Exhibit 1.2
[________________________________]
$[_____________________]
(Approximate)
[___________________] Trust
Series 200[_]-[_]
FORM OF UNDERWRITING AGREEMENT
[_____________], 200[_]
Barclays Capital Inc.
000 Xxxx Xxxxxx
Xxx Xxxx, Xxx Xxxx 00000
Ladies and Gentlemen:
[________________________________], a [________] [____________] (the
"Company"), proposes to cause to be issued Asset Backed Certificates, Series
[___], 200[_] (the "Certificates"), consisting of [__] classes designated as the
[_______________] under a Pooling and Servicing Agreement, dated as of
[____________] [__], 200[_] (the "Pooling and Servicing Agreement"), among the
Company, [_____________________], as master servicer and transferor
("[___________]"), and [___________________________], as trustee (the
"Trustee"), and proposes to sell the [_______________] (the "Offered
Certificates") to Barclays Capital Inc. ("Barclays") and [________________]
("[__________]" and together with Barclays, the "Underwriters"), pursuant to
this agreement ("Agreement"). The Certificates will represent in the aggregate
the entire beneficial ownership interest in a trust fund (the "Trust Fund")
primarily consisting of a pool of [_____________] evidenced by [_____________]
and secured primarily by [_____________] (the "[_____________]"). The
[_____________] will be purchased by the Company from [_______________] pursuant
to the Receivables Purchase Agreement (the "Receivables Purchase Agreement"), by
and between the Company and [_______________], in exchange for immediately
available funds. The Certificates are described more fully in the Prospectus (as
hereinafter defined). The Pooling and Servicing Agreement, the Receivables
Purchase Agreement, the Indemnification and Contribution Agreement and this
Agreement are collectively referred to herein as the "Transaction Documents."
Only the Offered Certificates are being sold pursuant to this Agreement.
The Company has filed with the Securities and Exchange Commission
(the "Commission") a registration statement on Form S-3 (No. [________]) for the
registration of the Certificates under the Securities Act of 1933 (the "1933
Act"), which registration statement has become effective and copies of which, as
amended to the date hereof, have been delivered to each of the Underwriters. The
Company proposes to file with the Commission pursuant to Rule 424(b)(5) under
the rules and regulations of the Commission under the Act (the "1933 Act
Regulations") a prospectus supplement, dated [___________________] [_], 200[_]
(the
"Prospectus Supplement"), to the prospectus, dated [___________________] [_],
200[_], included in such registration statement, relating to the Offered
Certificates and the method of distribution thereof. Such registration statement
on Form S-3, including exhibits thereto, as amended as of the date hereof, is
hereinafter called the "Registration Statement"; and such prospectus,
supplemented by the Prospectus Supplement or further supplement relating to the
Offered Certificates, is hereinafter called the "Prospectus".
Section 1. Representations and Warranties.
(a) The Company represents and warrants to the Underwriters as
follows:
(i) The Registration Statement, as amended as of the effective date
thereof (the "Effective Date") and the Prospectus, as of the date thereof,
complied in all material respects with the requirements of the 1933 Act
and the 1933 Act Regulations. The Registration Statement, as of the
Effective Date, did not contain an 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. The Prospectus, as of the
date thereof, did not, and as of the Closing Date will not, contain any
untrue statement of a material fact or omit to state a material fact
necessary in order to make the statements therein, in the light of the
circumstances under which they were made, not misleading; provided,
however, that the representations and warranties in this subsection shall
not apply to statements in or omissions from the Registration Statement or
Prospectus (A) arising from or included in the [ ] Information (as defined
in the Indemnification and Contribution Agreement) or (B) made in reliance
upon and in conformity with information furnished to the Company in
writing by each of the Underwriters expressly for use in the Registration
Statement or Prospectus. The Company and the Underwriters hereby
acknowledge that only the statements set forth in the last paragraph of
the cover of the Prospectus Supplement, under the caption "Underwriting"
in the Prospectus Supplement (other than the last paragraph under such
caption) and the Underwriter Information (as defined in Section 8(k))
contained in any Furnished Term Sheets (as defined in Section 8(d)),
constitute statements made in reliance upon and in conformity with
information furnished to the Company in writing by each of the
Underwriters expressly for use in the Registration Statement, or
Prospectus (such statements being collectively referred to as "Underwriter
Statements").
(ii) Since the respective dates as of which information is given in
the Registration Statement and Prospectus, except as otherwise stated
therein, (A) there has been no material adverse change in the condition,
financial or otherwise, or in the earnings, business affairs or business
prospects of the Company, whether or not arising in the ordinary course of
business, and (B) there have been no transactions entered into by the
Company, other than those in the ordinary course of business, which are
material with respect to the Company, in either case which would
materially and adversely affect the Company's ability to perform its
obligations hereunder or under the Transaction Documents to which it is a
party.
