FPL Group, Inc. [FPL Group Capital Inc] [FPL Group Capital Trust __] [FPL Group Trust __] Preferred Trust Securities
Exhibit
1(b)
FPL
Group, Inc.
[FPL
Group Capital Inc]
[FPL
Group Capital Trust __]
[FPL
Group Trust __]
Preferred
Trust Securities
[Date]
To
the
Representatives named in Schedule I
hereto
of
the Underwriters
named
in
Schedule II hereto
Ladies
and Gentlemen:
1. Introductory.
FPL
Group, Inc., a Florida corporation (“FPL Group”), [1FPL
Group
Capital Inc, a Florida corporation and a [wholly-owned] subsidiary of FPL Group
(“FPL Group Capital”),] and FPL Group [1Capital]
Trust __, a statutory trust formed under the Delaware Statutory Trust Act (the
“Trust” or “FPL Group [1Capital]
Trust __,” and hereinafter, together with FPL Group [1and
FPL
Group Capital], the “Offerors”), confirm their agreement with respect to the
issue and sale by the Trust and the purchase by the Underwriters (as defined
below) of the Trust’s [__] Preferred Trust Securities, [of the series
designation[s], with the terms and in the liquidation amount[s] specified in
Schedule I hereto] (the “Preferred Trust Securities”).
The
term
“Underwriters” as used herein shall be deemed to mean the entity or several
entities named in Schedule II hereto and any underwriter substituted as provided
in Section [7] hereof, and the term “Underwriter” shall be deemed to mean
one of such Underwriters. If the entity or entities listed in Schedule I hereto
(the “Representatives”) are the same as the entity or entities listed in
Schedule II hereto, then the terms “Underwriters” and “Representatives,” as used
herein, shall each be deemed to refer to such entity or entities. The
Representatives represent that they have been authorized by each Underwriter
to
enter into this agreement on behalf of such Underwriter and to act for it in
the
manner herein provided. All obligations of the Underwriters hereunder are
several and not joint. If more than one entity is named in Schedule I hereto,
any action under or in respect of this agreement may be taken by such entities
jointly as
1
For use with Preferred Trust Securities including FPL Group Capital Subordinated
Debentures.
2
For use with Preferred Trust Securities including FPL Group Subordinated
Debentures.
the
Representatives or by one of the entities acting on behalf of the
Representatives and such action will be binding upon all the
Underwriters.
2. Description
of Securities.
Each of
the Preferred Trust Securities represents a preferred undivided beneficial
interest in the assets of the Trust. The Preferred Trust Securities will be
issued pursuant to an Amended and Restated Trust Agreement, dated as of
___________, among The Bank of New York, as Property Trustee (the “Property
Trustee”), The Bank of New York (Delaware), as Delaware Trustee (the “Delaware
Trustee”), certain employees of FPL Group or its affiliates, as Administrative
Trustees (the “Administrative Trustees”), FPL Group, as depositor, and the
several Holders (as defined therein), in substantially the form heretofore
delivered to you as the Representatives, said agreement being hereinafter
referred to as the “Trust Agreement.” The Preferred Trust Securities will be
guaranteed on a subordinated basis by FPL Group as to the payment of
distributions and payments upon liquidation or redemption, as and to the extent
set forth in the Preferred Trust Securities Guarantee Agreement dated as of
__________ (the “Guarantee Agreement”), between FPL Group and The Bank of New
York, as trustee (the “Trust Guarantee”).
The
proceeds from the sale of the Preferred Trust Securities to the public will
be
combined with the proceeds from the sale by the Trust to FPL Group of its common
securities, representing common undivided beneficial interests in the assets
of
the Trust (the “Common Securities”), and will be used by the Trust to purchase
the subordinated debt securities of the series designation, with the terms
and
in the principal amount specified in Schedule I hereto to be issued by FPL
Group
[1Capital]
(the “FPL Group [1Capital]
Subordinated Debentures”). The FPL Group [1Capital]
Subordinated Debentures will be issued pursuant to an Indenture (For Unsecured
Subordinated Debt Securities [relating to Trust Securities]) [2between]
[1among]
FPL Group [1Capital,]
[2and]
The
Bank of New York, as trustee (“Subordinated Indenture Trustee”) [1,
and FPL
Group, as guarantor] (together with any amendments or supplements thereto,
the
“Subordinated Indenture”). [1The
FPL
Group Capital Subordinated Debentures will be fully and unconditionally
guaranteed on a subordinated basis by FPL Group, as set forth in the
Subordinated Indenture. The term “Subordinated Guarantee” as used in this
agreement shall refer to the guarantee of FPL Group pursuant to the Subordinated
Indenture relating to the FPL Group Capital Subordinated Debentures. The
Subordinated Guarantee, together with the Trust Guarantee, are referred to
herein as the “Guarantees”).] The Preferred Trust Securities and [1the
Guarantees] [2the
Trust
Guarantee], together with the FPL Group [1Capital]
Subordinated Debentures, are referred to herein as the “Offered
Securities.”
