the approval of the Georgia Public

     Service Commission (the "Georgia Commission"); and (E) such consents,

     approvals, authorizations, registrations or qualifications as may be

     required under state securities or "blue sky" laws.

 

(l)   The   financial   statements   incorporated   by reference in the   Registration

     Statement and the Final Supplemented Prospectus,   together with the related

     schedules   and   notes,   present   fairly,   in   all   material   respects,   the

     financial position,   results of operations and cash flows of the Company as

     of and for   the   dates   indicated;   said   financial   statements   have   been

     prepared in conformity with accounting principles generally accepted in the

     United   States   ("GAAP")   applied on a   consistent   basis   (except that the

     unaudited    financial    statements   may   be   subject   to   normal    year-end

     adjustments)   throughout   the   periods   involved   and   necessarily   include

     amounts that are based on the best   estimates and judgments of   management.

     The selected financial data and the summary financial   information included

     in the Final   Supplemented   Prospectus present fairly the information shown

     therein   and have   been   compiled   on a basis   consistent   with that of the

     audited and unaudited financial statements incorporated by reference in the

     Registration Statement.

 

SECTION   2. SALE AND DELIVERY TO THE UNDERWRITERS; CLOSING.

 

                  (a) On the basis of the representations and warranties herein

         contained and subject to the terms and conditions herein set forth, the

 

                                       5

<PAGE>

 

         Company agrees to sell to each Underwriter, severally and not jointly,

         and each Underwriter, severally and not jointly, agrees to purchase

         from the Company, the principal amount of Senior Notes set forth in

         Schedule I to this Agreement opposite the name of such Underwriter

         (plus any additional amount of Senior Notes that such Underwriter may

         become obligated to purchase pursuant to the provisions of Section 10

         hereof), at a price equal to 99.132% of the principal amount thereof.

 

                  (b) Payment of the purchase price and delivery of certificates

         for the Senior Notes shall be made at the offices of Troutman Sanders

         LLP, 405 Lexington Avenue, New York, New York 10174 at 10:00 A.M., New

         York time, on December 6, 2005 (unless postponed in accordance with the

         provisions of Section 10) or such other time, place or date as shall be

         agreed upon by the Representatives and the Company (such time and date

          of payment and delivery being herein called the "Closing Date").

         Payment shall be made to the Company by wire transfer in federal funds

         at the Closing Date against delivery of the certificates for Senior

         Notes to the Representatives. It is understood that each Underwriter

         has authorized the Representatives, for each Underwriter's account, to

         accept delivery of, receipt for and make payment of the principal

         amount of the Senior Notes which each Underwriter has agreed to

         purchase. The Representatives, individually and not as representatives

         of the Underwriters, may (but shall not be obligated to) make payment

         of the principal amount of the Senior Notes to be purchased by any

          Underwriter whose payment has not been received by the Closing Date,

         but such payment shall not relieve such Underwriter from its

         obligations hereunder.

 

                  The delivery of the Senior Notes shall be made in fully

registered form, registered in the name of CEDE & CO., to the offices of The

Depository Trust Company in New York, New York or its designee, and the

Underwriters shall accept such delivery.

 

                  The certificate(s) for the Senior Notes will be made available

for examination by the Representatives not later than 12:00 Noon, New York time,

on the last business day prior to the Closing Date.

 

SECTION   3. COVENANTS OF THE COMPANY. The Company covenants with the

         Underwriters as follows:

 

(a)   The   Company,   on or   prior   to   the   Closing   Date,   will   deliver   to the

     Underwriters   conformed copies of the Registration   Statement as originally

     filed   and   of   all   amendments   thereto,   heretofore   or   hereafter   made,

     including any post-effective amendment (in each case including all exhibits

     filed   therewith,   and   including   unsigned   copies   of   each   consent   and

     certificate   included   therein   or   filed   as an   exhibit   thereto,   except

     exhibits incorporated by reference, unless specifically requested). As soon

     as the   Company   is advised   thereof,   it will   advise the   Representatives

     orally of the issuance of any stop order under the 1933 Act with respect to

     the Registration Statement, or the institution of any proceedings therefor,

     of which the   Company   shall have   received   notice,   and will use its best

     efforts to prevent   the   issuance   of any such stop order and to secure the

                                      

                                        6

<PAGE>

 

     prompt   removal   thereof,   if   issued.   The   Company   will   deliver   to the

     Representatives   sufficient conformed copies of the Registration Statement,

     the Prospectus and the Final Supplemented Prospectus and of all supplements

     and amendments   thereto (in each case without exhibits) for distribution to

     the   Underwriters   and, from time to time, as many copies of the Prospectus

     and the Final   Supplemented   Prospectus as the   Underwriters may reasonably

     request for the purposes contemplated by the 1933 Act or the 1934 Act.