(iii) The Company has been duly [__________] and is validly existing
as a [____________] in good standing under the laws of the State of
[_______] with
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[corporate] power and authority to own, lease and operate its properties
and to conduct its business, as now conducted by it, and to enter into and
perform its obligations under the Transaction Documents to which it is a
party; and the Company is duly qualified as a foreign corporation to
transact business and is in good standing in each jurisdiction in which
the failure to be so qualified would have a material and adverse effect on
the Company's ability to perform its obligations hereunder or under any
Transaction Document to which the Company is a party.
(iv) The Company is not in violation of its charter or in default in
the performance or observance of any material obligation, agreement,
covenant or condition contained in any material contract, indenture,
mortgage, loan agreement, note, lease or other instrument to which the
Company is a party, or to which any of the property or assets of the
Company may be subject, or by which it or any of them may be bound; and
the issuance and sale of the Offered Certificates to each of the
Underwriters, the execution, delivery and performance of the Transaction
Documents to which it is a party and the consummation of the transactions
contemplated therein and compliance by the Company with its obligations
thereunder have been duly authorized by all necessary corporate action and
will not conflict with or constitute a breach of, or default under, or
result in the creation or imposition of any lien, charge or encumbrance
upon any property or assets of the Company pursuant to, any material
contract, indenture, mortgage, loan agreement, note, lease or other
instrument to which the Company is a party or by which it or any of them
may be bound, or to which any of the property or assets of the Company is
subject, nor will such action result in any violation of the provisions of
the charter or by-laws of the Company or any applicable law,
administrative regulation or administrative or court decree.
(v) There is no action, suit or proceeding before or by any court or
governmental agency or body, domestic or foreign, now pending, or, to the
knowledge of the Company, threatened, against or affecting the Company,
which is required to be disclosed in the Registration Statement (other
than as disclosed therein), or which might materially and adversely affect
Company's ability to perform its obligations hereunder or under the
Transaction Documents to which it is a party; all pending legal or
governmental proceedings to which the Company is a party or of which its
property or assets is the subject which are not described in the
Registration Statement, including ordinary routine litigation incidental
to the business, are, considered in the aggregate, not material.
(vi) No authorization, approval or consent of any court or
governmental authority or agency is necessary in connection with the
offering, issuance or sale of the Offered Certificates hereunder, except
such as have been, or as of the Closing Date will have been, obtained or
such as may otherwise be required under applicable state securities laws
in connection with the purchase and offer and sale of the Offered
Certificates by the Underwriters and any recordation of the respective
assignments of the [ ] to the Trustee pursuant to the Pooling and
Servicing Agreement that have not yet been completed.
(vii) The Company possesses all material licenses, certificates,
authorities or permits issued by the appropriate state, federal or foreign
regulatory agencies or bodies
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necessary to perform its obligations hereunder or under any Transaction
Document to which the Company is a party, and the Company has not received
any notice of proceedings relating to the revocation or modification of
any such license, certificate, authority or permit which, singly or in the
aggregate, if the subject of an unfavorable decision, ruling or finding,
would materially and adversely affect the ability of the Company to
perform its obligations hereunder or under the Transaction Documents.
(viii) Each of the Transaction Documents to which it is a party has
been duly authorized, executed and delivered by the Company and
constitutes a legal, valid and binding agreement enforceable against the
Company in accordance with its terms, except as enforceability may be
limited by (A) bankruptcy, insolvency, reorganization, receivership,
moratorium or other similar laws affecting the enforcement of the rights
of creditors generally, (B) general principles of equity, whether
enforcement is sought in a proceeding in equity or at law, and (C) public
policy considerations underlying the securities laws, to the extent that
such public policy considerations limit the enforceability of the
provisions of such Transaction Documents that purport to provide
indemnification from securities law liabilities.
(ix) At the time of the execution and delivery of the Pooling and
Servicing Agreement, the Company (i) will have good and marketable title
to the [ ] being transferred by it to the Trust Fund pursuant thereto,
free and clear of any lien, mortgage, pledge, charge, encumbrance, adverse
claim or other security interest (collectively "Liens"), to the extent
good and marketable title to the [ ] is transferred to the Company, free
and clear of all Liens, by the Transferor, and (ii) will have the power
and authority to transfer such [ ] to the Trust Fund, and upon execution
and delivery of the Pooling and Servicing Agreement by the Trust Fund and
the Transferor, the Trust Fund will have acquired ownership of all of the
Company's right, title and interest in and to the related [ ].
(x) At the Closing Date, the [_______________] Certificates will be
rated not lower than "[_____]" by [Standard & Poor's Ratings Services, a
division of The XxXxxx-Xxxx Companies, Inc. ("S&P")] and "[_____]" by
[Xxxxx'x Investors Service, Inc. ("Moody's")].
(xi) Any taxes, fees and other governmental charges in connection
with the execution, delivery and issuance of the Transaction Documents to
which it is a party and the Offered Certificates have been paid or will be
paid at or prior to the Closing Date.
(b) Any certificate signed by any officer of the Company and
delivered to each of the Underwriters or each of the Underwriters' respective
counsel shall be deemed a representation and warranty by the Company to each of
the Underwriters as to the matters covered thereby.
Section 2. Purchase and Sale.