3. Representations
and Warranties of the Trust.
The
Trust represents and warrants to the several Underwriters that:
(a) The
Trust
has filed with the Securities and Exchange Commission (the “Commission”) a joint
registration statement with FPL Group, FPL Group Capital [2Inc,
(“FPL Group Capital”)], FPL Group Capital Trust __ (together with _________,
“FPL Group Capital Trust”), [FPL Group [1Capital]
Trust __], FPL Group Trust __ (together with __________, “FPL Group Trust”),
Florida Power & Light Company, Florida Power & Light Company
Trust I and Florida Power & Light Company Trust II on Form S-3,
including a prospectus (Registration Statement Nos. 333-______, 333-______-01,
333-_______-02, 333-_______-03, 333-_______-04, 333-_______-05,
333-_______-06,
2
333-_______-07
and 333-_______-08) (“Registration Statement No. 333-______”), for the
registration under the Securities Act of 1933, as amended (the “Securities
Act”), of (a) an unspecified aggregate amount of (i) debt securities of FPL
Group Capital (“FPL Group Capital Senior Debt Securities”), (ii) junior
subordinated debt securities of FPL Group Capital (“FPL Group Capital Junior
Subordinated Debentures”), (iii) junior subordinated debt securities of FPL
Group (“FPL Group Junior Subordinated Debentures”), (iv) debt securities of FPL
Group (“FPL Group Senior Debt Securities”), (v) preferred trust securities of
FPL Group Capital Trust II and FPL Group Capital Trust III (“FPL Group
Capital Trust Preferred Trust Securities”) and (vi) preferred trust securities
of FPL Group Trust I and FPL Group Trust II (“FPL Group Trust
Preferred Trust Securities”), (b) FPL Group’s guarantees related to the FPL
Group Capital Senior Debt Securities, FPL Group Capital Junior Subordinated
Debentures, FPL Group Capital Trust Preferred Trust Securities and FPL Group
Trust Preferred Trust Securities, (c) an unspecified aggregate amount of
(i) Florida Power & Light Company’s first mortgage bonds (“Bonds”),
(ii) Florida Power & Light Company’s junior subordinated debentures
(“Florida Power & Light Company Junior Subordinated Debentures”), and
(iii) preferred trust securities of Florida Power & Light Company
Trust I and Florida Power & Light Company Trust II (“Florida Power
& Light Company Trust Preferred Trust Securities”), and (d) Florida
Power & Light Company’s guarantee of the Florida Power & Light Company
Trust Preferred Trust Securities (the “Florida Power & Light Company Trust
Guarantee”). Such registration statement has become effective and no stop order
suspending such effectiveness has been issued under the Securities Act and
no
proceedings for that purpose have been instituted or are pending or, to the
knowledge of the Trust, threatened by the Commission. References herein to
the
term “Registration Statement” as of any given time shall mean Registration
Statement No. 333-______, as amended or supplemented to such time, including
all
documents incorporated by reference therein as of such time pursuant to Item
12
of Form S-3 (“Incorporated Documents”) and any prospectus, preliminary
prospectus supplement or prospectus supplement relating to the Preferred Trust
Securities deemed to be a part thereof pursuant to Rule 430B that has not been
superseded or modified. References herein to the term “Registration Statement”
without reference to a time means the Registration Statement as of ____
[A.M./P.M.], New York City time, [_______] [on the date of this agreement]
(which date and time is the earlier of the date and time of (x) the first use
of
the preliminary prospectus supplement relating to the Preferred Trust Securities
and (y) the first contract of sale of the Preferred Trust Securities), which
time shall be considered the “Effective Date” of the Registration Statement. For
purposes of the definitions of “Registration Statement” in the preceding two
sentences, information contained in any prospectus, preliminary prospectus
supplement or prospectus supplement that is deemed retroactively to be a part
of
the Registration Statement pursuant to Rule 430B shall be considered to be
included in the Registration Statement as of the time specified in Rule 430B.
