Exhibit 1.1
EXECUTION COPY
Snap-on Incorporated
$300,000,000
$150,000,000 5.500% Notes Due 2017
$150,000,000 Floating Rate Notes Due
2010
Underwriting Agreement
New York, New York
January 9, 2007
To the Representatives named
in
Schedule I hereto of the
several
Underwriters named in
Schedule II
hereto
Ladies and Gentlemen:
Snap-on
Incorporated, a corporation organized under the laws of Delaware
(the “Company”), proposes to sell to the several
underwriters named in Schedule II hereto (the
“Underwriters”), for whom you (the
“Representatives”) are acting as representatives, the
principal amount of its securities identified in Schedule I
hereto (the “Securities”), to be issued under an
indenture (the “Indenture”) dated as of January 8,
2007, between the Company and U.S. Bank National Association, as
trustee (the “Trustee”). To the extent there are no
additional Underwriters listed on Schedule II other than you,
the term Representatives as used herein shall mean you, as
Underwriters, and the terms Representatives and Underwriters shall
mean either the singular or plural as the context requires. Any
reference herein to the Registration Statement, the Base
Prospectus, any Preliminary Prospectus or the Final Prospectus
shall be deemed to refer to and include the documents incorporated
by reference therein pursuant to Item 12 of Form S-3
which were filed under the Exchange Act on or before the Effective
Date of the Registration Statement or the issue date of the Base
Prospectus, any Preliminary Prospectus or the Final Prospectus, as
the case may be; and any reference herein to the terms
“amend”, “amendment” or
“supplement” with respect to the Registration
Statement, the Base Prospectus, any Preliminary Prospectus or the
Final Prospectus shall be deemed to refer to and include the filing
of any document under the Exchange Act after the Effective Date of
the Registration Statement or the issue date of the Base
Prospectus, any Preliminary Prospectus or the Final Prospectus, as
the case may be, deemed to be incorporated therein by reference.
Certain terms used herein are defined in Section 20
hereof.
1.
Representations and
Warranties . The Company represents and warrants to, and agrees
with, each Underwriter as set forth below in this
Section 1.
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(a)
The Company meets the
requirements for use of Form S-3 under the Securities Act and
has prepared and filed with the Commission an automatic shelf
registration statement, as defined in Rule 405 (the file number of
which is set forth in Schedule I hereto) on Form S-3,
including a related Base Prospectus, for registration under the
Securities Act of the offering and sale of the Securities. Such
Registration Statement, including any amendments thereto filed
prior to the Execution Time, became effective upon filing. The
Company may have filed with the Commission, as part of an amendment
to the Registration Statement or pursuant to Rule 424(b), one or
more preliminary prospectus supplements relating to the Securities,
each of which has previously been furnished to you. The Company
will file with the Commission a final prospectus supplement
relating to the Securities in accordance with Rule 424(b). As
filed, such final prospectus supplement shall contain all
information required by the Securities Act and the rules thereunder
and, except to the extent the Representatives shall agree in
writing to a modification, shall be in all substantive respects in
the form furnished to you prior to the Execution Time or, to the
extent not completed at the Execution Time, shall contain only such
specific additional information and other changes (beyond that
contained in the Base Prospectus and any Preliminary Prospectus) as
the Company has advised you, prior to the Execution Time, will be
included or made therein. The Registration Statement, at the
Execution Time, meets the requirements set forth in
Rule 415(a)(1)(x).