Subject to the terms and conditions herein set forth and in reliance
upon the representations and warranties herein contained, the Company agrees to
sell to each of the
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Underwriters, and each of the Underwriters agrees, severally and not jointly, to
purchase from the Company, at a purchase price set forth on Schedule A hereto,
the principal amount of the Offered Certificates set forth on Schedule A hereto.
Section 3. Delivery and Payment.
Payment of the purchase price for, and delivery of, the Offered
Certificates to be purchased by the Underwriters shall be made at the office of
Barclays Capital Inc., 000 Xxxx Xxxxxx, Xxx Xxxx, Xxx Xxxx 00000, or at such
other place as shall be agreed upon by the Underwriters and the Company, at
10:00 A.M. New York City time, on [_____________] [___], 200[_], which date and
time may be postponed by agreement between you and the Company (such time and
date of payment and delivery being herein called the "Closing Date"). Payment
shall be made to the Company, in immediately available Federal funds wired to
such bank as may be designated by the Company, against delivery of the Offered
Certificates or with respect to payments to be made by Barclays, at the
Company's option, by appropriate notation of an intercompany transfer between
affiliates of __________. The Offered Certificates shall be in such
denominations and registered in such names as you may request in writing at
least two business days before Closing Date. The Offered Certificates will be
made available for examination and packaging by you not later than 10:00 A.M. on
the last business day prior to Closing Date.
Section 4. Covenants of the Company. The Company covenants with each
of the Underwriters as follows:
(a) The Company will give the Underwriters notice of its intention
to file or prepare any amendment to the Registration Statement or any amendment
or supplement to the Prospectus (including any revised prospectus which the
Company proposes for use by the Underwriters in connection with the offering of
the Offered Certificates which differs from the prospectus on file at the
Commission at the time the Registration Statement becomes effective, whether or
not such revised prospectus is required to be filed pursuant to Rule 424(b) of
the 1933 Act Regulations), will furnish the Underwriters with copies of any such
amendment or supplement a reasonable amount of time prior to such proposed
filing or use, as the case may be, and will not file any such amendment or
supplement or use any such prospectus to which you shall reasonably object.
(b) The Company will cause the Prospectus to be transmitted to the
Commission for filing pursuant to Rule 424(b)(5) under the 1933 Act by means
reasonably calculated to result in filing with the Commission pursuant to said
rule.
(c) The Company will deliver to the Underwriters as many signed
copies of the Registration Statement as originally filed and of each amendment
thereto (including exhibits filed therewith or incorporated by reference
therein) as the Underwriters may reasonably request and will also deliver to the
Underwriters a conformed copy of the Registration Statement as originally filed
and of each amendment thereto (without exhibits).
(d) The Company will furnish to each of the Underwriters, from time
to time during the period when the Prospectus is required to be delivered under
the 1933 Act or the
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Securities Exchange Act of 1934 (the "1934 Act"), such number of copies of the
Prospectus (as amended or supplemented) as each of the Underwriters may
reasonably request for the purposes contemplated by the 1933 Act or the 1934 Act
or the respective applicable rules and regulations of the Commission thereunder.
(e) If during the period after the first date of the public offering
of the Offered Certificates in which a prospectus relating to the Offered
Certificates is required to be delivered under the 1933 Act, any event shall
occur as a result of which it is necessary, in the opinion of counsel for you,
to amend or supplement the Prospectus in order to make the Prospectus not
misleading in the light of the circumstances existing at the time it is
delivered to a purchaser, the Company will forthwith amend or supplement the
Prospectus (in form and substance satisfactory to counsel for you) so that, as
so amended or supplemented, the Prospectus will not include an untrue statement
of a material fact or omit to state a material fact necessary in order to make
the statements therein, in the light of the circumstances existing at the time
it is delivered to a purchaser, not misleading, and the Company will furnish to
the Underwriters a reasonable number of copies of such amendment or supplement.
(f) The Company will endeavor to arrange for the qualification of
the Offered Certificates for sale under the applicable securities laws of such
states and other jurisdictions of the United States as the Underwriters may
designate; provided, however, that the Company shall not be obligated to qualify
as a foreign corporation in any jurisdiction in which it is not so qualified. In
each jurisdiction in which the Offered Certificates have been so qualified, the
Company will file such statements and reports as may be required by the laws of
such jurisdiction to continue such qualification in effect for a period of not
less than one year from the effective date of the Registration Statement.
(g) If the transactions contemplated by this Agreement are
consummated, the Company will pay or cause to be paid all expenses incident to
the performance of the obligations of the Company under this Agreement, and will
reimburse the Underwriters for any reasonable expenses (including reasonable
fees and disbursements of counsel) reasonably incurred by each of them in
connection with qualification of the Offered Certificates for sale and
determination of their eligibility for investment under the laws of such
jurisdictions as the Underwriters have reasonably requested and the printing of
memoranda relating thereto, for any fees charged by investment rating agencies
for the rating of the Offered Certificates, and for expenses incurred by each of
them in distributing the Prospectus (including any amendments and supplements
thereto) to the Underwriters. Except as herein provided, the Underwriters shall
be responsible for paying all costs and expenses incurred by each of them
including the fees and disbursements of counsel, in connection with the purchase
and sale of the Offered Certificates.