References herein to the term “Pricing Prospectus” shall mean the prospectus
relating to FPL Group, FPL Group Capital, FPL Group Trust and FPL Group Capital
Trust forming a part of Registration Statement No. 333-______ (the “Base
Prospectus”), including all Incorporated Documents and any prospectus or
prospectus supplement relating to the Preferred Trust Securities deemed to
be a
part of such registration statement that has not been superseded or modified.
For purposes of the definition of
3
“Pricing
Prospectus” with respect to a particular offering of Preferred Trust Securities,
information contained in a prospectus or prospectus supplement (other than
a
prospectus or prospectus supplement that relates only to securities issued
by
Florida Power & Light Company or Florida Power & Light Company Trust)
that is deemed retroactively to be a part of the Registration Statement pursuant
to Rule 430B shall be considered to be included in the Pricing Prospectus as
of
the time that form of prospectus or prospectus supplement is filed with the
Commission pursuant to Rule 424 of the general rules and regulations of the
Securities Act (“Rule 424”). References herein to the term “Prospectus”
means the Pricing Prospectus that discloses the public offering price and other
final terms of the Preferred Trust Securities and otherwise satisfies Section
10(a) of the Securities Act. The prospectus supplement relating to the Preferred
Trust Securities proposed to be filed pursuant to Rule 424 shall be
substantially in the form delivered to the Representatives prior to the
execution of this agreement. Each of the Underwriters acknowledges that on
or
subsequent to the Closing Date, the Trust may file a post-effective amendment
to
the Registration Statement pursuant to Rule 462(d) under the Securities Act
or
FPL Group may file a Current Report on Form 8-K in order to file one or
more unqualified opinions of counsel.
(b) The
Registration Statement constitutes an “automatic shelf registration statement”
(as defined in Rule 405 under the Securities Act) filed within three years
of
the date hereof; no notice of objection of the Commission with respect to the
use of the Registration Statement pursuant to Rule 401(g)(2) under the
Securities Act has been received by the Trust; and with respect to the Preferred
Trust Securities, the Trust is a “well-known seasoned issuer” within the meaning
of subparagraph (1)(ii) of the definition of “well known seasoned issuer” in
Rule 405 under the Securities Act.
(c) The
Registration Statement at the Effective Date fully complied, and the Prospectus,
both at the date and time it is filed with the Commission pursuant to
Rule 424 (such date and time, the “424 Date”) and at the Closing Date,
and the Registration Statement and the Trust Agreement, at the Closing Date,
will fully comply, in all material respects with the applicable provisions
of
the Securities Act and the Trust Indenture Act of 1939, as amended (the
“1939 Act”), respectively, and, in each case, the applicable instructions, rules
and regulations of the Commission thereunder; the Registration Statement, at
the
Effective Date, did not, and at the Closing Date the Registration Statement
will
not, contain an untrue statement of a material fact, or omit to state a material
fact required to be stated therein or necessary to make the statements therein
not misleading; the Prospectus, both at the 424 Date and at the Closing
Date, will not include an untrue statement of a material fact or omit to state
a
material fact necessary in order to make the statements contained therein,
in
the light of the circumstances under which they were made, not misleading;
provided, that the foregoing representations and warranties in this
subsection (c) shall not apply to statements or omissions made in reliance
upon and in conformity with information furnished in writing to FPL Group
[1,
FPL
Group Capital] or the Trust by or on behalf of any Underwriter through the
Representatives expressly for use in connection with the preparation of the
Registration Statement or the Prospectus, or to any statements in or omissions
from the Statements of Eligibility on Form T-1, or amendments thereto, filed
as
exhibits to the Registration Statement (collectively, the “Statements of
Eligibility”) or to any statements or omissions made in the
Registration
4
Statement
or the Prospectus relating to The Depository Trust Company (“DTC”)
Book-Entry-Only System that are based solely on information contained in
published reports of DTC.
(d) As
of the
Applicable Time (as defined below), the Pricing Disclosure Package (as defined
below) did not contain an untrue statement of a material fact or omit to state
a
material fact necessary in order to make the statements contained therein,
in
the light of the circumstances under which they were made, not misleading;
provided, that the foregoing representations and warranties in this
subsection (d) shall not apply to statements or omissions made in reliance
upon and in conformity with information furnished in writing to FPL Group
[1,
FPL
Group Capital] or the Trust by or on behalf of any Underwriter through the
Representatives expressly for use in connection with the preparation of the
Registration Statement, the Pricing Prospectus, any preliminary prospectus
supplement or any Issuer Free Writing Prospectus (as defined below), or to
any
statements in or omissions from the Statements of Eligibility or to any
statements or omissions made in the Registration Statement, the Pricing
Prospectus, any preliminary prospectus supplement or any Issuer Free Writing
Prospectus relating to the DTC Book-Entry-Only System that are based solely
on
information contained in published reports of DTC. References to the term
“Pricing Disclosure Package” shall mean the documents listed in Schedule III,
taken together as a whole. References to the term “Issuer Free Writing
Prospectus” shall mean an issuer free writing prospectus, as defined in Rule 433
under the Securities Act. References to the term “Free Writing Prospectus” shall
mean a free writing prospectus, as defined in Rule 405 under the Securities
Act.
