Exhibit 1
United Technologies Corporation
Debt Securities, Debt Warrants,
Currency Warrants and Stock-Index Warrants
UNDERWRITING AGREEMENT
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[Date]
To the [Underwriters named in Schedule 1]
[Representative[s] named in Schedule I
of the Underwriters named in Schedule I]
Dear Sirs:
United Technologies Corporation, a Delaware corporation (the "Company"),
proposes to issue and sell from time to time (i) certain of its debt securities
("Debt Securities") and/or (ii) warrants to purchase Debt Securities ("Debt
Warrants" and the Debt Securities issuable upon exercise of Debt Warrants,
"Warrant Securities") and/or (iii) warrants to receive from the Company the cash
value in U.S. dollars of the right to purchase or sell foreign currencies or
units of two or more currencies ("Currency Warrants") and/or (iv) warrants
entitling the holders thereof to receive, upon exercise, an amount in cash
determined by reference to increases or decreases in the level of a specified
stock Index which may be based on U.S. or foreign stocks or combination thereof
("Stock-Index Warrants"), registered under the registration statement or
statements referred to in Section 1(a) (together, the "Securities"). The Debt
Securities will be issued under an Indenture, dated as of April 1, 1990, as
modified by the Trust Indenture Reform Act of 1990 (the "Indenture"), between
the Company and The Connecticut National Bank, Trustee, and the Debt Warrants,
the Currency Warrants and the Stock-Index Warrants will be issued under one or
more separate warrant agreements (each a "Warrant Agreement") between the
Company and one or more separate institutions, as warrant agent, each as
identified in the separate Warrant Agreement respecting the Debt Warrants, the
Currency Warrants or the Stock-index Warrants covered thereby (each a "Warrant
Agent"). The particular terms of any Issuance of Securities will be determined
at the time of offering. Debt Securities, Debt Warrants, Currency Warrants and
Stock-Index Warrants may be offered together or separately, and it offered
together, the Debt Warrants, Currency Warrants and Stock-Index Warrants my
detach from the Debt Securities after the time of offering. The Company intends
to enter into one or more Pricing Agreements (each a "Pricing Agreement" and
together the "Pricing Agreements") in the form of Annex I hereto, with such
additions and deletions as the parties thereto may determine, and, subject to
the terms and conditions stated herein and therein, to issue and sell to the
firms named in Schedule I to the applicable Pricing Agreement (such firms
constituting the "Underwriters" with respect to such Pricing Agreement and the
securities specified therein) the particular Securities specified in Schedule II
to such Pricing Agreement (with respect to each such Pricing Agreement, the
"Designated Securities"). Each Pricing Agreement shall constitute an agreement
by the Company and the Underwriters to be bound by all of the provisions of this
Underwriting Agreement.
1. Representations and Warranties of the Company. The Company represents and
warrants to, and agrees with, the Underwriters with respect to each offering of
Designated Securities that:
(a) One or more registration statements on Form S-3 in respect of the
Securities have been filed with the Securities and Exchange Commission (the
"Commission") and have become effective. Each such registration statement
(including the material incorporated therein by reference and all exhibits
thereto but excluding the Form T-1), as amended at the time of any Pricing
Agreement is hereinafter referred to, with respect to the transaction
contemplated by such Pricing Agreement, as a "Registration Statement" and
collectively such registration statements are referred to as the
"Registration Statements". The prospectus then forming a part of the
Registration Statements or deemed to meet the requirements thereof (including
the material incorporated therein by reference), as then amended, and as
supplemented to reflect the terms of the Designated Securities and the terms
of offering thereof, and any other material reflected in such supplement, in
the form in which it is first filed, or mailed for filing with the Commission
pursuant to Rule 424 of the Securities Act of 1933, as amended (the "Act"),
including any documents incorporated by reference therein as of the date of
such filing or mailing, is hereinafter referred to as the "Prospectus" and
such supplement Is hereinafter referred to as the "Supplement".
(b) On its effective date and on the effective date of the most recent
post-effective amendment thereto, each registration statement relating to the
Securities (including the material Incorporated therein by reference)
conformed in all material respects with the requirements of the Act, the
Trust Indenture Act of 1939, as amended (the "Trust Indenture Act"), and the
rules and regulations of the Commission (the "Rules and Regulations"), and
did not include 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, and, on the date of each Pricing Agreement
and each time each Registration Statement is amended, each Registration
Statement as then amended, and, each time the Prospectus is amended, on the
date of each supplement thereto and on the date of the Supplement, the
Prospectus as then amended or supplemented, will conform in all material
respects with the requirements of the Act, the Trust Indenture Act and the
Rules and Regulations and will not include 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, except that the
foregoing does not apply to statements in or omissions from any such
documents based upon information furnished to the Company in writing by any
Underwriter expressly for use therein.
2. Purchase and Offering. (a) Particular sales of Designated Securities may
be made from time to time to the Underwriters of such Securities for whom the
firm or firms designated as representatives of the Underwriters of such
Securities in the Pricing Agreement relating thereto will act as
representatives, which may include all such Underwriters in the absence of a
syndicate (the "Representatives"). This Underwriting Agreement, alone, shall
not be construed as an obligation of the Company to sell any of the Securities
or as an obligation of any Underwriters to purchase any of the Securities. Such
obligation shall come into existence only upon execution, by the Company and the
Representatives named therein, of the Pricing Agreement with respect to the
Designated Securities specified therein. Each Pricing Agreement shall specify
the firms which will be Underwriters and their Representatives, the principal
amount and/or the number of the Securities to be purchased by each Underwriter,
the purchase price to be paid by the Underwriters, the initial public offering
price, the terms of the Designated Securities not already specified in the
Indenture, including, but not limited to, as applicable, currency in which
denominated and/or payable, interest rate, maturity, redemption provisions and
sinking fund requirements (if any), or not already specified in the Warrant
Agreement and whether any of the Designated Securities may be sold pursuant to
Delayed Delivery Contracts ("Delayed Delivery Contracts"). Each Pricing
Agreement shall also specify the date, time and manner of delivery and payment
for the Designated Securities. A Pricing Agreement shall be In the form of an
executed writing (which may be in counterparts), and may be evidenced by an
exchange of telegraphic communications or any other rapid transmission device
designed to produce a written record of
communications transmitted. The obligations of the Underwriters under this
Agreement and each Pricing Agreement shall be several and not joint.
(b) Upon the execution of the Pricing Agreement applicable to any Designated
Securities and authorization by the Representatives of the release of such
Designated Securities, the several Underwriters propose to offer such Designated
Securities for sale upon the terms and conditions set forth in the Supplement
relating to such Designated Securities.
(c) Designated Securities to be purchased by each Underwriter pursuant to the
Pricing Agreement relating thereto, in definitive form to the extent practicable
(unless otherwise provided in the Pricing Agreement), and in such authorized
denominations and, if applicable, registered in such names as the
Representatives may request upon at least forty-eight hours' prior notice to the
Company, shall be delivered by or on behalf of the Company to the
Representatives for the account of such Underwriter, against payment by such
Underwriter or on its behalf of the purchase price therefor by certified or
official bank check or checks or otherwise as specified in such Pricing
Agreement, payable to the order of the Company in the funds specified in such
Pricing Agreement, all at the place and time and date specified in such Pricing
Agreement with respect to Designated Securities not being sold pursuant to
Delayed Delivery Contracts, or at such other place and time and date as the
Representatives and the Company may agree upon in writing, such time and date
being herein called the "Time of Delivery" for such Designated Securities.