(h) If, during the period after the Closing Date in which a
prospectus relating to the Offered Certificates is required to be delivered
under the 1933 Act, the Company receives notice that a stop order suspending the
effectiveness of the Registration Statement or preventing the offer and sale of
the Offered Certificates is in effect, the Company will immediately advise the
Underwriters of the issuance of such stop order. The Company will make every
reasonable effort to prevent the issuance of any stop order and, if any stop
order is issued, to obtain the lifting thereof at the earliest possible moment.
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Section 5. Conditions of Underwriters' Obligations. The
Underwriters' obligation to purchase the Offered Certificates shall be subject
to the following conditions:
(a) No stop order suspending the effectiveness of the Registration
Statement shall be in effect, and no proceedings for that purpose shall be
pending or, to the Company's knowledge, threatened by the Commission.
(b) At Closing Date the Underwriters shall have received:
(i) The favorable opinion, dated as of the Closing Date, of
[_______________] General Counsel for the Company, in form and substance
satisfactory to the Underwriters.
(ii) The favorable opinion, dated as of the Closing Date, of
Cadwalader, Xxxxxxxxxx & Xxxx LLP, counsel for the Company, in form and
substance satisfactory to the Underwriters.
(c) On the Closing Date, there shall not have been, since the date
hereof or since the respective dates as of which information is given in the
Registration Statement and the Prospectus, any material adverse change in the
condition, financial or otherwise, or in the earnings, business affairs or
business prospects of the Company, whether or not arising in the ordinary course
of business, and the Underwriters shall have received a certificate of the
President or a Vice President of the Company, dated as of the Closing Date, to
the effect that (i) the representations and warranties in Section 1 hereof are
true and correct with the same force and effect as though expressly made at and
as of the Closing Date, (ii) the Company has complied with all agreements and
satisfied all conditions on its part to be performed or satisfied at or prior to
the Closing Date, and (iii) no stop order suspending the effectiveness of the
Registration Statement has been issued and no proceedings for that purpose have
been initiated or threatened by the Commission.
(d) On the Closing Date counsel for the Underwriters shall have been
furnished with such other documents and opinions as counsel may reasonably
require for the purpose of enabling them to pass upon the issuance and sale of
the Offered Certificates as herein contemplated and related proceedings, or in
order to evidence the accuracy of any of the representations or warranties, or
the fulfillment of any of the conditions, herein contained; and all proceedings
taken by the Company in connection with the issuance and sale of the Offered
Certificates as herein contemplated shall be satisfactory in form and substance
to the Underwriters and counsel for the Underwriters.
If any condition specified in this Section shall not have been
fulfilled when and as required to be fulfilled, this Agreement may be terminated
by the Underwriters by notice to the Company at any time at or prior to the
Closing Date, and such termination shall be without liability of any party to
any other party.
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Section 6. Indemnification. The Company and each of the Underwriters
agree that:
(a) The Company agrees to indemnify and hold harmless each
Underwriter and each person, if any, who controls such Underwriter within the
meaning of Section 15 of the 1933 Act as follows:
(i) against any and all loss, liability, claim, damage and expense
whatsoever, as incurred, arising out of any untrue statement or alleged
untrue statement of a material fact contained in the Registration
Statement (or any amendment thereto), including the information deemed to
be part of the Registration Statement pursuant to Rule 430A(b) of the 1933
Act Regulations, if applicable, or the omission or alleged omission
therefrom of a material fact required to be stated therein or necessary to
make the statements therein not misleading or arising out of any untrue
statement or alleged untrue statement of a material fact contained in the
Prospectus (or any amendment or supplement thereto) or the omission or
alleged omission therefrom of a material fact necessary in order to make
the statements therein, in the light of the circumstances under which they
were made, not misleading;
(ii) against any and all loss, liability, claim, damage and expense
whatsoever, as incurred, to the extent of the aggregate amount paid in
settlement of any litigation, or any investigation or proceeding by any
governmental agency or body, commenced or threatened, or of any claim
whatsoever based upon any such untrue statement or omission, or any such
alleged untrue statement or omission, if such settlement is effected with
the written consent of the Company; and
(iii) against any and all expense whatsoever, as incurred
(including, the fees and disbursements of counsel chosen by you),
reasonably incurred in investigating, preparing or defending against any
litigation, or any investigation or proceeding by any governmental agency
or body, commenced or threatened, or any claim whatsoever based upon any
such untrue statement or omission, or any such alleged untrue statement or
omission, to the extent that any such expense is not paid under (i) or
(ii) above;
provided, however, that this indemnity agreement shall not apply to any loss,
liability, claim, damage or expense to the extent arising out of any untrue
statement or omission or alleged untrue statement or omission (a) arising from
or included in the [_________________] Information, (b) made in the Underwriter
Statements or (c) arising out of or based upon the failure of any Underwriter to
comply with any provision of Section 8.