References to the term “Applicable Time” means ____[A.M./P.M.] on the date
hereof. If there occurs an event or development as a result of which the Pricing
Disclosure Package would include an untrue statement of a material fact or
would
omit to state a material fact necessary in order to make the statements therein,
in the light of the circumstances then prevailing, not misleading, the Trust
will promptly notify the Representatives so that any use of the Pricing
Disclosure Package may cease until it is amended or supplemented.
(e) As
of the
Applicable Time, no Issuer Free Writing Prospectus includes any information
that
conflicts with the information contained in the Registration Statement, the
Prospectus or the Pricing Prospectus, including any document incorporated by
reference therein that has not been superseded or modified.
(f)
The
execution and delivery of this agreement and the consummation of the
transactions herein contemplated by the Trust, and the fulfillment of the terms
hereof on the part of Trust to be fulfilled have been duly authorized by all
necessary trust action of the Trust in accordance with the provisions of its
certificate of trust, trust agreement or other organizational documents
(collectively, the “Trust Charter Documents”) and applicable law, and the
Preferred Trust Securities when issued and delivered as provided herein will
constitute valid and binding obligations of the Trust enforceable against it
in
accordance with their terms, except as limited or affected by bankruptcy,
insolvency, reorganization, receivership, moratorium or other laws affecting
creditors’ rights and remedies generally and general principles of equity. The
performance by the Trust of its obligations under the Trust Agreement does
not
require any consent, approval, authorization, registration or qualification
of
or by any governmental agency or body
5
other
than those consents, approvals, authorizations, registrations or qualifications
as have already been obtained.
(g) The
execution and delivery of this agreement and the consummation of the
transactions herein contemplated by the Trust, and the fulfillment of the terms
hereof on the part of the Trust to be fulfilled will not result in a breach
of
any of the terms or provisions of, or constitute a default under, the Trust
Charter Documents, or any indenture, mortgage, deed of trust or other agreement
or instrument to which the Trust is now a party, or violate any law or any
order, rule, decree or regulation applicable to the Trust of any federal or
state court, regulatory board or body or administrative agency having
jurisdiction over the Trust or any of its property, except where such breach,
default or violation would not have a material adverse effect on the business,
properties or financial condition of the Trust.
(h) The
Trust
is not, and after giving effect to the offering and sale of the Preferred Trust
Securities and the application of the proceeds thereof as described in the
Pricing Disclosure Package and the Prospectus will not be, an “investment
company” within the meaning of the Investment Company Act of 1940, as amended
(“1940 Act”).
4. [1Representations
and Warranties of FPL Group Capital.
FPL
Group Capital represents and warrants to the several Underwriters
that:
(a) FPL
Group
Capital has filed, together with FPL Group, the Trust, FPL Group Capital Trust
__, FPL Group Trust __ and FPL Group Trust __, with the Commission Registration
Statement No. 333-______ for the registration under the Securities Act of
(a) an unspecified aggregate amount of (i) FPL Group Capital Senior
Debt Securities, (ii) FPL Group Capital Junior Subordinated Debentures,
(iii) FPL Group Junior Subordinated Debentures, (iv) FPL Group Senior Debt
Securities, (v) FPL Group Capital Trust Preferred Trust Securities, and (vi)
FPL
Group Trust Preferred Trust Securities, (b) FPL Group’s guarantees related
to the FPL Group Capital Senior Debt Securities, FPL Group Capital Junior
Subordinated Debentures, FPL Group Capital Preferred Stock, FPL Group Capital
Trust Preferred Trust Securities and FPL Group Trust Preferred Trust Securities,
(c) an unspecified aggregate amount of (i) Florida Power & Light
Company’s Bonds, (ii) shares of Florida Power & Light Company Preferred
Stock, (iii) Florida Power & Light Company Junior Subordinated
Debentures, and (iv) Florida Power & Light Company Trust Preferred
Trust Securities, and (d) the Florida Power & Light Company Trust
Guarantee. Such registration statement has become effective and no stop order
suspending such effectiveness has been issued under the Securities Act and
no
proceedings for that purpose have been instituted or are pending or, to the
knowledge of FPL Group Capital, threatened by the Commission. The prospectus
supplement relating to the Preferred Trust Securities proposed to be filed
pursuant to Rule 424 shall be substantially in the form delivered to the
Representatives prior to the execution of this agreement. Each of the
Underwriters acknowledges that on or subsequent to the Closing Date, FPL Group
Capital may file a post-effective amendment to the Registration Statement
pursuant to Rule 462(d) under the Securities Act or FPL Group may file a Current
Report on Form 8-K in order to file one or more unqualified opinions of
counsel.