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(b) On
each Effective Date, the Registration Statement did, and when the
Final Prospectus is first filed in accordance with Rule 424(b)
and on the Closing Date (as defined herein), the Final Prospectus
(and any supplement thereto) will, comply in all material respects
with the applicable requirements of the Securities Act, the
Exchange Act and the Trust Indenture Act and the respective rules
thereunder; on each Effective Date and at the Execution Time, the
Registration Statement did not 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 in order to make the
statements therein not misleading; on the Effective Date and on the
Closing Date the Indenture did or will comply in all material
respects with the applicable requirements of the Trust Indenture
Act and the rules thereunder; and on the date of any filing
pursuant to Rule 424(b) and on the Closing Date, the Final
Prospectus (together with any supplement thereto) will not 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 under which they were made, not
misleading; provided , however , that the Company
makes no representations or warranties as to (i) that part of
the Registration Statement which shall constitute the Statement of
Eligibility and Qualification (Form T-1) under the Trust Indenture
Act of the Trustee or (ii) the information contained in or
omitted from the Registration Statement or the Final Prospectus (or
any supplement thereto) in reliance upon and in conformity with
information furnished in writing to the Company by or on behalf of
any Underwriter through the Representatives specifically for
inclusion in the Registration Statement or the Final Prospectus (or
any supplement thereto), it being understood and agreed that the
only such information furnished by or on behalf of any Underwriter
consists of the information described as such in Section 8
hereof.
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(c)
As of the Execution Time, the
Disclosure Package, as amended or supplemented as of the Execution
Time, does 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 under which
they were made, not misleading. The preceding sentence does not
apply to information contained in or omitted from the Disclosure
Package in reliance upon and in conformity with information
furnished in writing to the Company by any Underwriter through the
Representatives specifically for use therein, it being understood
and agreed that the only such information furnished by or on behalf
of any Underwriter consists of the information described as such in
Section 8 hereof.
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(d) Since
the date of the most recent financial statements of the Company
included or incorporated by reference in the Registration
Statement, the Disclosure Package and the Prospectus, (i) there has
not been any material change in the capital stock of the Company,
any change in the long-term debt of the Company or any of its
subsidiaries or development that in either case would reasonably be
expected to have a Material Adverse Effect; (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; and (iii) neither the
Company nor any of its subsidiaries has sustained any loss or
interference with its business from fire, explosion, flood or other
calamity, whether or not covered by insurance, or from any labor
disturbance or dispute or any action, order or decree of any court
or arbitrator or governmental or regulatory authority that is
material to the Company and its subsidiaries, taken as a whole,
except in each case as otherwise disclosed in the Registration
Statement, the Disclosure Package and the Prospectus.
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(e) (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 Securities Act (whether such amendment
was by post-effective amendment, incorporated report filed pursuant
to Sections 13 or 15(d) of the Exchange Act or form of prospectus),
(iii) at the time the Company or any person acting on its behalf
(within the meaning, for this clause only, of Rule 163(c)) made any
offer relating to the Securities in reliance on the exemption in
Rule 163, and (iv) at the Execution Time, the Company was, is or
will be, as the case may be, a Well-Known Seasoned
Issuer.
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(f) (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) as of the Execution Time (with such date being
used as the determination date for purposes of this clause (ii)),
the Company was not and is not an Ineligible Issuer (as defined in
Rule 405), without taking account of any determination by the
Commission pursuant to Rule 405 that it is not necessary that the
Company be considered an Ineligible Issuer.
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(g) Each
Issuer Free Writing Prospectus and the final term sheet prepared
and filed pursuant to Section 5(b) hereto does not include any
information that conflicts with the information contained in the
Registration Statement, including any document incorporated therein
by reference and any prospectus supplement deemed to be a part
thereof that has not been superseded or modified. The foregoing
sentence does not apply to information contained in or omitted from
any Issuer Free Writing Prospectus in reliance upon and in
conformity with information furnished in writing to the Company by
any Underwriter through the Representatives specifically for use
therein, it being understood and agreed that the only such
information furnished by or on behalf of any Underwriter consists
of the information described as such in Section 8 hereof
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(h) Each
of the Company and the Significant Subsidiaries is validly existing
as a corporation in good standing under the laws of the
jurisdiction in which it is chartered or organized with full
corporate power and authority to own or lease, as the case may be,
and to operate its properties and conduct its business as described
in the Disclosure Package and the Prospectus, and is duly qualified
to do business as a foreign corporation and is in good standing
under the laws of each jurisdiction which requires such
qualification, except where failure to be so qualified would not
have a Material Adverse Effect.