(b) Each Underwriter agrees to indemnify and hold harmless the
Company, its directors, each of its officers who signed the Registration
Statement, and each person, if any, who controls the Company within the meaning
of Section 15 of the 1933 Act against any and all loss, liability, claim, damage
and expense described in the indemnity contained in subsection (a) of this
Section, as incurred, but only with respect to (i) untrue statements or
omissions, or alleged untrue statements or omissions, made in the Underwriter
Statements or (ii) the failure of such Underwriter or any member of its selling
group to comply with any provision of Section 8. Only the Underwriter who failed
to comply with Section 8 shall have the foregoing obligations
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for such failure, provided however, that each such Underwriter shall have the
foregoing obligations for any such failure by any member of its selling group.
(c) Each indemnified party shall give notice as promptly as
reasonably practicable to each indemnifying party of any action commenced
against it in respect of which indemnity may be sought hereunder, but failure to
so notify an indemnifying party shall not relieve such indemnifying party from
any liability which it may have to any indemnified party otherwise than on
account of this indemnity agreement. In case any such action is brought against
any indemnified party and it notifies the indemnifying party of the commencement
thereof, the indemnifying party shall be entitled to participate therein and, to
the extent that, by written notice delivered to the indemnified party promptly
after receiving the aforesaid notice from such indemnified party, the
indemnifying party elects to assume the defense thereof, it may participate
(jointly with any other indemnifying party similarly notified) 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 or parties shall have reasonably
concluded that there may be legal defenses available to it or them and/or other
indemnified parties that 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 of its election so to assume the defense of such action and approval by
the indemnified party of such counsel, the indemnifying party shall not be
liable to such indemnified party under this paragraph for any legal or other
expenses subsequently incurred by such indemnified party in connection with the
defense thereof, unless (i) the indemnified party shall have employed separate
counsel (plus any local counsel) in connection with the assertion of legal
defenses in accordance with the proviso to the immediately preceding sentence,
(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, (iii) the indemnifying party has
authorized the employment of counsel for the indemnified party at the expense of
the indemnifying party, or (iv) a conflict or potential conflict exists (based
on advice of counsel to the indemnified party) between the indemnified party and
the indemnifying party (in which case the indemnifying party will not have the
right to direct the defense of such action on behalf of the indemnified party).
Unless it shall assume the defense of any proceeding, the indemnifying party
shall not be liable for any settlement of any proceeding effected without its
written consent, but if settled with such consent or if there be a final
judgment for the plaintiff, the indemnifying party shall indemnify the
indemnified party from and against any loss or liability by reason of such
settlement or judgment. If any indemnifying party assumes the defense of any
proceeding, it shall not settle, compromise or consent to the entry of any
judgment with respect thereto if indemnification or contribution could be sought
under this Section 6 (whether or not the indemnified parties are actual or
potential parties thereto), unless such settlement, compromise or consent (i)
includes any unconditional release of each indemnified party from all liability
arising out of such proceeding and (ii) does not include a statement as to or an
admission of fault, culpability or a failure to act by or on behalf of any
indemnified party.
(d) Each Underwriter will indemnify and hold harmless each other
Underwriter and each person, if any, who controls each such Underwriter within
the meaning of
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either the 1933 Act or the 1934 Act (a "Non-Indemnifying Underwriter") from and
against any and all losses, claims, damages or liabilities, joint or several, to
which such Non-Indemnifying Underwriter becomes subject under the 1933 Act, the
1934 Act or other federal or state statutory law or regulation, common law or
otherwise, insofar as such losses, claims, damages or liabilities (or actions in
respect thereof) arise out of or are based upon (i) any untrue statement of
material fact contained in any computational or other written materials
developed by, mailed or otherwise transmitted by such indemnifying Underwriter
or any member of its selling group, in connection with the Offered Certificates
or in any revision or amendment thereof or supplement thereto or (ii) the
failure of such indemnifying Underwriter, or any member of its selling group, to
comply with any provision of Section 8, and agrees to reimburse each such
Non-Indemnifying Underwriter, as incurred for any legal or other expenses
reasonably incurred by them in connection with investigating or defending any
such loss, claim, damage, liability or action.