3. Covenants of the Company. In connection with each offering of Designated
Securities, the Company covenants and agrees with the Underwriters:
(a) To make no further amendment or any supplement to any Registration
Statement or Prospectus after the date of the Pricing Agreement relating to
such Securities and prior to the Time of Delivery for such Securities which
shall be reasonably disapproved by the Representatives for such Securities
promptly after reasonable notice thereof; to advise the Representatives
promptly of any such amendment or supplement after such Time of Delivery and
furnish the Representatives with copies thereof and to file promptly all
reports and any definitive proxy or information statements required to be
filed by the Company with the Commission pursuant to Section 13(a) or (c), 14
or 15(d) of the Securities Exchange Act of 1934 (the "Exchange Act") for so
long as the delivery of a prospectus is required in connection with the
offering or sale of such Securities, and during such same period to advise
the Representatives, promptly after it receives notice thereof, (i) of the
time when any amendment to any Registration Statement has become effective or
any supplement to the Prospectus or any amended Prospectus has been filed,
(ii) of the Issuance by the Commission of any stop order or of any order
preventing or suspending the use of any Prospectus, (iii) of the suspension
of the qualification of such Securities for offering or sale in any
jurisdiction, (iv) of the initiation or threatening of any proceeding for any
such purpose, or (v) of any request by the Commission for the amending or
supplementing of any Registration Statement or Prospectus or for additional
information; and in the event of the Issuance of any such stop order or of
any such order preventing or suspending the use of any Prospectus or
suspending any such qualification, to use promptly its best efforts to obtain
its withdrawal.
(b) Promptly from time to time to take such action as the Representatives
may reasonably request to qualify such Securities for offering and sale under
the securities laws of such jurisdictions as the Representatives 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 such 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.
(c) To furnish the Underwriters with copies of the Prospectus in such
quantities as the Representatives may from time to time reasonably request,
and, if the delivery of a prospectus is required at any time prior to the
expiration of nine months after the date of the Pricing Agreement in
connection with the offering or sale of such 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 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 Trust
Indenture Act, to notify the Representatives and upon their request to file
such document and to prepare and furnish without charge to each Underwriter
and to any dealer in securities as many copies as the Representatives 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.
(d) To make generally available to its security holders as soon as
practicable, but in any event not later than eighteen months after the date
of each Pricing Agreement, an earnings statement of the Company and its
consolidated subsidiaries (which need not be audited) complying with Section
11(a) of the Act and the Rule and Regulations of the Commission thereunder
(including, at the option of the Company, Rule 158 of the Act).
(e) During the period beginning from the date of the Pricing Agreement
for such Designated Securities and continuing to and including the earlier of
(i) the termination of trading restrictions on such Designated Securities, of
which termination the Representatives agree to give the Company prompt notice
confirmed in writing, and (ii) the Time of Delivery for such Designated
Securities, not to offer, sell, contract to sell or otherwise dispose of any
debt securities, and, if the Designated Securities include Debt Warrants,
debt warrants to purchase debt securities, of the Company which mature more
than one year after such Time of Delivery and which are substantially similar
to such Designated Securities, and, if the Designated Securities include
Currency Warrants or Stock-Index Warrants, currency warrants which are
substantially similar to the Currency Warrants or stock-index warrants which
are substantially similar to the Stock-Index Warrants, respectively, in all
cases without the prior written consent of the Representatives, except
pursuant to arrangements of which the Representatives have been advised by
the Company prior to the time of execution of such Pricing Agreement, which
advice is confirmed in writing to the Representatives by the end of the
business day following the date of such Pricing Agreement.
(f) To pay all expenses incident to the performance of the Company's
obligations under this Agreement, and to reimburse the Underwriters for any
expenses (including fees and disbursements of counsel) incurred in connection
with qualifications of the Designated Securities for sale and determination
of their eligibility for investment under the laws of such jurisdictions as
the Representatives designate and the printing of memoranda relating thereto
and for any fees charged by investment rating agencies for rating of the
Designated Securities.
4. Conditions. The obligations of the Underwriters of any Designated
Securities hereunder shall be subject, in the discretion of the Representatives,
to the accuracy of the representations and warranties on the part of the Company
herein, to the performance by the Company of its obligations hereunder and to
the following additional conditions:
(a) No stop order suspending the effectiveness of the Registration
Statements shall have been issued and no proceeding for that purpose shall
have been initiated or threatened by the Commission.
(b) Counsel for the Underwriters, Xxxxxxxx & Xxxxxxxx, shall have
furnished to the Representatives an opinion or opinions, dated the Time of
Delivery of such Designated Securities, as to the incorporation of the
Company, the Designated Securities (including any Warrant Securities), the
Indenture and any Warrant Agreement, the Registration Statements and
Prospectus (and any amendments or supplements thereto) and such other matters
as the Representatives may reasonably request, in form and substance
reasonably satisfactory to them.
(c) Counsel for the company, Cleary, Gottlieb, Xxxxx & Xxxxxxxx, shall
have furnished to the Representatives an opinion, dated the Time of Delivery
of such Designated Securities, to the effect set forth in Exhibit A hereto.
(d) The independent accountants of the Company who have certified the
consolidated financial statements of the Company and its subsidiaries
included or incorporated by reference in the Registration Statements shall
have furnished to the Representatives a letter or letters, dated the Time of
Delivery of such Designated Securities, in form and substance satisfactory to
the Representatives, to the effect set forth in Exhibit B hereto, and as to
such other matters as the Representatives and the Company may have agreed
upon at or prior to the execution of the Pricing Agreement.
(e) Since the respective dates as of which information is given in the
Prospectus there shall not have been any change in the financial position,
shareowners' equity, results of operations, business, operations or
properties of the Company and its subsidiaries, otherwise than as set forth
or contemplated in the Prospectus, the effect of which is, when viewed in
relation to the Company and its subsidiaries taken as a whole, in the
reasonable judgment of the Representatives so material and adverse as to make
it impracticable or inadvisable to proceed with the public offering or the
delivery of the Designated Securities on the terms and in the manner
contemplated in the Prospectus.
(f) Subsequent to the date of the Pricing Agreement relating to the
Designated Securities, no downgrading shall have occurred in the rating
accorded to the Company's senior debt securities by Xxxxx'x Investors
Service, Inc. or Standard & Poor's Corporation.
(g) Subsequent to the date of the Pricing Agreement relating to the
Designated Securities, there shall not have occurred any of the following:
(i) trading in the Company's Common Stock shall have been suspended by the
Commission or the New York Stock Exchange or trading in securities generally
on the New York Stock Exchange shall have been suspended or limited or
minimum prices shall have been established on such Exchange, (ii) a banking
moratorium shall have been declared either by Federal or New York State
authorities, or (iii) there shall have occurred any outbreak or material
escalation of hostilities or other calamity or crisis if the effect of any
such event described in this clause (iii) on the financial markets of the
United States, in the reasonable judgment of the
Representatives, makes it impracticable or inadvisable to proceed with the
public offering or the delivery of the Designated Securities on the terms and
in the manner contemplated in the Prospectus.
(h) The Company shall have furnished or caused to be furnished to the
Representatives at the Time of Delivery for the Designated Securities
certificates of officers of the Company satisfactory to the Representatives
as to the accuracy of the representations and warranties of the Company
herein at and as of such Time of Delivery, as to the performance by the
Company of all of its obligations hereunder to be performed at or prior to
such Time of Delivery, and as to such other matters as the Representatives
may reasonably request.