6
(b) The
Registration Statement constitutes an “automatic shelf registration statement”
(as defined in Rule 405 under the Securities Act) filed within three years
of
the date hereof; no notice of objection of the Commission with respect to the
use of the Registration Statement pursuant to Rule 401(g)(2) under the
Securities Act has been received by FPL Group Capital; and with respect to
the
FPL Group Capital Subordinated Debentures, FPL Group Capital is a “well-known
seasoned issuer” within the meaning of subparagraph (1)(ii) of the definition of
“well-known seasoned issuer” in Rule 405 under the Securities Act.
(c) The
Registration Statement at the Effective Date fully complied, and the Prospectus,
both at the 424 Date and at the Closing Date, and the Registration Statement
and
the Subordinated Indenture, at the Closing Date, will fully comply, in all
material respects with the applicable provisions of the Securities Act and
the
1939 Act, respectively, and, in each case, the applicable instructions, rules
and regulations of the Commission thereunder; the Registration Statement, at
the
Effective Date, did not, and at the Closing Date the Registration Statement
will
not, contain an untrue statement of a material fact, or omit to state a material
fact required to be stated therein or necessary to make the statements therein
not misleading; the Prospectus, both at the 424 Date and at the Closing
Date, will not include an untrue statement of a material fact or omit to state
a
material fact necessary in order to make the statements contained therein,
in
the light of the circumstances under which they were made, not misleading;
provided, that the foregoing representations and warranties in this
subsection (c) shall not apply to statements or omissions made in reliance
upon and in conformity with information furnished in writing to the Offerors
by
or on behalf of any Underwriter through the Representatives expressly for use
in
connection with the preparation of the Registration Statement or the Prospectus,
or to any statements in or omissions from the Statements of Eligibility or
to
any statements or omissions made in the Registration Statement or the Prospectus
relating to the DTC Book-Entry-Only System that are based solely on information
contained in published reports of DTC.
(d) As
of the
Applicable Time, the Pricing Disclosure Package did not contain an untrue
statement of a material fact or omit to state a material fact necessary in
order
to make the statements contained therein, in the light of the circumstances
under which they were made, not misleading; provided, that the foregoing
representations and warranties in this subsection (d) shall not apply to
statements or omissions made in reliance upon and in conformity with information
furnished in writing to the Offerors by or on behalf of any Underwriter through
the Representatives expressly for use in connection with the preparation of
the
Registration Statement, the Pricing Prospectus, any preliminary prospectus
or
any Issuer Free Writing Prospectus, or to any statements in or omissions from
the Statements of Eligibility or to any statements or omissions made in the
Registration Statement, the Pricing Prospectus or any Issuer Free Writing
Prospectus relating to the DTC Book-Entry-Only System that are based solely
on
information contained in published reports of DTC. If there occurs an event
or
development as a result of which the Pricing Disclosure Package would include
an
untrue statement of a material fact or would omit to state a material fact
necessary in order to make the statements therein, in the light of the
circumstances then prevailing, not misleading, FPL
7
Group
Capital promptly will notify the Representatives so that any use of the Pricing
Disclosure Package may cease until it is amended or supplemented.
(e) As
of the
Applicable Time, no Issuer Free Writing Prospectus includes any information
that
conflicts with the information contained in the Registration Statement, the
Prospectus or the Pricing Prospectus, including any document incorporated by
reference therein that has not been superseded or modified.