(e) Contribution. In order to provide for just and equitable
contribution in circumstances in which the indemnity agreement provided for in
Section 6 hereof is for any reason held to be unenforceable by the indemnified
parties although applicable in accordance with its terms, the Company and each
Underwriter shall contribute to the aggregate losses, liabilities, claims,
damages and expenses of the nature contemplated by such indemnity agreement
incurred by the Company and such Underwriter, as incurred, in such proportion as
is appropriate to reflect not only the relative benefits received by the Company
on the one hand and such Underwriter on the other from the offering of the
Offered Certificates but also the relative fault of the Company on the one hand
and such Underwriter on the other in connection with the statements or omissions
which resulted on such losses, claims, damages or liabilities, as well as any
other relevant equitable considerations. The relative fault of the Company on
the one hand and of each of the Underwriters on the other shall be determined by
reference to, among other things, whether the untrue or alleged untrue statement
of a material fact relates to information supplied by the Company or by such
Underwriter, and the parties' relative intent, knowledge, access to information
and opportunity to correct or prevent such statement or omission; provided,
however, that no person guilty of fraudulent misrepresentation (within the
meaning of Section 11(f) of the 0000 Xxx) or willful failure to comply with
Section 8 shall be entitled to contribution from any person who was not guilty
of such fraudulent misrepresentation or failure to comply with Section 8 hereto,
as the case may be. For purposes of this Section, each person, if any, who
controls an Underwriter within the meaning of Section 15 of the 1933 Act shall
have the same rights to contribution as such Underwriter, and each director of
the Company, each officer of the Company who signed the Registration Statement,
and each person, if any, who controls the Company within the meaning of Section
15 of the 1933 Act shall have the same rights to contribution as the Company.
This indemnity agreement will be in addition to any liability that any
Underwriter may otherwise have. Notwithstanding the provisions of this Section
6, no Underwriter shall be required to contribute any amount in excess of the
amount by which the total price at which the Offered Certificates underwritten
by it and distributed to the public were sold 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.
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Section 7. Default by an Underwriter.
(a) If, on the Closing Date, any Underwriter defaults in the
performance of its obligations under this Agreement and the aggregate principal
amount of Offered Certificates that such defaulting Underwriter agreed but
failed to purchase does not exceed 10% of the total principal amount of Offered
Certificates that the Underwriters are obligated to purchase on the Closing
Date, the non-defaulting Underwriter may make arrangements for the purchase of
the Offered Certificates which such defaulting Underwriter agreed but failed to
purchase by other persons satisfactory to the Company and the non-defaulting
Underwriter. If any Underwriter so defaults and the aggregate principal amount
of Offered Certificates with respect to which such default or defaults occur
exceeds 10% of the total principal amount of Offered Certificates that the
Underwriters are obligated to purchase on such Closing Date and arrangements
satisfactory to the non-defaulting Underwriter and the Company for the purchase
of such Offered Certificates by other persons are not made within 36 hours after
such default, this Agreement shall terminate without liability on the part of
the non-defaulting Underwriter or the Company, except that the Company will
continue to be liable for the payment of expenses to the extent set forth in
Section 4(g) and except that the provisions of Sections 6 and 8 shall not
terminate and shall remain in effect. As used in this Agreement, the term
"Underwriters" includes, for all purposes of this Agreement unless the context
otherwise requires, any party not listed in Schedule 1 hereto that, pursuant to
this Section 7 purchases Certificates which a defaulting Underwriter agreed but
failed to purchase.
(b) Nothing contained herein shall relieve a defaulting Underwriter
of any liability it may have to the Company or any non-defaulting Underwriter
for damages caused by its default. If other persons are obligated or agree to
purchase the Offered Certificates of a defaulting Underwriter, either the
non-defaulting Underwriter or the Company may postpone the Closing Date for up
to seven full business days in order to effect any changes that in the opinion
of the counsel for the Company or counsel for the non-defaulting Underwriter may
be necessary in the Registration Statement and/or the Prospectus or in any other
document or arrangement, and the Company agrees to promptly prepare any
amendment or supplement to the Registration Statement and/or the Prospectus that
effects any such changes.
Section 8. Computational Materials and ABS Term Sheets.
(a) The parties acknowledge that, subsequent to the date on which
the Registration Statement became effective and up to and including the date on
which the Prospectus with respect to the Offered Certificates is first made
available to the Underwriters, the Underwriters, including any member of its
selling group, may furnish to various potential investors in Offered
Certificates, in writing: (i) "Computational Materials," as defined in a
no-action letter (the "Xxxxxx No-Action Letter") issued by the staff of the
Commission on May 20, 1994 to Xxxxxx, Peabody Acceptance Corporation I, et al.,
as modified by a no-action letter (the "First PSA No-Action Letter") issued by
the staff of the Commission on May 27, 1994 to the Public Securities Association
(the "PSA") and as further modified by a no-action letter (the "Second PSA
No-Action Letter," and together with the Xxxxxx No-Action Letter and the First
PSA No-Action Letter, the "No-Action Letters") issued by the staff of the
Commission on February 17, 1995 to the PSA; (ii) "Structural Term Sheets," as
defined in the Second PSA
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No-Action Letter and/or (iii) "Collateral Term Sheets," as defined in the Second
PSA No-Action Letter.
(b) In connection with the Offered Certificates, each Underwriter
shall furnish to the Company, at least one business day prior to the time of
filing of the Prospectus pursuant to Rule 424 under the 1933 Act, all
Computational Materials used by such Underwriter, or any member of its selling
group, and required to be filed with the Commission in order for such
Underwriter to avail itself of the relief granted in the No-Action Letters (such
Computational Materials, the "Furnished Computational Materials").