(i) If the Designated Securities include Currency Warrants or Stock-Index
Warrants, such warrants shall have been duly listed, subject to notice of
issuance, on a "national securities exchange" as such term is defined in the
Securities Exchange Act of 1934, as amended.
5. Indemnification and Contribution. (a) The Company will indemnify and
hold harmless each Underwriter against any losses, claims, damages or
liabilities, joint or several, to which such Underwriter may become subject,
under the Act or otherwise, insofar as such losses, claims, damages or
liabilities (or actions in respect thereof) arise out of or are based upon an
untrue statement or alleged untrue statement of a material fact contained in any
Registration Statement, the Prospectus or any amendment or supplement thereto,
or any related preliminary prospectus supplement (or contained in any
Registration Statement after it first become effective but prior to the Pricing
Agreement or in any prospectus forming a part thereof during such period), or
arise out of or are based upon the omission or alleged omission to state therein
a material fact required to be stated therein or necessary to make the
statements therein not misleading, and will reimburse each Underwriter for any
legal or other expenses reasonably incurred by such Underwriter in connection
with investigating or defending any such action or claim; provided, however,
that the Company shall not be liable in any such case to the extent that any
such loss, claim, damage or liability arises out of or is based upon an untrue
statement or alleged untrue statement or omission or alleged omission made in
any of such documents in reliance upon and in conformity with written
information furnished to the Company by any Underwriter, directly or through the
Representatives, expressly for use therein; and provided, further, that the
Company shall not be liable to any Underwriter under the indemnity agreement in
this subsection (a) to the extent that any such loss, claim, damage or liability
of such Underwriter results from the fact that such Underwriter sold Securities
to a person to whom there was not sent or given, at or prior to the written
confirmation of such sale, a copy of the Prospectus or the Prospectus as then
amended or supplemented (excluding documents incorporated by reference) in any
case where such delivery is required by the Act and the untrue statement or
omission of a material fact contained in the Prospectus, any such amendment or
supplement thereto or any such other document was corrected in the Prospectus or
the Prospectus as then amended or supplemented if the Company has furnished
prior to such confirmation sufficient copies thereof to such Underwriter.
(b) Each Underwriter will indemnify and hold harmless the Company against any
losses, claims, damages or liabilities to which the Company may become subject,
under the Act or otherwise, insofar as such losses, claims, damages or
liabilities (or actions in respect thereof) arise out of or are based upon an
untrue statement or alleged untrue statement of a material fact contained in any
Registration Statement, the Prospectus or any amendment or supplement thereto,
or any related preliminary prospectus supplement, or arise out of or are based
upon the omission or alleged omission to state therein a material fact required
to be stated therein or
necessary to make the statements therein not misleading, in each case to the
extent, but only to the extent, that such untrue statement or alleged untrue
statement or omission or alleged omission was made in reliance upon and in
conformity with written information furnished to the Company by such
Underwriter, directly or through the Representatives, expressly for use therein;
and will reimburse the Company for any legal or other expenses reasonably
incurred by the Company in connection with investigating or defending any such
action or claim.
(c) Promptly after receipt by an indemnified party under subsection (a) or
(b) above of notice of any claim or of the commencement of any action, such
indemnified party shall, if a claim in respect thereof is to be made against the
indemnifying party under such subsection, notify the indemnifying party in
writing thereof. The omission so to notify the indemnifying party shall not
relieve it from any liability which it may have to any indemnified party,
provided that, in the case of any such omission relating to the commencement of
an action, such omission shall relieve the indemnifying party of liability under
such subsection, in case any such action shall be brought against any
indemnified party and it shall notify the indemnifying party of the commencement
thereof, the indemnifying party shall be entitled to participate therein and, to
the extent that it may elect by written notice delivered to the indemnified
party promptly after receiving the aforesaid notice from such indemnified party,
to assume the defense thereof, with counsel satisfactory to such indemnified
party; provided, however, that if the defendants in any such action include both
the indemnified party and the indemnifying party and the indemnified party shall
have reasonably concluded that there may be legal defenses available to it or
other indemnified parties, or both, which are different from or additional to
those available to the indemnifying party, the indemnified party or parties
shall have the right to select separate counsel to assert such legal defenses
and to otherwise participate in the defense of such action on behalf of such
indemnified party or parties. Upon receipt of notice from the indemnifying
party to such indemnified party or its election so to assume the defense of such
action and approval by the indemnified party of counsel, the indemnifying party
will not be liable to such indemnified party under such subsection for any legal
or other expenses subsequently incurred by such indemnified party in connection
with the defense thereof (other than reasonable costs of investigation conducted
at the request of such indemnifying party) unless (i) the indemnified party
shall have employed separate counsel in connection with the assertion of legal
defenses in accordance with the proviso to the next preceding sentence (it being
understood, however, that the indemnifying party shall not be liable for the
expenses of more than one separate counsel, approved by such indemnifying party,
representing the indemnified parties under such subsection who are parties to
such action), (ii) the indemnifying party shall not have employed counsel
satisfactory to the indemnified party to represent the indemnified party within
a reasonable time after notice of commencement of the action or (iii) the
indemnifying party has authorized the employment of counsel for the indemnified
party at the expense of the indemnifying party; and except that, if clause (i)
or (iii) is applicable, such liability shall be only in respect of the counsel
referred to in such clause (i) or (iii).
(d) If the indemnification provided for in this Section 5 shall be
unavailable to hold harmless an indemnified party under subsection (a) or (b)
above in respect of any losses, claims, damages or liabilities (or actions in
respect thereof) referred to therein, then each indemnifying party shall
contribute to the amount paid or payable by such indemnified party as a result
of such losses, claims, damages or liabilities (or actions in respect thereof)
in such proportion as in appropriate to reflect the relative benefits received
by the Company on
the one hand and the Underwriters on the other from the offering of the
Designated Securities and also the relative fault of the Company on the one hand
and the Underwriters on the other in connection with the statements or omissions
which resulted in such losses, claims, damages or liabilities (or actions in
respect thereof), as well as any other relevant equitable considerations. The
relative benefits received by the Company on the one hand and the Underwriters
on the other in connection with the offering of the Designated Securities shall
be deemed to be in the same proportion as the total net proceeds from the
offering of such Securities (before deducting expenses) received by the Company
bears to the total underwriting discounts and commissions received by the
Underwriters in respect thereof, in each case as set forth on the cover page of
the Prospectus. The relative fault shall be determined by reference to, among
other things, whether the indemnified party failed to give the notice required
under subsection (c) above, including the consequences of such failure, and
whether the untrue or alleged untrue statement of a material fact or the
omission or alleged omission to state a material fact relates to information
supplied by the Company on the one hand or the Underwriters on the other and the
relative intent, knowledge, access to information and opportunity to correct or
prevent such statement or omission, of the Company on the one hand and the
Underwriters, directly or through the Representatives, on the other hand. With
respect to any Underwriter, such relative fault shall also be determined by
reference to the extent (if any) to which such losses, claims, damages or
liabilities (or actions in respect thereof) result from the fact that such
Underwriter sold Securities to a person to whom there was not sent or given, at
or prior to the written confirmation of such sale, a copy of the Prospectus or
the Prospectus as then amended or supplemented (excluding documents incorporated
by reference) if the Company has furnished prior to such confirmation copies
thereof to such Underwriter.