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(i) All
the outstanding shares of capital stock of each of the Significant
Subsidiaries have been duly and validly authorized and issued and
are fully paid and nonassessable, and except for directors’
qualifying shares and as otherwise set forth in the Disclosure
Package and the Prospectus, all outstanding shares of capital stock
of the Significant Subsidiaries are owned by the Company either
directly or through wholly owned subsidiaries free and clear of any
perfected security interest or any other security interests,
claims, liens or encumbrances.
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(j) There
is no franchise, contract or other document of a character required
to be described in the Registration Statement or Prospectus, or to
be filed as an exhibit thereto, which is not described or filed as
required (and the Preliminary Prospectus contains in all material
respects the same description of the foregoing matters contained in
the Prospectus); and the statements in the Preliminary Prospectus
and the Prospectus under the heading “Material U.S. Federal
Income Tax Considerations” insofar as such statements
summarize legal matters, agreements, documents or proceedings
discussed therein, are accurate and fair summaries of such legal
matters, agreements, documents or proceedings.
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(k) This
Agreement has been duly authorized, executed and delivered by the
Company.
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(l) The
Company is not and, after giving effect to the offering and sale of
the Securities and the application of the proceeds thereof as
described in the Disclosure Package and the Prospectus, will not be
an “investment company” as defined in the Investment
Company Act of 1940, as amended.
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(m) No
consent, approval, authorization, filing with or order of any court
or governmental agency or body is required in connection with the
transactions contemplated herein, except such as have been obtained
under the Securities Act and the Trust Indenture Act and such as
may be required under the blue sky laws of any jurisdiction in
connection with the purchase and distribution of the Securities by
the Underwriters in the manner contemplated herein and in the
Disclosure Package and the Prospectus.
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(n) Neither
the issue and sale of the Securities nor the consummation of any
other of the transactions herein contemplated nor the fulfillment
of the terms hereof will conflict with, result in a breach or
violation of, or imposition of any lien, charge or encumbrance upon
any property or assets of the Company or any of its Significant
Subsidiaries pursuant to, (i) the charter or by-laws of the Company
or any of its Significant Subsidiaries, (ii) the terms of any
indenture, contract, lease, mortgage, deed of trust, note
agreement, loan agreement or other agreement, obligation,
condition, covenant or instrument to which the Company or any of
its Significant Subsidiaries is a party or bound or to which its or
their property is subject, except where such conflict, breach or
violation would not have a Material Adverse Effect, or (iii) any
statute, law, rule, regulation, judgment, order or decree
applicable to the Company or any of its Significant Subsidiaries of
any court, regulatory body, administrative agency, governmental
body, arbitrator or other authority having jurisdiction over the
Company or any of its Significant Subsidiaries or any of its or
their properties.
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(o) No
holders of securities of the Company have rights to the
registration of such securities under the Registration
Statement.
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(p) The
historical financial statements and the related notes thereto of
the Company and its consolidated subsidiaries included or
incorporated by reference in the Registration Statement, the
Disclosure Package and the Prospectus comply as to form in all
material respects with the applicable requirements of the
Securities Act and the Exchange Act, as applicable, and present
fairly in all material respects the financial position of the
Company and its subsidiaries as of the dates indicated and the
results of their operations, stockholders’ equity and cash
flows for the periods specified; such financial statements have
been prepared in conformity with generally accepted accounting
principles applied on a consistent basis throughout the periods
covered thereby, except as may be otherwise stated therein and
except to the extent that certain information normally disclosed in
financial statements and related notes may be omitted or condensed
in the quarterly financial statements of the Company and its
consolidated subsidiaries if done so pursuant to the rules and
regulations of the Commission; the supporting schedules included or
incorporated by reference in the Registration Statement, Disclosure
Package and the Prospectus present fairly in all material respects
the information required to be stated therein; and the other
historical financial information of the Company and its
subsidiaries included or incorporated by reference in the
Registration Statement, the Disclosure Package and the Prospectus
has been derived from the accounting records of the Company and its
subsidiaries and presents fairly in all material respects the
information shown thereby; and the proforma financial
information and the related notes thereto included or incorporated
by reference in the Registration Statement, the Disclosure Package
and the Prospectus have been prepared in accordance with the
applicable requirements of the Securities Act and the Exchange Act,
as applicable, and the assumptions underlying such proforma
financial information are reasonable and are set forth in the
Registration Statement, the Disclosure Package and the Prospectus;
and the pro forma adjustments have been properly applied to the
historical amounts in the compilation of those statements.