(f)
The
execution and delivery of this agreement and the consummation of the
transactions herein contemplated by FPL Group Capital, and the fulfillment
of
the terms hereof on the part of FPL Group Capital to be fulfilled have been
duly
authorized by all necessary corporate action of FPL Group Capital in accordance
with the provisions of its Articles of Incorporation, as amended (the “FPL Group
Capital Charter”), by-laws and applicable law, and the FPL Group Capital Junior
Subordinated Debentures when issued and delivered by FPL Group Capital as
provided herein will constitute valid and binding obligations of FPL Group
Capital enforceable against FPL Group Capital in accordance with their terms,
except as limited or affected by bankruptcy, insolvency, reorganization,
receivership, moratorium or other laws affecting creditors’ rights and remedies
generally and general principles of equity. The execution and delivery by FPL
Group Capital of the FPL Group Capital Junior Subordinated Debentures and the
Subordinated Indenture and the performance by FPL Group Capital of its
obligations thereunder do not require any consent, approval, authorization,
registration or qualification of or by any governmental agency or body other
than those consents, approvals, authorizations, registrations or qualifications
as have already been obtained.
(g) The
execution and delivery of this agreement and the consummation of the
transactions herein contemplated by FPL Group Capital, the fulfillment of the
terms hereof on the part of FPL Group Capital to be fulfilled, and the
compliance by FPL Group Capital with all the terms and provisions of the
Subordinated Indenture will not result in a breach of any of the terms or
provisions of, or constitute a default under, the FPL Group Capital Charter
or
by-laws, or any indenture, mortgage, deed of trust or other agreement or
instrument to which FPL Group Capital is now a party, or violate any law or
any
order, rule, decree or regulation applicable to FPL Group Capital of any federal
or state court, regulatory board or body or administrative agency having
jurisdiction over FPL Group Capital or any of its property, except where such
breach, default or violation would not have a material adverse effect on the
business, properties or financial condition of FPL Group Capital and its
subsidiaries taken as a whole.
(h) FPL
Group
Capital or one or more of its direct or indirect subsidiaries owns all of the
ownership interests of [insert names of significant subsidiaries] free and
clear
of all liens, encumbrances and adverse claims, except such as do not materially
affect the value thereof.
(i) FPL
Group
Capital and each of its direct and indirect significant subsidiaries (as defined
in Regulation S-X (17 CFR Part 210)) has been duly organized, is validly
existing and is in good standing under the laws of its respective jurisdiction
of organization, and is duly qualified to do business and is in good standing
as
a foreign
8
corporation
or other entity in each jurisdiction in which its respective ownership of
properties or the conduct of its respective businesses requires such
qualification, except where the failure so to qualify would not have a material
adverse effect on the business, properties or financial condition of FPL Group
Capital and its subsidiaries taken as a whole, and has the power and authority
as a corporation or other entity necessary to own or hold its respective
properties and to conduct the businesses in which it is engaged.
(j)
The
FPL
Group Capital Junior Subordinated Debentures conform in all material respects
to
the description thereof in the Prospectus.
(k) The
Subordinated Indenture (i) has been duly authorized by FPL Group Capital by
all necessary corporate action, [has been duly executed and delivered by FPL
Group Capital, and is ] [and, when executed and delivered by FPL Group Capital,
will be] a valid and binding instrument enforceable against FPL Group Capital
in
accordance with its terms, except as limited or affected by bankruptcy,
insolvency, reorganization, receivership, moratorium or other laws affecting
creditors’ rights and remedies generally and general principles of equity and
(ii) conforms in all material respects to the description thereof in the
Prospectus.
(l) FPL
Group
Capital is not, and after giving effect to the offering and sale of the FPL
Group Capital Subordinated Debentures and the application of the proceeds
thereof as described in the Pricing Disclosure Package and the Prospectus will
not be, an “investment company” within the meaning of the 1940
Act.]
5. Representations
and Warranties of FPL Group.