The Company and the Underwriters agree that it would not be just and
equitable if contribution pursuant to this subsection (d) were determined by
per-capita allocation (even if the Underwriters were treated as one entity for
such purpose) or by any other method of allocation which does not take account
of the equitable considerations referred to above in this subsection (d). The
amount paid or payable by an indemnified party as a result of the losses,
claims, damages or liabilities (or actions in respect thereof) referred to above
in this subsection (d) shall be deemed to include any legal or other expenses
reasonably incurred by such indemnified party in connection with investigating
or defending any such action or claim. Notwithstanding the provisions of this
subsection (d), no Underwriter shall be required to contribute any amount in
excess of the amount by which the total price at which the applicable Designated
Securities, underwritten by it and distributed to the public were offered to the
public exceeds the amount of any damages which such Underwriter has otherwise
been required to pay by reason of such untrue or alleged untrue statement or
omission or alleged omission. No person guilty of fraudulent misrepresentation
(within the meaning of Section 11(f) of the Act) shall be entitled to
contribution from any person who was not guilty of such fraudulent
misrepresentation. The obligations of the Underwriters in this subsection (d) to
contribute are several in proportion to their respective underwriting
obligations and not joint.
(e) The obligations of the Company under this Section 5 shall be in addition
to any liability which the Company may otherwise have and shall extend, upon the
same terms and conditions, to each person, if any, who controls any Underwriter
within the meaning of the Act, and the obligations of the Underwriters under
this Section 5 shall be in addition to any liability which the respective
Underwriters may otherwise have and shall extend, upon the same terms and
conditions, to each director of the Company, to each officer of the Company who
signs the Registration Statement and to each person, if any, who controls the
Company within the meaning of the Act.
6. Default of Underwriters. (a) If any Underwriter shall default in its
obligation to purchase the Designated Securities which it has agreed to purchase
under the Pricing Agreement relating to such Designated Securities, the
Representatives may in their discretion arrange for themselves or another party
or other parties to purchase such Designated Securities on the terms contained
herein. If within thirty-six hours after such default by any Underwriter the
Representatives do not arrange for the purchase of such Designated Securities,
then the Company shall be entitled to a further period of thirty-six hours
within which to procure another party or other parties satisfactory to the
Representatives to purchase such Designated Securities on such terms. In the
event that, within the respective prescribed periods, the Representatives notify
the Company that they have so arranged for the purchase of such Designated
Securities, or the Company notifies the Representatives that it has so arranged
for the purchase of such Designated Securities, the Representatives or the
Company shall have the right to postpone the Time of Delivery for such
Designated Securities for a period of not more than seven days, in order to
effect whatever changes may thereby be made necessary in the Registration
Statements or the Prospectus, or in any other documents or arrangements, and the
Company agrees to file promptly any amendments or supplements to the
Registration Statements or the Prospectus which in the opinion of the
Representatives may thereby be made necessary. The term "Underwriter" as used in
the Agreement shall include any person substituted under this Section with like
effect as if such person had originally been a party to the Pricing Agreement
with respect to such Designated Securities.
(b) If, after giving effect to any arrangements for the purchase of the
Designated Securities of a defaulting Underwriter or Underwriters by the
Representatives or the Company, or both, as provided in subsection (a) above,
the aggregate principal amount of such Designated Securities which remains
unpurchased does not exceed one-eleventh of the aggregate principal amount of
the Designated Securities, then the Company shall have the right to require each
non-defaulting Underwriter to purchase the principal amount of Designated
Securities which such Underwriter agreed to purchase under the Pricing Agreement
relating to such Designated Securities and, in addition, to require each non-
defaulting Underwriter to purchase its pro rata share (based on the principal
amount of Designated Securities which such Underwriter agreed to purchase under
such Pricing Agreement) of the Designated Securities of such defaulting
Underwriter or Underwriters for which such arrangements have not been made; but
nothing herein shall relieve a defaulting Underwriter from liability for its
default. As used in this subsection (b) and in subsection (c) below of this
Section 6, the "aggregate principal amount" of Designated Securities shall mean
the aggregate principal amount of the Designated Securities that are Debt
Securities plus the public offering price, if any, of any Debt Warrants,
Currency Warrants or Stock-Index Warrants included in the Designated Securities.
(c) If, after giving effect to any arrangements for the purchase of the
Designated Securities of a defaulting Underwriter or Underwriters by the
Representatives or the Company, or both, as provided in subsection (a) above,
the aggregate principal amount of Designated Securities which remains
unpurchased exceeds one-eleventh of the aggregate principal amount of the
Designated Securities, or if the Company shall not exercise the right described
in subsection (b) above to require non-defaulting Underwriters to purchase
Designated Securities of a defaulting Underwriter or Underwriters, then the
Pricing Agreement relating to such Designated Securities shall thereupon
terminate, without liability on the party of any non-defaulting Underwriter or
the Company, except for the expenses to be borne by the Company and the
Underwriters provided in Section 3(f) hereof and the indemnity and contribution
agreements in Section 5 hereof; but nothing herein shall relieve a defaulting
Underwriter from liability for its default.
7. Survival of Indemnities, Representations, Etc. The respective
indemnities, agreements, representations, warranties and other statements of the
Company and the several Underwriters, as set forth in this Agreement or made by
or on behalf of them, respectively, pursuant to this Agreement, shall remain in
full force and effect, regardless of any investigation (or any statement
as to the results thereof) made by or on behalf of any Underwriter or any
controlling person of any Underwriter, or the Company, or any officer or
director or controlling person of the Company, and shall survive delivery of and
payment for the Securities.
8. Reimbursement of Underwriters' Expenses. If any Pricing Agreement shall
be terminated pursuant to Section 6 hereof or if the Designated Securities are
not delivered by or on behalf of the Company because of any of the events
referred to in Section 4(g), then the Company shall not then be under any
liability to any Underwriter with respect to Designated Securities covered by
such Pricing Agreement except as provided in Section 3(f) and Section 5 hereof;
but, if for any other reason Designated Securities are not delivered by or on
behalf of the Company as provided herein, the Company will reimburse the
Underwriters through the Representatives for all out-of-pocket expenses approved
in writing by the Representatives, including fees and disbursements of counsel,
reasonably incurred by the Underwriters in making preparations for the purchase,
sale and delivery of such Designated Securities, but the Company shall then be
under no further liability to any Underwriter with respect to such Designated
Securities except as provided in Section 3(f) and Section 5 hereof.
9. Representatives; Notices. In all dealings hereunder, the Representatives
of the Underwriters of Designated Securities shall act on behalf of each of such
Underwriters, and the parties hereto shall be entitled to act and rely upon any
statement, request, notice, waiver or agreement on behalf of any Underwriter
made or given by such Representatives.
All statements, requests, notices and agreements hereunder shall be in
writing or by telegram if promptly confirmed in writing and if to the
Underwriters shall be sufficient in all respects, if delivered or sent by
registered mail to the address of the Representatives as set forth in the
Pricing Agreement; and if to the Company shall be sufficient in all respects if
delivered or sent by registered mail to the address of the Company set forth in
the Registration Statement: Attention: Secretary; provided, however, that any
notice to any Underwriter pursuant to Section 5(c) hereof shall be delivered or
sent by registered mail to such Underwriter at its address set forth in the
applicable Pricing Agreement or, if not so set forth, in its Underwriters'
Questionnaire delivered to the Company.