(c) In connection with the Offered Certificates, each Underwriter
shall furnish to the Company, at least one business day prior to the time of
filing of the Prospectus pursuant to Rule 424 under the 1933 Act, all Structural
Term Sheets used by such Underwriter, or any member of its selling group, and
required to be filed with the Commission in order for such Underwriter to avail
itself of the relief granted in the No-Action Letters (such Structural Term
Sheets, the "Furnished Structural Term Sheets").
(d) In connection with the Offered Certificates, each Underwriter
shall furnish to the Company, within one business day after the first use
thereof, all Collateral Term Sheets used by such Underwriter, or any member of
its selling group, and required to be filed with the Commission in order for
such Underwriter to avail itself of the relief granted in the No-Action Letters
(such Collateral Term Sheets, the "Furnished Collateral Term Sheets" and
together with the Furnished Structural Term Sheets, the "Furnished Term Sheets")
and shall advise the Company of the date on which each such Collateral Term
Sheet was first used.
(e) The Company shall cause to be filed with the Commission one or
more current reports on Form 8-K (collectively, together with any amendments and
supplements thereto, the "8-Ks," and each an "8-K") with respect to all
Furnished Computational Materials and Furnished Term Sheets used by an
Underwriter or any member of its selling group such that such Underwriter may
avail itself of the relief granted in the No-Action Letters. In particular, the
Company shall cause to be filed with the Commission (i) all of the Furnished
Computational Materials and all of the Furnished Structural Term Sheets on an
8-K prior to or concurrently with the filing of the final Prospectus with
respect to the Certificates pursuant to Rule 424 under the 1933 Act; and (ii)
all of its Furnished Collateral Term Sheets on an 8-K not later than two
business days after the first use thereof.
(f) Each Underwriter represents and warrants to, and covenants with,
the Company that as presented in any Furnished Term Sheets, the Underwriter
Information (defined below) is not misleading and not inaccurate in any material
respect and that any Pool Information (defined below) contained in any Furnished
Term Sheets prepared by it which is not otherwise inaccurate in any material
respect is not presented in such Furnished Term Sheets prepared by it in a way
that is either misleading or inaccurate in any material respect. Each
Underwriter further covenants with the Company that if any Computational
Materials or ABS Term Sheets (as such term is defined in the Second PSA
No-Action Letter) contained in any Furnished Term Sheets are found to include
any information that is misleading or inaccurate in any material respect, such
Underwriter promptly shall inform the Company of such finding and provide the
Company with revised and/or corrected Computational Materials or ABS Term
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Sheets, as the case may be and the Company shall cause to be delivered for
filing to the Commission in accordance herewith, an 8-K containing such revised
and/or corrected Computational Materials or ABS Term Sheets, as the case may be.
(g) Each Underwriter covenants that all Computational Materials and
ABS Term Sheets used by it shall contain the following legend:
"THE INFORMATION INCLUDED HEREIN IS PRODUCED AND PROVIDED
EXCLUSIVELY BY [UNDERWRITER] ("UNDERWRITER") AS UNDERWRITER FOR THE
[_] TRUST 200[_]-[_], AND NOT BY OR AS AGENT FOR [_] OR ANY OF ITS
AFFILIATES (COLLECTIVELY, THE "TRANSFEROR")."
(h) Each Underwriter covenants that all Collateral Term Sheets used
by it shall contain the following additional legend:
"THE INFORMATION HEREIN IS PRELIMINARY, AND WILL BE SUPERSEDED BY
THE APPLICABLE PROSPECTUS SUPPLEMENT AND BY ANY OTHER INFORMATION
SUBSEQUENTLY FILED WITH THE SECURITIES AND EXCHANGE COMMISSION."
(i) Each Underwriter covenants that all Collateral Term Sheets
(other than the initial Collateral Term Sheet) shall contain the following
additional legend:
"THE INFORMATION CONTAINED HEREIN SUPERSEDES THE INFORMATION IN ALL
PRIOR COLLATERAL TERM SHEETS, IF ANY."
(j) Notwithstanding the foregoing, subsection 8(g) will be satisfied
if all Computational Materials and ABS Term Sheets referred to therein bear a
legend in a form approved by the Company.
(k) For purposes of this Agreement, the term "Underwriter
Information" means such portion, if any, of the information contained in any
Furnished Term Sheets that is not Pool Information or Prospectus Information (as
those terms are defined below); provided, however, that information contained in
Furnished Term Sheets that is not Pool Information or Prospectus Information
shall not constitute Underwriter Information to the extent such information is
inaccurate or misleading in any material respect directly as a result of it
being based on Pool Information or Prospectus Information that is inaccurate or
misleading in any material respect. "Pool Information" means the information
furnished to the Underwriters by the Company regarding the [_] and "Prospectus
Information" means the information contained in (but not incorporated by
reference in) any Prospectus, provided, however, that if any information that
would otherwise constitute Pool Information or Prospectus Information is
presented in any Furnished Term Sheets in a way that is either inaccurate or
misleading in any material respect, such information shall not be Pool
Information or Prospectus Information.