 

(b)   The Company will furnish the Underwriters with copies of each amendment and

     supplement to the Final Supplemented Prospectus relating to the offering of

     the Senior Notes in such   quantities as the   Underwriters   may from time to

     time reasonably request.   If, during the period (not exceeding nine months)

     when the   delivery of a prospectus   shall be required by law in   connection

     with the sale of any Senior Notes by an Underwriter,   any event relating to

     or   affecting   the   Company,   or of which the   Company   shall be advised in

     writing   by the   Underwriters,   shall   occur,   which in the   opinion of the

     Company or of Underwriters'   counsel should be set forth in a supplement to

     or an amendment of the Final   Supplemented   Prospectus in order to make the

     Final    Supplemented    Prospectus   not   misleading   in   the   light   of   the

     circumstances when it is delivered,   or if for any other reason it shall be

     necessary during such period to amend or supplement the Final   Supplemented

     Prospectus   or to file   under   the 1934 Act any   document   incorporated   by

     reference   in the   Preliminary   Prospectus   or the   Prospectus   in order to

     comply with the 1933 Act or the 1934 Act,   the Company   forthwith   will (i)

     notify the Underwriters to suspend   solicitation of purchases of the Senior

     Notes and (ii) at its expense,   make any such filing or prepare and furnish

     to the   Underwriters   a   reasonable   number of copies   of a   supplement   or

     supplements   or an   amendment   or   amendments   to   the   Final   Supplemented

     Prospectus which will supplement or amend the Final Supplemented Prospectus

     so that,   as   supplemented   or   amended,   it will not   contain   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

     when the Final   Supplemented   Prospectus   is delivered,   not   misleading or

     which will effect any other necessary   compliance.   In case any Underwriter

     is   required to deliver a   prospectus   in   connection   with the sale of any

     Senior Notes after the expiration of the period   specified in the preceding

     sentence,   the Company, upon the request of such Underwriter,   will furnish

     to such   Underwriter,   at the   expense of such   Underwriter,   a   reasonable

     quantity   of a   supplemented   or   amended   prospectus,   or   supplements   or

     amendments to the Final   Supplemented   Prospectus,   complying   with Section

     10(a) of the 1933 Act.   During the period   specified in the second sentence

     of this subsection,   the Company will continue to prepare and file with the

     Commission on a timely basis all documents or amendments required under the

     1934 Act and the   rules   and   regulations   thereunder;   provided,   that the

     Company shall not file such documents or amendments   without   -------- also

     furnishing copies thereof prior to such filing to the   Representatives   and

     Dewey Ballantine LLP.

 

(c)   The Company will endeavor, in cooperation with the Underwriters, to

     qualify the Senior Notes for offering and sale under the applicable

 

                                       7

<PAGE>

 

     securities laws of such states and the other jurisdictions of the

     United States as the Representatives may designate; provided, however,

     that the Company shall not be obligated to qualify as a foreign

     corporation in any jurisdiction in which it is not so qualified or to

     file a consent to service of process or to file annual reports or to

     comply with any other requirements in connection with such

     qualification deemed by the Company to be unduly burdensome.

 

(d)   The Company will make generally available to its security holders as

     soon as practicable but not later than 45 days after the close of the

     period covered thereby, an earnings statement of the Company (in form

     complying with the provisions of Rule 158 of the rules and regulations

     under the 1933 Act) covering a twelve-month period beginning not later

     than the first day of the Company's fiscal quarter next following the

     "effective date" (as defined in Rule 158) of the Registration

     Statement.

 

(e)   As soon as practicable after the date of this Agreement, and in any

     event within the time prescribed by Rule 424 under the 1933 Act, the

     Company will file the Final Supplemented Prospectus with the Commission

     and will advise the Representatives of such filing and will confirm

     such advice in writing.

 

(f)   During a period of 15 days from the date of this Agreement, the Company

     will not, without the Representatives' prior written consent, directly

     or indirectly, sell, offer to sell, grant any option for the sale of,

     or otherwise dispose of, any Senior Notes or any security convertible

     into or exchangeable into or exercisable for the Senior Notes or any

     debt securities substantially similar to the Senior Notes (except for

     the Senior Notes issued pursuant to this Agreement). The

     Representatives agree that commercial paper or other debt securities

     with scheduled maturities of less than one year are not subject to this

     Section 3(f).