10. Binding Effect; Successors. This Agreement and each Pricing Agreement
shall be binding upon, and inure solely to the benefit of, the Underwriters, the
Company and, to the extent provided in Section 5 and Section 7 hereof, the
officers and directors of the Company and each person who controls the Company
or any Underwriter, and their respective heirs, executors, administrators,
successors and assigns, and no other person shall acquire or have any right
under or by virtue of this Agreement or any such Pricing Agreement. No purchaser
of any of the Securities from any Underwriter shall be deemed a successor or
assign by reason merely of such purchase.
11. Applicable Law. This Agreement and each Pricing Agreement shall be
governed by and construed in accordance with the laws of the State of New York.
12. Counterparts. This Agreement and each Pricing Agreement may be executed
by any one or more of the parties hereto and thereto in any number of
counterparts, each of which shall be deemed to be an original, but all such
respective counterparts shall together constitute one and the same instrument.
If the foregoing is in accordance with your understanding, please sign and
return to us two counterparts hereof.
Very truly yours,
United Technologies Corporation
By:
Title:
Accepted as of the date first above written:
[Insert signature block[s] for the
Representative[s], acting on behalf of the
Underwriters, or for each Underwriter if no
syndicate]
EXHIBIT A
Matters to be Covered by Opinion of
Counsel for the Company
(i) 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
corporate power and authority under the laws of such State to own its properties
and conduct its business as described in the Prospectus;
(ii) This Agreement and the Pricing Agreement with respect to the Designated
Securities and any Delayed Delivery Contracts have been duly authorized,
executed and delivered by the Company;
(iii) The Designated Securities [(other than [the Designated Securities to
be delivered pursuant to Delayed Delivery Contracts] [and][the Warrant
Securities])] have been duly authorized, executed, authenticated, issued and
delivered to the Underwriters and constitute valid and legally binding
obligations of the Company entitled to the benefits provided by the Indenture
[and the Warrant Agreement[s]]; [the Designated Securities to be sold pursuant
to Delayed Delivery Contracts have been duly authorized and executed and, when
authenticated and delivered to and paid for by purchasers pursuant to such
Delayed Delivery Contracts, will constitute valid and legally binding
obligations of the Company entitled to the benefits provided by the Indenture
[and the Warrant Agreement[s]];] [and the Warrant Securities have been duly
authorized and, when executed, authenticated, issued and delivered in the manner
provided in the Indenture and paid for as provided in the Warrant Agreement
related thereto and the Debt Warrants, will constitute valid and legally binding
obligations of the Company entitled to the benefits provided by the Indenture;]
and the Designated Securities and the Indenture [and the Warrant
Agreement[s]]conform to the descriptions thereof contained in the Prospectus;
(iv) [Each of] the Indenture [and the Warrant Agreement[s]]has been duly
authorized, executed and delivered; the Indenture has been duly qualified under
the Trust Indenture Act; and [each of] the Indenture [and the Warrant
Agreement[s]] constitutes a valid and legally binding instrument enforceable in
accordance with its terms, subject, as to enforcement, to applicable bankruptcy,
insolvency, reorganization or other similar laws relating to or affecting the
enforcement of creditors' rights generally and by general equitable principles,
regardless of whether such enforceability is considered in a proceeding in
equity or at law;
(v) Each Registration Statement has become effective under the Act and, to
the best knowledge of such counsel, no stop order suspending the effectiveness
of any Registration Statement has been issued and no proceedings for that
purpose have been instituted or are pending or contemplated under the Act; each
Registration Statement and the Prospectus (other than the financial statements
and other financial or other statistical data therein or incorporated by
reference therein, as to which such counsel need express no opinion) appear on
their face to be appropriately responsive in all materials respects to the
requirements of the Act, the Trust Indenture Act and the Rules and Regulations;
nothing has come to the attention of such counsel which has caused such counsel
to believe that any part of any Registration Statement (other than the financial
statements and other financial or other statistical data therein or incorporated
by reference therein, as to which such counsel need express no opinion), when
such part became effective, contained any untrue statement of a material fact or
omitted to state a material fact required to be stated therein or necessary to
make the statements therein not misleading or that
the Prospectus (other than the financial statements and other financial or other
statistical data therein or incorporated by reference therein, as to which such
counsel express no opinion), as of the date of the Supplement and the date of
such opinion, included or includes any untrue statement of a material fact or
omitted or omits to state a material fact necessary to make the statements
therein, in light of the circumstances under which they were made, not
misleading; and such counsel does not know of any legal or governmental
proceedings, pending or threatened, required to be described in the Prospectus
which are not described as required, nor of any contracts or other documents of
a character required to be described in the Registration Statements or the
Prospectus or to be filed as exhibits to the Registration Statements which are
not described or filed as required;
(vi) The documents incorporated by reference in the Prospectus (other than
the financial statements and other financial or other statistical data therein
or incorporated by reference therein, as to which such counsel need express no
opinion), when they were filed with the Commission, appeared on their face to be
appropriately responsive in all materials respect to the requirements of the
Exchange Act and the Rules and Regulations; and such counsel has no reason to
believe that any of such documents, when they were so filed, contained an untrue
statement of a material fact or omitted to state a material fact necessary in
order to make the statements therein, in light of the circumstances under which
they were made, not misleading;
(vii) The issuance of the Designated Securities in accordance with the
Indenture [and the Warrant Agreement[s]] and the sale thereof in accordance with
this Agreement and the Pricing Agreement will not, and at the date of such
opinion the sale of any thereof covered by Delayed Delivery Contracts would not,
result in any violation of any of the provisions of the Company's Restated
Certificate of Incorporation or By-laws or of any indenture, mortgage, deed of
trust, loan agreement, lease financing agreement or other similar agreement or
instrument known to and specified by such counsel by which the Company, or any
of its domestic subsidiaries listed in Exhibit 22 to the Company's most recent
Annual Report on Form 10-K, is bound; and
(viii) No consent, approval or authorization from any regulatory board,
agency or instrumentality having jurisdiction over the Company (other than
registration under the Act and qualification under state securities or similar
laws or Blue Sky laws) is required for the issuance and sale of the Designated
Securities as contemplated by this Agreement, the Pricing Agreement and the
Indenture [and Warrant Agreement[s]].
EXHIBIT B
Matters to be Covered by Letter of
Independent Accountants to the Company
and the Underwriters
This letter will state that they have audited the consolidated financial
statements and financial statement schedules of the Company and its subsidiaries
included or incorporated by reference in the Company's Annual Report on Form 10-
K for the latest fiscal year and have issued their opinions thereon for the
periods specified in such opinions, which have also been included or
incorporated by reference in such Annual Report, and have made a review of the
interim financial information of the Company and its subsidiaries for the
periods specified in such letter in accordance with standards established by the
American Institute of Certified Public Accountants, as indicated in their report
or reports to the Board of Directors of the Company specified in such letter.