FPL
Group represents and warrants to the several Underwriters that:
(a) FPL
Group
has, together with FPL Group Capital, the Trust, FPL Group Capital Trust __,
FPL
Group [1Capital]
Trust __ and FPL Group Trust __, Florida Power & Light Company, Florida
Power & Light Company Trust I and Florida Power & Light Company
Trust II filed with the Commission Registration Statement No. 333-______
for the registration under the Securities Act of (a) an unspecified aggregate
amount of (i) FPL Group Capital Senior Debt Securities, (ii) FPL Group
Capital Junior Subordinated Debentures, (iii) FPL Group Junior Subordinated
Debentures, (iv) FPL Group Senior Debt Securities, (v) FPL Group Capital
Trust Preferred Trust Securities and (vi) FPL Group Trust Preferred Trust
Securities, (b) FPL Group’s guarantees related to the FPL Group Capital Senior
Debt Securities, FPL Group Capital Junior Subordinated Debentures, FPL Group
Capital Trust Preferred Trust Securities and FPL Group Trust Preferred Trust
Securities, (c) an unspecified aggregate amount of (i) Florida Power
& Light Company’s Bonds, (ii) Florida Power & Light Company Junior
Subordinated Debentures, and (iii) Florida Power & Light Company Trust
Preferred Trust Securities, and (d) the Florida Power & Light Company
Trust Guarantee. Such registration statement has become effective and no stop
order suspending such effectiveness has been issued under the Securities Act
and
no proceedings for that purpose have been instituted or are pending or, to
the
knowledge of FPL Group, threatened by the Commission. Each of the Underwriters
acknowledges that on or subsequent to the Closing Date, FPL Group may file
a
post-effective amendment to the Registration Statement pursuant to
Rule
9
462(d)
under the Securities Act or a Current Report on Form 8-K in order to file one
or
more unqualified opinions of counsel.
(b) The
Registration Statement constitutes an “automatic shelf registration statement”
(as defined in Rule 405 under the Securities Act) filed within three years
of
the date hereof; no notice of objection of the Commission with respect to the
use of the Registration Statement pursuant to Rule 401(g)(2) under the
Securities Act has been received by FPL Group; and FPL Group is a “well known
seasoned issuer” and is not an “ineligible issuer” (in each case as defined in
Rule 405 under the Securities Act).
(c) The
Registration Statement at the Effective Date fully complied, and the Prospectus,
both at the 424 Date and at the Closing Date, and the Registration Statement,
and the Trust Agreement, the Subordinated Indenture, the [2
and the
Trust Guarantee] [1and
the
Guarantees], at the Closing Date, will fully comply, in all material respects
with the applicable provisions of the Securities Act and the 1939 Act,
respectively, and, in each case, the applicable instructions, rules and
regulations of the Commission thereunder; the Registration Statement, at the
Effective Date, did not, and at the Closing Date the Registration Statement
will
not, contain an untrue statement of a material fact, or omit to state a material
fact required to be stated therein or necessary to make the statements therein
not misleading; the Prospectus, both at the 424 Date and at the Closing
Date, will not include an untrue statement of a material fact or omit to state
a
material fact necessary in order to make the statements contained therein,
in
the light of the circumstances under which they were made, not misleading;
and
the Incorporated Documents, when filed with the Commission, fully complied
or
will fully comply in all material respects with the applicable provisions of
the
Securities Exchange Act of 1934, as amended (the “Exchange Act”), and the
applicable instructions, rules and regulations of the Commission thereunder;
provided, that the foregoing representations and warranties in this
subsection (c) shall not apply to statements or omissions made in reliance
upon and in conformity with information furnished in writing to the Offerors
by
or on behalf of any Underwriter through the Representatives expressly for use
in
connection with the preparation of the Registration Statement or the Prospectus,
or to any statements in or omissions from the Statements of Eligibility or
to
any statements or omissions made in the Registration Statement or the Prospectus
relating to the DTC Book-Entry-Only System that are based solely on information
contained in published reports of DTC.
(d) As
of the
Applicable Time, the Pricing Disclosure Package did not contain an untrue
statement of a material fact or omit to state a material fact necessary in
order
to make the statements contained therein, in the light of the circumstances
under which they were made, not misleading; provided, that the foregoing
representations and warranties in this subsection (d) shall not apply to
statements or omissions made in reliance upon and in conformity with information
furnished in writing to the Offerors by or on behalf of any Underwriter through
the Representatives expressly for use in connection with the preparation of
the
Registration Statement, the Pricing Prospectus, any preliminary prospectus
supplement or any Issuer Free Writing Prospectus, or to any statements in or
omissions from the Statements of Eligibility or to any statements or omissions
made in the Registration Statement, the Pricing Prospectus, any preliminary
prospectus
10
supplement
or any Issuer Free Writing Prospectus relating to the DTC Book-Entry-Only System
that are based solely on information contained in published reports of DTC.
If
there occurs an event or development as a result of which the Pricing Disclosure
Package would include an untrue statement of a material fact or would omit
to
state a material fact necessary in order to make the statements therein, in
the
light of the circumstances then prevailing, not misleading, FPL Group promptly
will notify the Representatives so that any use of the Pricing Disclosure
Package may cease until it is amended or supplemented.
(e) As
of the
Applicable Time, no Issuer Free Writing Prospectus includes any information
that
conflicts with the information contained in the Registration Statement, the
Prospectus or the Pricing Prospectus, including any document incorporated by
reference therein that has not been superseded or modified.