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(q) No
action, suit or proceeding by or before any court or governmental
agency, authority or body or any arbitrator involving the Company
or any of its subsidiaries or its or their property is pending or,
to the knowledge of the Company, threatened that (i) could
reasonably be expected to have a material adverse effect on the
performance of this Agreement or the consummation of any of the
transactions contemplated hereby or (ii) could reasonably be
expected to have a Material Adverse Effect, whether or not arising
from transactions in the ordinary course of business, except as set
forth in or contemplated in the Disclosure Package and the
Prospectus (exclusive of any supplement thereto).
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(r) Neither
the Company nor any of its Significant Subsidiaries is in violation
or default of (i) any provision of its charter or bylaws, (ii) the
terms of any indenture, contract, lease, mortgage, deed of trust,
note agreement, loan agreement or other agreement, obligation,
condition, covenant or instrument to which it is a party or bound
or to which its property is subject, or (iii) any statute, law,
rule, regulation, judgment, order or decree of any court,
regulatory body, administrative agency, governmental body,
arbitrator or other authority having jurisdiction over the Company
or such Significant Subsidiary or any of its properties, as
applicable, except, with respect to clauses (ii) and (iii) only,
for such violations or defaults as would not, individually or in
the aggregate, reasonably be expected to have a Material Adverse
Effect.
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(s) Deloitte
& Touche LLP, who have certified certain financial statements
of the Company and its consolidated subsidiaries and delivered
their report with respect to the audited consolidated financial
statements included or incorporated in the Disclosure Package and
the Prospectus, are independent public accountants with respect to
the Company within the meaning of the Securities Act and the
applicable published rules and regulations thereunder.
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(t) The
Company and its subsidiaries have paid all material federal, state,
local and foreign taxes, other than taxes that are being disputed
in good faith by the Company or any of its subsidiaries to the
extent any of the foregoing is due and payable, and have filed all
material tax returns required to be paid or filed to the extent any
of the foregoing is due; and except as otherwise disclosed in the
Registration Statement, the Disclosure Package and the Prospectus,
there is no tax deficiency that has been, or could reasonably be
expected to be, asserted against the Company or any of its
subsidiaries or any of their respective properties or assets that
could reasonably be expected, individually or in the aggregate, to
have a Material Adverse Effect.
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(u) No
labor problem or dispute with the employees of the Company or any
of its subsidiaries exists or is threatened, and the Company is not
aware of any existing or threatened labor disturbance by the
employees of any of its or its subsidiaries’ principal
suppliers, contractors or customers, that could in any such case
have a Material Adverse Effect, whether or not arising from
transactions in the ordinary course of business, except as set
forth in or contemplated in the Disclosure Package and the
Prospectus (exclusive of any supplement thereto).
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(v) The
Company and its Significant Subsidiaries are insured by recognized,
financially sound and reputable institutions with policies in such
amounts and with such deductibles and covering such risks as the
Company believes are adequate for its business. The Company has not
received notice that any material policy of insurance insuring the
Company or any of its Significant Subsidiaries or their respective
businesses, assets, employees, officers and directors are not in
full force and effect; the Company and its subsidiaries are in
compliance with the terms of such policies and instruments in all
material respects; and there are no material claims by the Company
or any of its Significant Subsidiaries under any such policy or
instrument as to which any insurance company is denying liability
or defending under a reservation of rights clause, except where any
such claims would not, individually or in the aggregate, reasonably
be expected to have a Material Adverse Effect.