This letter shall further state:
(i) They are independent accountants with respect to the Company and its
subsidiaries within the meaning of the Act and the applicable published rules
and regulations thereunder;
(ii) In their opinion, the consolidated financial statements and
schedules audited by them and included or incorporated by reference in the
Registration Statements or the Prospectus comply as to form in all material
respects with the applicable accounting requirements of the Act or the
Exchange Act, as applicable, and the published rules and regulations
thereunder with respect to registration statements on Form S-3;
(iii) With respect to any pro forma data included or incorporated by
reference in the Registration Statements or Prospectus, they have read such
data, have compared the historical amounts presented in connection therewith
with corresponding amounts appearing in the consolidated audited financial
statements included or incorporated by reference in the Company's Annual
Report on Form 10-K for the most recent fiscal year and found them to be in
agreement and have recalculated the mathematical accuracy of such pro forma
data and, in the event they have been engaged by the Company to make and have
made a review or examination of such pro forma data in accordance with
standards established by the American Institute of Certified Public
Accountants, they will refer to such review or examination in their letter;
(iv) On the basis of limited procedures (but not an audit in accordance
with generally accepted auditing standards), performed through a specified
date not more than five days prior to the date of delivery of such letter,
consisting of a reading of the latest available unaudited consolidated
interim financial information of the Company and its subsidiaries, a reading
of the minutes of the meetings of the shareowners and the Board or Directors
(and the Executive Committee, the Audit Review Committee, the Pension
Committee and the Special Securities Committee thereof) of the Company since
the date of the latest audited financial statements included or incorporated
by reference in the Registration Statements or the Prospectus, inquiries of
officials of the Company and its subsidiaries responsible for financial and
accounting matters regarding the specific items as to which statements are
requested below and such other inquiries and procedures as may be specified
in such letter, nothing came to their attention that caused them to believe
that:
(A) the unaudited information with respect to the consolidated results
of operations and financial position for the five years ended the most
recent fiscal year end included in the Prospectus, and included or
incorporated by reference in Item 6 in the Company's Annual Report on Form
10-K under the caption "Selected Financial Data", does not agree with the
corresponding amounts (if they appear therein and after restatement where
applicable) in the audited consolidated financial statements for the years
ended included in the Company's Annual Reports on Form 10-K for such
fiscal years, or with information derived from accounting records of the
Company, as the case may be;
(B) the unaudited condensed consolidated income statements, condensed
consolidated balance sheets and condensed consolidated statements of cash
flows included in the Company's Quarterly Reports on Form 10-Q
incorporated by reference in the Registration Statement do not comply as
to form in all material respects with the applicable accounting
requirements of the Exchange Act as it applies to Form 10-Q and the
published rules and regulations thereunder or are not stated on a basis
substantially consistent with that of the audited consolidated statements
of income, consolidated balance sheets and consolidated statements of cash
flows included or incorporated by reference in the Company's most recent
Annual Report on Form 10-K;
(C) any other unaudited financial data included or incorporated by
reference in the Prospectus do not agree with the corresponding items in
the unaudited condensed consolidated financial statements from which such
data and items were derived [If the capsule information meets the minimum
disclosure requirements of APB Opinion No. 28, paragraph 30, insert--"or
are not stated on a basis substantially consistent with that of the
audited financial statements incorporated by reference in the Registration
Statements"], or that any such unaudited data and items, and the unaudited
condensed consolidated financial statements from which such data were
derived, were not determined on a basis substantially consistent with the
basis for the corresponding amounts in the audited consolidated financial
statements included or incorporated by reference in the Company's Annual
Report on Form 10-K for the most recent fiscal year;
(D) the unaudited financial statements which were not included in the
Prospectus but from which were derived the unaudited condensed financial
statements referred to in Clause (B) and any unaudited income statement
data and balance sheet items included in the Prospectus and referred to in
Clause (C) were not determined on a basis substantially consistent with
the basis for the audited financial statements included or incorporated by
reference in the Company's Annual Report on Form 10-K for the most recent
fiscal year;
(E) based on the procedures described in clause (iii), the pro forma
data included or incorporated by reference in the Registration Statements
or Prospectus have not been properly compiled on the pro forma bases
described therein;
(F) at the date of the latest available interim consolidated financial
information and as of a specified date not more than five days prior to
the date of delivery of such letter, there have been any changes in
consolidated capital stock or any increase in consolidated long-term debt
or consolidated short-term borrowings or any decreases in consolidated
working capital or shareowners' equity of the Company and its subsidiaries
in each case as compared with amounts shown in the most recent balance
sheet included or incorporated by reference in the Registration Statement
or the Prospectus, except in each case for changes , decreases or
increases which the Registration Statements or the Prospectus discloses
have occurred or may occur or which are described in such letter, in which
case the Company shall deliver an explanation as to the significance
thereof unless said explanation is not deemed necessary by the
Representatives; and
(G) for the period from the date of the latest financial statements
included or incorporated by reference in the Registration Statement to
such specified date there were any decreases in the Company's consolidated
sales, income from continuing operations before income taxes, income from
continuing operations, net income or the fully diluted per share amounts
of consolidated income from continuing operations or net income, in each
case as compared with the comparable period of the preceding year and with
the period of corresponding length beginning on the first date of the next
preceding full fiscal quarter, except in each case for decreases which the
Registration Statements or the Prospectus discloses have occurred or may
occur or which are described in such letter, in which case the Company
shall deliver an explanation as to the significance thereof unless said
explanation is not deemed necessary by the Representatives; and
(v) In addition to the audit referred to in their report included in the
Registration Statements and the Prospectus and the limited procedures,
inspection of minute books, inquiries and other procedures referred to in
subparagraph (iv) above, they have carried out certain specified procedures,
not constituting an audit in accordance with generally accepted auditing
standards, with respect to certain amounts, percentages and financial
information, specified by the Representatives, which are derived form the
general accounting records of the Company and its subsidiaries which are
subject to the system of internal controls, which appear in the Prospectus
(excluding documents incorporated by reference), or in Part II of, or in
exhibits and schedules to, the Registration Statements specified by the
Representatives or in documents incorporated by reference in the Prospectus
specified by the Representatives, and have compared certain of such amounts,
percentages and financial information with the accounting records of the
Company and its subsidiaries which are subject to the system of internal
controls and have found them to be in agreement.
ANNEX I
PRICING AGREEMENT
[Date]
To the [Underwriter[s] named in Schedule I]
[Representative[s] named in Schedule II
of the Underwriters named in Schedule I]
Dear Sirs:
United Technologies Corporation (the "Company") proposes subject to the terms
and conditions stated herein and in the Underwriting Agreement, dated [date]
(the "Underwriting Agreement"), between the Company on the one hand and [
] on the other hand, to issue and sell to the Underwriters named in Schedule I
hereto (the "Underwriters") the Securities specified in Schedule II hereto (the
"Designated Securities"). Each of the provisions of the Underwriting Agreement
is incorporated herein by reference in its entirety, and shall be deemed to be a
part of this Agreement to the same extent as if such provision had been set
forth in full herein; and each of the representations and warranties set forth
therein shall be deemed to have been made at and as of the date of this Pricing
Agreement. Each reference to the Representatives herein and in the provisions of
the Underwriting Agreement so incorporated by reference shall be deemed to refer
to you. Unless otherwise defined herein, terms defined in the Underwriting
Agreement are used herein as therein defined.
The Company has delivered to you for each of the Underwriters copies of the
Registration Statements and Prospectus, including the documents incorporated
therein by reference. The Prospectus (including the Supplement relating to the
Designated Securities) in the form heretofore delivered to you is now proposed
to be filed, or mailed for filing, with the Commission.
Subject to the terms and conditions set forth herein and in the Underwriting
Agreement, the Company agrees to issue and sell to each of the Underwriters, and
each of the Underwriters agrees, severally and not jointly, to purchase from the
Company, at the time and place and at the purchase price to the Underwriters set
forth in Schedule II hereto, the amount or principal amount, as applicable, of
Designated Securities set forth opposite the name of such Underwriter in
Schedule I hereto.