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Section 9. Representations, Warranties and Agreements to Survive
Delivery. All representations, warranties and agreements contained in this
Agreement, or contained in certificates of officers of the Company submitted
pursuant hereto, shall remain operative and in full force and effect, regardless
of any investigation made by or on behalf of any Underwriter or controlling
person, or by or on behalf of the Company, and shall survive delivery of the
Offered Certificates to the Underwriters.
Section 10. Termination of Agreement.
(a) The Underwriters may terminate this Agreement, by notice to the
Company, at any time at or prior to the Closing Date without liability on the
part of any Underwriter to the Company, if, prior to delivery and payment for
the Offered Certificates, (i) there has occurred any material adverse change in
the financial markets in the United States or elsewhere or any outbreak of
hostilities or escalation thereof or other calamity or crisis the effect of
which is such as to make it, in the judgment of the Underwriters, impracticable
to market the Offered Certificates on the terms and in the manner contemplated
by the Prospectus, or (ii) if trading generally on either the American Stock
Exchange or the New York Stock Exchange has been suspended, or minimum or
maximum prices for trading have been fixed, or maximum ranges for prices for
securities have been required, by either of said Exchanges or by order of the
Commission or any other governmental authority, or if a banking moratorium has
been declared by either Federal or New York authorities.
Section 11. Notices. All notices and other communications hereunder
shall be in writing and effective only on receipt and shall have been duly given
if mailed via the U.S. Postal Service and a reputable overnight delivery
service, hand delivered, sent by facsimile transmission or another reasonable
and standard form of telecommunication. Notices to Barclays shall be directed to
Barclays Capital Inc. at 000 Xxxx Xxxxxx, Xxx Xxxx, Xxx Xxxx 00000, Attention:
[_______________]; notices to [__________] shall be directed to
[____________________________], Attention: [_______________]; and notices to the
Company shall be directed to it at [________________________________], [200 Xxxx
Xxxxxx, Xxx Xxxx, Xxx Xxxx 00000], attention of the Secretary with a copy to the
Treasurer; or, as to any party, such other address as may hereafter be furnished
by such party to the other parties in writing.
Section 12. Parties. This Agreement shall inure to the benefit of
and be binding upon the Underwriters and the Company and their respective
successors. Nothing expressed or mentioned in this Agreement is intended or
shall be construed to give any person, firm or corporation, other than the
Underwriters and the Company and their respective successors and the controlling
persons and officers and directors referred to in Section 6 and their heirs and
legal representatives, any legal or equitable right, remedy or claim under or in
respect of this Agreement or any provision herein contained. This Agreement and
all conditions and provisions hereof are intended to be for the sole and
exclusive benefit of the Underwriters and the Company and their respective
successors, and said controlling persons and officers and directors and their
heirs and legal representatives, and for the benefit of no other person, firm or
corporation. No purchaser of Offered Certificates from the Underwriters shall be
deemed to be a successor by reason merely of such purchase.
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Section 13. Governing Law; Time; Jurisdiction; Waiver of Objection
to Venue. This Agreement shall be governed by and construed in accordance with
the laws of the State of New York applicable to agreements made and to be
performed in said State. Specified times of day refer to New York City time.
Section 14. Execution in Counterparts; Severability; Integration.
This Agreement may be executed in any number of counterparts, each of which
shall for all purposes be deemed to be an original and all of which when taken
together shall constitute but one and the same Agreement. In case any provision
in or obligation under this Agreement shall be invalid, illegal or unenforceable
in any jurisdiction, the validity, legality and enforceability of the remaining
provisions or obligations, or of such provision or obligation in any other
jurisdiction, shall not in any way be affected or impaired thereby. This
Agreement contains the final and complete integration of all prior expressions
by the parties hereto with respect to the subject matter hereof and shall
constitute the entire agreement among the parties hereto with respect to the
subject matter hereof and shall constitute entire Agreement among the parties
hereto with respect to the subject matter hereof, superseding all prior oral or
written understandings.
[SIGNATURE PAGE FOLLOWS]
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If the foregoing is in accordance with your understanding of our
agreement, please sign and return to the Company a counterpart hereof, whereupon
this Agreement, along with all counterparts, will become a binding agreement
among each of the Underwriters and the Company in accordance with its terms.
Very truly yours,
[______________________]
By:____________________________________
Name:__________________________________
Title:_________________________________
CONFIRMED AND ACCEPTED, as of the date first above written:
BARCLAYS CAPITAL INC.
By:____________________________________
Name:__________________________________
Title:_________________________________
By:____________________________________
Name:__________________________________
Title:_________________________________
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Exhibit 1.2
SCHEDULE A
Aggregate Aggregate Purchase Price as
Principal Amount Principal Amount a percentage of
or Notional Amount or Notional Amount the Aggregate
of Certificates to of Certificates to Principal Amount
be Purchase by be Purchased by of Certificates to
Class Barclays [_______________] be Purchased
----------------- ------------------ ------------------ -------------------
Class A-1 $ $ $
Class A-2 $ $ $
Class A-3 $ $ $
Class A-4 $ $ $
Class A-5 $ $ $
Class A-6 $ $ $
Class A-7 $ $ $
Schedule A-1