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(w) No
Significant Subsidiary of the Company is currently prohibited,
directly or indirectly, from paying any dividends to the Company,
from making any other distribution on such subsidiary’s
capital stock, from repaying to the Company any loans or advances
to such subsidiary from the Company or from transferring any of
such subsidiary’s property or assets to the Company or any
other subsidiary of the Company, except as described in or
contemplated by the Disclosure Package and the Prospectus
(exclusive of any supplement thereto).
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(x) The
Company and its subsidiaries possess all licenses, certificates,
permits and other authorizations issued by all applicable
authorities necessary to conduct their respective businesses,
except where any failure to have such license, certificate, permit
or authorization would not, individually or in the aggregate,
reasonably be expected to have a Material Adverse Effect, and
neither the Company nor any such subsidiary has received any notice
of proceedings relating to the revocation or modification of any
such certificate, authorization or permit which, singly or in the
aggregate, if the subject of an unfavorable decision, ruling or
finding, would reasonably be expected to have a Material Adverse
Effect, whether or not arising from transactions in the ordinary
course of business, except as set forth in or contemplated in the
Disclosure Package and the Prospectus (exclusive of any supplement
thereto).
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(y) The
Company in respect of itself and its subsidiaries maintains a
system of “internal control over financial reporting”
(as defined in Rule 13a-15(f) of the Exchange Act) that complies
with the requirements of the Exchange Act. To the knowledge of the
Company, since December 31, 2005 and except as disclosed in the
Disclosure Package and the Prospectus, no material weaknesses or
significant deficiencies in the Company’s internal control
over financial reporting have been identified.
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(z) The
Company in respect of itself and its subsidiaries maintains a
system of “disclosure controls and procedures” (as
defined in Rule 13a-15(e) of the Exchange Act) that is designed to
ensure that information required to be disclosed by the Company in
reports that it files or submits under the Exchange Act is
recorded, processed, summarized and reported within the time
periods specified in the Commission’s rules and forms,
including controls and procedures designed to ensure that such
information is accumulated and communicated to the Company’s
management as appropriate to allow timely decisions regarding
required disclosure. The Company has carried out evaluations of the
effectiveness of its disclosure controls and procedures as required
by Rule 13a-15 of the Exchange Act.
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(aa) Except
as would not otherwise reasonably be expected to have a Material
Adverse Effect and except as otherwise disclosed in the Disclosure
Package and the Prospectus, 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, (iii)
are in compliance with all terms and conditions of any such permit,
license or approval, and (iv) are not subject to any claims or
liabilities arising out of the release of or exposure to wastes,
pollutants or contaminants and are not aware of any facts or
circumstances which would form a reasonable basis for any such
claim.
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(bb) There
is and has been no failure on the part of the Company and any of
the Company’s directors or officers, in their capacities as
such, to comply in all material respects with any provision of the
Sarbanes-Oxley Act of 2002 and the rules and regulations
promulgated in connection therewith, including Section 402 relating
to loans and Sections 302 and 906 relating to
certifications.
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(cc) Neither
the Company nor any of its subsidiaries has taken any action,
directly or indirectly, that would result in a violation by such
persons of the Foreign Corrupt Practices Act of 1977, as amended,
and the rules and regulations thereunder (the “FCPA”),
to the knowledge of the Company, no director, officer, agent,
employee or affiliate of the Company or any of its subsidiaries has
taken any action on behalf of the Company or its subsidiaries,
directly or indirectly, that would result in a violation by such
persons of the FCPA, and the Company and its subsidiaries have
conducted their businesses in compliance in all material respects
with the FCPA and have instituted and maintain policies and
procedures designed to ensure, and which are reasonably expected to
continue to ensure, continued compliance therewith.