[The Company authorizes the Underwriters to solicit offers to purchase
Designated Securities from the Company pursuant to Delayed Delivery Contracts
substantially in the form of Schedule III hereto but with such changes therein
as the Company may approve. The Underwriters will endeavor to make such
arrangements and, as compensation therefor, the Company will pay to the
Representatives, for the account of the Underwriters, at the Time of Delivery a
commission in the amount set forth in Schedule II. Delayed Delivery Contracts
are to be with purchasers of the types approved by the Company and set forth in
the Prospectus and subject to other conditions set forth in such Delayed
Delivery Contracts. Except as the Company may otherwise agree, each Delayed
Delivery Contract must be for the minimum principal amount set forth in Schedule
II hereto and the aggregate principal amount of all Delayed Delivery
Contracts may not exceed the amount set forth in such Schedule II. The
Underwriters will not have any responsibility in respect of the validity or
performance of any Delayed Delivery Contracts.]
[If the Company executes and delivers Delayed Delivery Contracts, the
Securities subject to such contracts shall be deducted from the Designated
Securities to be purchased by the several Underwriters and the aggregate
principal amount of Designated Securities to be purchased by each Underwriter
shall be reduced pro rata in proportion to the principal amount of Designated
Securities set forth opposite each Underwriter's name in Schedule I hereto,
except to the extent that the Representatives determine that such reduction
shall be otherwise and so advise the Company in writing; provided, however, that
the total principal amount of Designated Securities to be purchased by all
Underwriters shall be the total principal amount of Designated Securities set
forth in Schedule I hereto less the principal amount of Designated Securities
covered by Delayed Delivery Contracts. As used in this paragraph and in the
immediately preceding paragraph, the "aggregate principal amount" or "total
amount" of Designated Securities shall mean the aggregate principal amount of
the Designated Securities that are Debt Securities plus the public offering
price, if any, of any Debt Warrants, Currency Warrants or Stock-Index Warrants
included in the Designated Securities.]
If the foregoing is in accordance with your understanding, please sign and
return to us two counterparts hereof, and upon acceptance hereof by you, on
behalf of each of the Underwriters, this letter and such acceptance hereof,
including the provisions of the Underwriting Agreement incorporated herein by
reference, shall constitute a binding agreement between each of the Underwriters
and the Company. It is understood that your acceptance of this letter on behalf
of each of the Underwriters is or will be pursuant to authority granted to you
by such Underwriter.
Very truly yours,
United Technologies Corporation
By:
Title:
Accepted as of the date hereof:
[Insert signature block[s] for the
Representative[s], acting on behalf of the
Underwriters, or for each Underwriter if no
syndicate.]
SCHEDULE I
Underwriters Principal Amount Number of
of Designated Designated
Securities [that Securities
are Debt that are
Securities] to Debt Warrants
be Purchased Currency Warrants
or Stock-Index
Warrants
to be Purchased]
[Names of Underwriters] [$]
Total [$]
SCHEDULE II
[Debt Securities]
[Warrant Securities]
Title of Designated Securities:
[. .]% [Floating Rate] [Zero Coupon] [Notes] [Debentures] due . . . . . . . .
Aggregate Principal Amount:
[$]. . . . . . . . . . . . . . . .
Price to Public:
. .% of the principal amount of the Designated Securities, plus accrued
interest from . . . . . . . to the Time of Delivery [and accrued
amortization, if any, from . . . . . . . to the Time of Delivery]
Purchase Price by Underwriters:
. .% of the principal amount of the Designated Securities, plus accrued
interest from . . . . . . . to the Time of Delivery [and accrued
amortization, if any, from . . . . . . . to the Time of Delivery]
Indenture:
Indenture, dated as of April 1, 1990, between the Company and The Connecticut
National Bank, Trustee, as modified by the Trust Indenture Reform Act of 1990
Maturity:
. . . . . . . . . . . . . . . . . . . . . .
Interest Rate:
[ . . ]% [Zero Coupon] [See Floating Rate Provisions] [See Event Risk
Provisions]
Interest Payment Dates:
[months and dates]
Redemption Provisions:
[No provisions for redemption]
[The Designated Securities may be redeemed [otherwise than through the
sinking fund,] in whole or in part at the option of the Company, in the
amount of [$]. . . . . . . . . .or an integral multiple thereof, ]
[on or after . . . . . . . . . . . . . . . at the following redemption
prices (expressed in percentages of principal amount). If redeemed on or
before . . . . . . . . . ., . . .%, and if] redeemed during the 12-month
period beginning . . . . . . . . . . . . . . .
Year Redemption Price
. . . . . . . . . . and thereafter at 100% of their principal amount,
together in each case with accrued interest to the redemption date.]
[on any interest payment date falling on or after . . . . . . . . . . . . . .
. . . . ., at the election of the Company, at a redemption price equal to the
principal amount thereof, plus accrued interest to the date of redemption.]
[Other possible redemption provisions, such as mandatory redemption upon
occurrence of certain events or redemption for changes in tax law.]
Sinking Fund Provisions:
[No sinking fund provisions]
[The Designated Securities are entitled to the benefit of a sinking fund to
retire [$]. . . . . . . . . principal amount of Designated Securities on . .
. . . . . . . . in each of the years . . . . . . . through . . . . . . . at
100% for their principal amount plus accrued interest] [, together with
[cumulative] [noncumulative] redemptions at the option of the Company to
retire an additional [$] . . . . . . . principal amount of Designated
Securities in the years . . . . . . . through . . . . . . . at 100% of their
principal amount plus accrued interest.]
[If Securities are extendable debt Securities, insert--
Extendable Provisions:
Securities are repayable on . . . . . . . . . . . ., . . . . . . .
[[insert date and years,] at the option of the holder, at their principal
amount with accrued interest. Initial annual interest rate will be . . .%,
and thereafter annual interest rate will be adjusted on . . . . . . ., . . .
. and . . . . . . to a rate not less than . . . . . .% of the effective
annual interest rate on U.S. Treasury obligations with . . . .-year
maturities as of the [insert date 15 days prior to maturity date] prior to
such [insert maturity date].]
[If Securities are Floating Rate debt Securities, insert--
Floating Rate Provisions:
Initial annual interest rate will be . . . .% through . . . . . . . . .
[and thereafter will be adjusted [monthly] [on each . . . . . . . . . , . . .
. . . . . . ., . . . . . . . and . . . . . . .] [to an annual rate of . . .
.% above the average rate for . . . . . . . . . .-year [month] [securities]
[certificates of deposit] by . . . . . . . . . . and . . . . . . . . . . .
[insert names of banks].] [and the annual interest rate [thereafter] [from .
. . . . . . through . . . . . . .] will be the interest yield equivalent of
the weekly average per annum market discount rate for . . . . . . . .-month
Treasury bills plus . . . .% of Interest Differential (the excess, if any, of
(i) then current weekly average per annum secondary market yield for . . . .
. . .-month certificates of deposit over (ii) then current interest yield
equivalent of the weekly average per annum market discount rate for . . . .
. . . .-month Treasury bills]; [from . . . . . . . . and thereafter the rate
will be the then current interest yield equivalent plus . . . .% of Interest
Differential].]
Issuable in temporary global form: [Yes] [No]
Issuable in permanent global form: [Yes] [No]
Debt Warrants
Number of Debt Warrants to be issued:
Warrant Agreement:
Form of Debt Warrants: [Registered] [Bearer]
Issuable jointly with other Securities: [Yes] [No]
[Number of Debt Warranties issued with each........amount or $........
principal amount of other Securities]
[Detachable Date:]
Date from which Debt Warrants are exercisable:
Date on which Debt Warrants expire:
Exercise price(s) of Debt Warrants:
Public offering price: $. . . . . . . .