 

SECTION   4. PAYMENT OF EXPENSES. The Company will pay all expenses incidental to

         the performance of its obligations under this Agreement, including but

         not limited to, the expenses of (i) the printing and filing of the

         Registration Statement as originally filed and of each amendment

         thereto, (ii) the preparation, issuance and delivery of the

         certificate(s) for the Senior Notes, (iii) the fees and disbursements

         of the Company's counsel and accountants, (iv) the qualification of the

         Senior Notes under securities laws in accordance with the provisions of

         Section 3(c) hereof, including filing fees and the reasonable fees and

         disbursements of counsel for the Underwriters in connection therewith

         and in connection with the preparation of any blue sky survey (such

         fees and disbursements of counsel shall not exceed $3,500), (v) the

         printing and delivery to the Underwriters of copies of the Registration

         Statement as originally filed and of each amendment thereto and of the

         Prospectus, the Final Supplemented Prospectus and any amendments or

         supplements thereto, (vi) the printing and delivery to the Underwriters

         of copies of any blue sky survey, (vii) the fee of the National

         Association of Securities Dealers, Inc. in connection with its review

         of the offering contemplated by this Agreement, if applicable, (viii)

         the fees and expenses of the Trustee, including the fees and

         disbursements of counsel for the Trustee in connection with the

         Indenture and the Senior Notes, (ix) any fees payable in connection

         with the rating of the Senior Notes, (x) the cost and charges of any

 

 

                                        8

 

 

<PAGE>

 

         transfer agent or registrar and (xi) the cost of qualifying the Senior

         Notes with The Depository Trust Company.

 

                  Except as otherwise provided in Section 9 hereof, the

Underwriters shall pay all other expenses incurred by them in connection with

their offering of the Senior Notes.

 

SECTION 5. CONDITIONS OF UNDERWRITERS' OBLIGATIONS. The obligations of the

Underwriters to purchase and pay for the Senior Notes are subject to the

following conditions:

 

         (a) No stop order suspending the effectiveness of the Registration

Statement shall be in effect on the Closing Date and no proceedings for that

purpose shall be pending before, or to the knowledge of the Company threatened

by, the Commission on such date. If filing of the Final Supplemented Prospectus,

or any supplement thereto, is required pursuant to Rule 424, the Final

Supplemented Prospectus and any such supplement shall have been filed in the

manner and within the time period required by Rule 424.

 

         (b) Any required orders of the Georgia Commission and the Commission

permitting the transactions contemplated hereby substantially in accordance with

the terms and conditions hereof shall be in full force and effect and shall

contain no provision unacceptable to the Underwriters or the Company (but all

provisions of such order or orders heretofore entered, copies of which have

heretofore been delivered to the Representatives, are deemed acceptable to the

Underwriters and the Company and all provisions of such order or orders

hereafter entered shall be deemed acceptable to the Underwriters and the Company

unless within 24 hours after receiving a copy of any such order any party to

this Agreement shall give notice to the other parties to the effect that such

order contains an unacceptable provision).

 

         (c) On the Closing Date, the Representatives shall have received:

 

(1) The opinion, dated the Closing Date, of Troutman Sanders LLP, counsel for

the Company, substantially in the form attached hereto as Schedule II.

 

(2) The opinion, dated the Closing Date, of Cravath, Swaine & Moore LLP, counsel

to the Trustee, substantially in the form attached hereto as Schedule III.

 

(3) The opinion, dated the Closing Date, of Dewey Ballantine LLP, counsel for

the Underwriters, substantially in the form attached hereto as Schedule IV.

 

         (d) At the Closing Date, there shall not have been, since the date

hereof or since the respective dates as of which information is given in the

Registration Statement and the Final Supplemented Prospectus, any material

adverse change in the business, properties or financial condition of the

Company, whether or not arising in the ordinary course of business, and the

Representatives shall have received a certificate of the President or any Vice

President of the Company, and dated as of the Closing Date, to the effect that

(i) there has been no such material adverse change, (ii) the representations and

 

                                       9

<PAGE>

 

warranties in Section 1 hereof are true and correct with the same force and

effect as though expressly made at and as of the Closing Date, (iii) the Company

has complied with all agreements and satisfied all conditions on its part to be

performed or satisfied on or prior to the Closing Date, and (iv) no stop order

suspending the effectiveness of the Registration Statement has been issued and

no proceedings for that purpose have been initiated or, to the knowledge of the

Company, threatened by the Commission.

 

         (e) On the Closing Date, the Representatives shall have received from

Deloitte & Touche LLP a letter dated the Closing Date to the effect that: (A)

they are an independent registered public accounting firm with respect to the

Company within the meaning of the 1933 Act and the rules and regulations under

the 1933 Act; (B) in their opinion, the financial statements audited by them and

incorporated by reference in the Final Supplemented Prospectus comply as to form

in all material respects with the applicable accounting requirements of the 1934

Act and the rules and regulations under the 1934 Act; and (C) on the basis of

certain limited procedures performed through a specified date not more than five

business days prior to the date of such letter, namely (i) reading the minute

books of the Company; (ii) performing the procedures specified by the standards

of the Public Company Accounting Oversight Board (United States) ("PCAOB") for a

review of interim financial statement information as described in PCAOB Interim

Standard AU 722, "Interim Financial Information", on the unaudited financial

statements, if any, of the Company incorporated by reference in the Final

Supplemented Prospectus and on the latest available unaudited financial

statements of the Company, if any, for any calendar quarter subsequent to the

date of those incorporated by reference in the Final Supplemented Prospectus;

and (iii) making inquiries of certain o


 
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