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(dd) The
operations of the Company and its subsidiaries are and have been
conducted at all times in compliance in all material respects with
applicable financial recordkeeping and reporting requirements of
the Currency and Foreign Transactions Reporting Act of 1970, as
amended, the money laundering statutes of all applicable
jurisdictions, the rules and regulations thereunder and any related
or similar rules, regulations or guidelines issued, administered or
enforced by any governmental agency (collectively, the “Money
Laundering Laws”), and no action, suit or proceeding by or
before any court or governmental agency, authority or body or any
arbitrator involving the Company or any of its subsidiaries with
respect to the Money Laundering Laws is pending or, to the
knowledge of the Company, threatened.
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(ee) Neither
the Company nor any of its subsidiaries nor, to the knowledge of
the Company, any director, officer, agent, employee or affiliate of
the Company or any of its subsidiaries in respect of matters
relating to the Company or any of its subsidiaries is currently
subject to any sanctions administered by the Office of Foreign
Assets Control of the U.S. Treasury Department
(“OFAC”); and the Company will not directly or
indirectly use the proceeds of the offering of the Securities, or
lend, contribute or otherwise make available such proceeds to any
subsidiary, joint venture partner or other person or entity, for
the purpose of financing the activities of any person currently
subject to any U.S. sanctions administered by OFAC.
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(ff) Except
as set forth in the Disclosure Package and the Prospectus, to the
Company’s knowledge, the Company or its subsidiaries own or
possess the right to use all patents, trademarks, service marks,
trade names, copyrights, patentable inventions, trade secrets and
know-how used by the Company or its subsidiaries in the conduct of
the Company’s or its subsidiaries’ business as now
conducted or as proposed in the Disclosure Package and the
Prospectus to be conducted and material to the Company and its
subsidiaries taken as a whole (collectively, the
“Intellectual Property”). Except as set forth in the
Disclosure Package and the Prospectus, there are no material legal
or governmental actions, suits, proceedings or claims pending or,
to the Company’s knowledge, threatened against the Company
(i) challenging the Company’s rights in or to any
Intellectual Property, (ii) challenging the validity or scope of
any Intellectual Property owned by the Company, or (iii) alleging
that the operation of the Company’s business as now conducted
infringes or otherwise violates any patent, trademark, copyright,
trade secret or other proprietary rights of a third
party.
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(gg) Except
as disclosed in the Registration Statement, the Disclosure Package
and the Prospectus, the Company (i) does not have any material
lending or other relationship with any bank or lending affiliate of
the Representatives and (ii) does not intend to use any of the
proceeds from the sale of the Securities hereunder to repay any
outstanding debt owed to any affiliate of the
Representatives.
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Any
certificate signed by any officer of the Company and delivered to
the Representatives or counsel for the Underwriters in connection
with the offering of the Securities shall be deemed a
representation and warranty by the Company, as to matters covered
thereby, to each Underwriter.
2.
Purchase and Sale . Subject to the terms and conditions and
in reliance upon the representations and warranties herein set
forth, the Company agrees to sell to each Underwriter, and each
Underwriter agrees, severally and not jointly, to purchase from the
Company, at the purchase price set forth in Schedule I hereto
the principal amount of the Securities set forth opposite such
Underwriter’s name in Schedule II hereto.
3.
Delivery and Payment . Delivery of and payment for the
Securities shall be made on the date and at the time specified in
Schedule I hereto or at such time on such later date not more
than three Business Days after the foregoing date as the
Representatives shall reasonably designate, which date and time may
be postponed by agreement between the Representatives and the
Company or as provided in Section 9 hereof (such date and
time of delivery and payment for the Securities being herein called
the “Closing Date”). Delivery of the Securities shall
be made to the Representatives for the respective accounts of the
several Underwriters against payment by the several Underwriters
through the Representatives of the purchase price thereof to or
upon the order of the Company by wire transfer payable in same-day
funds to an account specified by the Company. Delivery of the
Securities shall be made through the facilities of The Depository
Trust Company unless the Representatives shall otherwise
instruct.