Purchase price: $. . . . . . . .
Title and terms of Warrant Securities: As described above
Principal Amount of Warrant Securities purchasable upon exercise of one Warrant:
Currency Warrants
Title of Currency Warrants: [ Currency [Call] [Put] Warrants ]
Number of Currency Warrants to be issued:
Base Currency:
Warrant Agreement:
Warrant Agent:
Form of Currency Warrants: [Registered] [Bearer] [Book-entry form, represented
by single global Currency Warrant Certificate]
Issuable jointly with other Securities: [Yes] [No]
[Number of Currency Warrants issued with each amount of $........
principal amount of other Securities]
[Detachable Date:]
Date from which Currency Warrants are exercisable:
Date on which Currency Warrants expire:
Strike Price of Currency Warrants:
Formula for Determining Cash Settlement Value:
Automatic Exercise:
Minimum Number of Currency Warrants which can be Exercised:
Listing:
Public offering price: $. . . . . . . .
Purchase price: $. . . . . . . .
Stock-Index Warrants
Title of Stock-Index Warrants: [ Stock-Index [Call] [Put] Warrants ]
Number of Stock-Index Warrants to be issued:
Stock Index:
Warrant Agreement:
Warrant Agent:
Form of Stock-Index Warrants: [Registered] [Bearer] [Book-entry form,
represented by single global Stock-Index Warrant Certificate]
Issuable jointly with other Securities: [Yes] [No]
[Number of Stock-Index Warrants issued with each amount or $........
principal amount of other Securities]
[Detachable Date:]
Date from which Stock-Index Warrants are exercisable:
Date on which Stock-Index Warrants expire:
Exercise Price of Stock-Index Warrants:
Formula for Determining Stock-Index Cash Settlement Value:
Automatic Exercise:
Minimum/Maximum number of Stock-Index Warrants which can be Exercised:
Listing:
Public offering price: $. . . . . . . .
Purchase price: $. . . . . . . .
Time of Delivery:
. . . . . . . . . . . . . . . . . . . .
Closing Location:
. . . . . . . . . . . . . . . . . . . .
Funds in which Underwriters to make payment:
. . . . . . . . . . . . . . . . . . . .
Delayed Delivery:
[None]
[Underwriters' commission shall be . . . .% of the principal amount of
Designated Securities for which Delayed Delivery Contracts have been entered
into and the check given in payment of such commission shall be drawn to the
order of . . . . . . . .]
[Maximum aggregate principal amount of Designated Securities to be offered
and sold pursuant to Delayed Delivery Contracts: [$] . . . . . . . . ]
[Minimum principal amount of each Delayed Delivery Contract: [$] . . . . . .
. . ]
Names and addresses of Representatives:
Designated Representatives:
Address for Notices, etc.:
[Additional Comfort Procedures: Identify any items being specified by
Representatives for comfort as contemplated by
paragraph (v) of Exhibit B to the Underwriting
Agreement.]
[Other Terms, including application of defeasance and/or covenant defeasance]*
--------------------------
* A description of particular tax, accounting or other unusual features of the
Securities should be set forth, or referenced to an attached and accompanying
description, if necessary to the parties' understanding of the transaction
contemplated. Such a description might appropriately be in the form in which
such features will be described in the Prospectus, as supplemented, for the
offering.
Any additional terms and conditions appropriate to an offering of Securities
denominated or payable in or indexed to a currency, currencies, currency unit or
composite currency other than United States dollars should also be set forth.
SCHEDULE III
Delayed Delivery Contract
United Technologies Corporation
c/o: [Date]
Attention:
Dear Sirs:
The undersigned hereby agrees to purchase from Untied Technologies
Corporation (hereinafter called the "Company"), and the Company agrees to sell
to the undersigned [[$]
principal amount] [number] of the Company's [Title of Designated Securities]
(hereinafter called the "Designated Securities"), offered by the Company's
Prospectus dated , 19 [as amended or supplemented],
receipt of a copy of which is hereby acknowledged, at a purchase price of [ %
of the principal amount thereof, plus accrued interest from the date from which
interest accrues as set forth below] [ per Debt Warrant, Currency
Warrant or Stock-Index Warrant], and on the further terms and conditions set
forth in this contract.
[The undersigned will purchase the Designated Securities from the Company on
, 19 (the "Delivery Date") [and interest on the Designated Securities so
purchased will accrue from , 19 .]]
[The undersigned will purchase the Designated Securities from the Company on
the delivery date or dates and in the principal amount or amounts set forth
below:
Delivery Date Principal Amount Date from Which Number of
Interest Accrues Debt Warrants,
Currency
Warrants or
Stock-Index
Warrants
, 19 [$] , 19
, 19 [$] , 19
Each such date on which Designated Securities are to be purchased hereunder is
hereinafter referred to as a "Delivery Date".]
Payment for the Designated Securities which the undersigned has agreed to
purchase on [the] [each] Delivery Date shall be made to the Company or its order
by certified or official bank check in funds at the office of
, ,
, or by wire transfer to a bank account specified by the Company, on [the][such]
Delivery Date upon delivery to the undersigned of the Designated Securities then
to be purchased by the undersigned in definitive [bearer] [fully registered]
form and in such denominations and [registered
in such names] as the undersigned may designate by written or telegraphic
communication addressed to the Company not less than five business days prior to
[the] [such] Delivery Date.
The obligation of the undersigned to take delivery of and make payment for
Designated Securities on [the] [each] Delivery Date shall be subject to the
conditions that (a) the purchase of Designated Securities to be made by the
undersigned shall not on [the] [such] Delivery Date be prohibited under the laws
of the jurisdiction to which the undersigned is subject and (b) the Company, on
or before ,19 , shall have sold to the several Underwriters, pursuant to
the Pricing Agreement dated , 19 with the Company, an [aggregate
principal amount and/or number] of Designated Securities equal to
, minus the aggregate principal amount and/or a number] of Designated Securities
to be covered by this contract and other contracts similar to this contract.
The obligation of the undersigned to take delivery of and make payment for
Designated Securities shall not be affected by the failure of any purchaser to
take delivery of and make payment for Designated Securities pursuant to other
contracts similar to this contract.
Promptly after completion of the sale of the Underwriters, the Company will
mail or deliver to the undersigned at its address set forth below notice to such
effect, accompanied by a copy of the Opinion or Opinions of Counsel for the
Company delivered to the Underwriters in connection therewith.
The undersigned represents and warrants that, as of the date of this
contract, the undersigned is not prohibited from purchasing the Designated
Securities hereby agreed to be purchased by it under the laws of the
jurisdiction to which the undersigned is subject.
This contract will inure to the benefit of and be binding upon the parties
hereto and their respective successors, but will not be assignable by either
party hereto without the written consent of the other.
This contract may be executed by either of the parties hereto in any number
of counterparts, each of which shall be deemed to be an original, but all such
counterparts shall together constitute one and the same instrument.
It is understood that the acceptance by the Company of any Delayed Delivery
Contract (including this contract) is in the Company's sole discretion and that,
without limiting the foregoing, acceptances of such contracts need not be on a
first-come, first-serve basis. If this contract is acceptable to the Company, it
is requested that the Company sign the form of acceptance below and mail or
deliver one of the counterparts hereof to the undersigned at its address set
forth below. This will become a binding contract between the Company and the
undersigned when such counterpart is so mailed or delivered by the Company.
Yours very truly,
By:
(Name and Title)
(Address)
Accepted, , 19
United Technologies Corporation
By:
[Title]