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4.
Offering by Underwriters . It is understood that the several
Underwriters propose to offer the Securities for sale to the public
as set forth in the Final Prospectus.
5.
Agreements of Company . The Company agrees with the several
Underwriters that:
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(a) Prior
to the termination of the offering of the Securities, the Company
will not file any amendment of the Registration Statement or
supplement (including the Final Prospectus or any Preliminary
Prospectus) to the Base Prospectus unless the Company has furnished
you a copy for your review prior to filing and will not file any
such proposed amendment or supplement to which you reasonably
object. The Company will cause the Final Prospectus, properly
completed, and any supplement thereto to be filed in a form
approved by the Representatives with the Commission pursuant to the
applicable paragraph of Rule 424(b) within the time period
prescribed and will provide evidence reasonably satisfactory to the
Representatives of such timely filing. The Company will promptly
advise the Representatives (i) when the Final Prospectus, and any
supplement thereto, shall have been filed (if required) with the
Commission pursuant to Rule 424(b), (ii) when, prior to
termination of the offering of the Securities, any amendment to the
Registration Statement shall have been filed or become effective,
(iii) of any request by the Commission or its staff for any
amendment of the Registration Statement, or any Rule 462(b)
Registration Statement, or for any supplement to the Final
Prospectus or for any additional information, (iv) of the
issuance by the Commission of any stop order suspending the
effectiveness of the Registration Statement or of any notice
objecting to its use or the institution or threatening of any
proceeding for that purpose and (v) of the receipt by the
Company of any notification with respect to the suspension of the
qualification of the Securities for sale in any jurisdiction or the
institution or threatening of any proceeding for such purpose. The
Company will use its reasonable best efforts to prevent the
issuance of any such stop order or the occurrence of any such
suspension or objection to the use of the Registration Statement
and, upon such issuance, occurrence or notice of objection, to
obtain as soon as possible the withdrawal of such stop order or
relief from such occurrence or objection, including, if necessary,
by filing an amendment to the Registration Statement or a new
registration statement and using its reasonable best efforts to
have such amendment or new registration statement declared
effective as soon as practicable. The Company agrees to pay the
fees required by the Commission relating to the Securities within
the time required by Rule 456(b)(1) without regard to the proviso
therein and otherwise in accordance with Rules 456(b) and
457(r).
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(b) To
prepare a final term sheet, containing solely a description of
final terms of the Securities and the offering thereof, in the form
approved by you and attached as Schedule IV hereto and to file such
term sheet pursuant to Rule 433(d) within the time required by such
Rule.
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(c) If,
at any time prior to the filing of the Final Prospectus pursuant to
Rule 424(b), any event occurs as a result of which the Disclosure
Package would include any untrue statement of a material fact or
omit to state any material fact necessary to make the statements
therein in the light of the circumstances under which they were
made or the circumstances then prevailing not misleading, the
Company will (i) notify promptly the Representatives so that any
use of the Disclosure Package may cease until it is amended or
supplemented; (ii) amend or supplement the Disclosure Package to
correct such statement or omission; and (iii) supply any amendment
or supplement to you in such quantities as you may reasonably
request.
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(d) If,
at any time when a prospectus relating to the Securities is
required to be delivered under the Securities Act (including in
circumstances where such requirement may be satisfied pursuant to
Rule 172), any event occurs as a result of which the Final
Prospectus as then supplemented would include any untrue statement
of a material fact or omit to state any material fact necessary to
make the statements therein in the light of the circumstances under
which they were made at such time not misleading, or if it shall be
necessary to amend the Registration Statement, file a new
registration statement or supplement the Final Prospectus to comply
with the Securities Act or the Exchange Act or the respective rules
thereunder, including in connection with use or delivery of the
Final Prospectus, the Company promptly will (i) notify the
Representatives of any such event, (ii) prepare and file with
the Commission, subject to the second sentence of paragraph (a) of
this Section 5, an amendment or supplement or new registration
statement which will correct such statement or omission or effect
such compliance, (iii) use its reasonable best efforts to have any
amendment to the Registration Statement or new registration
statement declared effective as soon as practicable in order to
avoid any disruption in use of the Final Prospectus and
(iv) supply any supplemented Final Prospectus to you in such
quantities as you may reasonably request.
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(e) Upon
the request by the Underwriters, as soon as practicable, the
Company will make generally available to its security holders and
to the Representatives an earnings statement or statements of the
Company and its subsidiaries which will satisfy the provisions of
Section 11(a) of the Act and Rule 158; provided that this covenant
shall be deemed satisfied as long as the Company is required to
file reports pursuant to Section 13 or 15(d) of the Exchange Act
and has filed its report or reports on Form 10-K, Form 10-Q or Form
8-K, or has supplied to the Commission copies of the annual report
sent to security holders pursuant to Rule 14a-3(c), containing such
earning statement or statements.
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(f) The
Company will furnish to the Representatives and counsel for the
Underwriters, without charge, signed copies of the Registration
Statement (including exhibits thereto) and to each other
Underwriter a copy of the Registration Statement (without exhibits
thereto) and, so long as delivery of a prospectus by an Underwriter
or dealer may be required by the Securities Act (including in
circumstances where such requirement may be satisfied pursuant to
Rule 172), as many copies of each Preliminary Prospectus, the Final
Prospectus and each Issuer Free Writing Prospectus and any
supplement thereto as the Representatives may reasonably request.
The Company will pay the expenses of printing or other production
of all documents relating to the offering of the
Securities.
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(g) The
Company shall cooperate with the Representatives and counsel for
the Underwriters to qualify or register the Securities for sale
under (or obtain exemptions from the application of) the state
securities or blue sky laws of those jurisdictions designated by
the Representatives, shall comply with such laws and shall continue
such qualifications, registrations and exemptions in effect so long
as required for the distribution of the Securities. The Company
shall not be required to qualify to transact business or to take
any action that would subject it to general service of process in
any such jurisdiction where it is not presently qualified or where
it would be subject to taxation as a foreign business.
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(h) The
Company agrees that, unless it has or shall have obtained the prior
written consent of the Representatives, and each Underwriter,
severally and not jointly, agrees with the Company that, unless it
has or shall have obtained, as the case may be, the prior written
consent of the Company, it has not made and will not make any offer
relating to the Securities that would constitute an Issuer Free
Writing Prospectus or that would otherwise constitute a “free
writing prospectus” (as defined in Rule 405) required to be
filed by the Company with the Commission or retained by the Company
under Rule 433, other than a free writing prospectus containing the
information contained in the final term sheet prepared and filed
pursuant to Section 5(b) hereto; provided that the prior written
consent of the parties hereto shall be deemed to have been given in
respect of the Free Writing Prospectuses included in Schedule III
hereto. Any such free writing prospectus consented to by the
Representatives or the Company is hereinafter referred to as a
“Permitted Free Writing Prospectus.” The Company agrees
that (x) it has treated and will treat, as the case may be, each
Permitted Free Writing Prospectus as an Issuer Free Writing
Prospectus and (y) it has complied and will comply, as the case may
be, with the requirements of Rules 164 and 433 applicable to any
Permitted Free Writing Prospectus, including in respect of timely
filing with the Commission, legending and record
keeping.
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(i) The
Company will not, without the prior written consent of the
Representatives, offer, sell, contract to sell, pledge, or
otherwise dispose of (or enter into any transaction which is
designed to, or might reasonably be expected to, result in the
disposition (whether by actual disposition or effective economic
disposition due to cash settlement or otherwise) by the Company or
any affiliate of the Company or any person in privity with the
Company or any affiliate of the Company), directly or indirectly,
including the filing (or participation in the filing) of a
registration statement with
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