(f)
The
financial statements included as part of or incorporated by reference in the
Pricing Disclosure Package, the Prospectus and the Registration Statement
present fairly the consolidated financial condition and results of operations
of
FPL Group and its subsidiaries taken as a whole at the respective dates or
for
the respective periods to which they apply; such financial statements have
been
prepared in each case in accordance with generally accepted accounting
principles consistently applied throughout the periods involved except as
otherwise indicated in the Pricing Disclosure Package and the Registration
Statement; and Deloitte & Touche LLP, who has audited the audited financial
statements of FPL Group, is an independent registered public accounting firm
as
required by the Securities Act and the Exchange Act and the rules and
regulations of the Commission thereunder.
(g) Except
as
reflected in or contemplated by the Pricing Disclosure Package, since the
respective most recent times as of which information is given in the Pricing
Disclosure Package, there has not been any material adverse change in the
business, properties or financial condition of FPL Group and its subsidiaries
taken as a whole, whether or not in the ordinary course of business, nor has
any
transaction been entered into by FPL Group or any of its subsidiaries that
is
material to FPL Group and its subsidiaries taken as a whole, other than changes
and transactions contemplated by the Pricing Disclosure Package, and
transactions in the ordinary course of business. FPL Group and its subsidiaries
have no contingent obligation material to FPL Group and its subsidiaries taken
as a whole, which is not disclosed in or contemplated by the Pricing Disclosure
Package.
(h) The
execution and delivery of this agreement and the consummation of the
transactions herein contemplated by FPL Group, and the fulfillment of the terms
hereof on the part of FPL Group to be fulfilled have been duly authorized by
all
necessary corporate action of FPL Group in accordance with the provisions of
its
Restated Articles of Incorporation, as amended (the “FPL Group Charter”),
by-laws and applicable law, and the [2Trust
Guarantee] [1Guarantees]
when issued and delivered by FPL Group as provided herein will constitute valid
and binding obligation[s] of FPL Group enforceable against FPL Group in
accordance with [2its]
[1their
respective] terms, except as limited or affected by bankruptcy, insolvency,
reorganization, receivership, moratorium or other
11
laws
affecting creditors’ rights and remedies generally and general principles of
equity. [2The
execution and delivery of the FPL Group Subordinated Debentures, the Guarantee
Agreement and the Subordinated Indenture] [1The
execution and delivery of the Guarantee Agreement and the Subordinated
Indenture] by FPL Group did not require, and the performance by FPL Group of
its
obligations thereunder with respect to the Preferred Trust Securities and the
FPL Group [1Capital]
Subordinated Debentures does not require any consent, approval, authorization,
registration or qualification of or by any governmental agency or body other
than those consents, approvals, authorizations, registrations or qualifications
as have already been obtained.
(i)
The
execution and delivery of this agreement and the consummation of the
transactions herein contemplated by FPL Group, the fulfillment of the terms
hereof on the part of FPL Group to be fulfilled, and the compliance by FPL
Group
with (i) all the terms and provisions of the Guarantee Agreement and
(ii) [2all]
the
terms and provisions of the FPL Group [1Capital]
Subordinated Indenture, the Trust Guarantee and the Trust Agreement
[1applicable
to it], will not result in a breach of any of the terms or provisions of, or
constitute a default under, the FPL Group Charter or by-laws, or any indenture,
mortgage, deed of trust or other agreement or instrument to which FPL Group
or
any of its subsidiaries is now a party, or violate any law or any order, rule,
decree or regulation applicable to FPL Group or any of its subsidiaries of
any
federal or state court, regulatory board or body or administrative agency having
jurisdiction over FPL Group or its subsidiaries or any of their respective
property, except where such breach, default or violation would not have a
material adverse effect on the business, properties or financial condition
of
FPL Group and its subsidiaries taken as a whole.
(j) FPL
Group
or one or more of its direct or indirect subsidiaries owns all of the common
stock (with respect to those subsidiaries which are organized as corporations)
or other ownership interests (with respect to those subsidiaries which are
organized as limited liability companies) of FPL Group’s direct or indirect
significant subsidiaries (as defined in Regulation S-X) free and clear of all
liens, encumbrances and adverse claims, except such as do not materially affect
the value thereof. FPL Group’s direct and indirect significant subsidiaries (as
defined in Regulation S-X) are [insert names of significant
subsidiaries].
(k) FPL
Group
and each of its direct and indirect significant subsidiaries (as defined in
Regulation S-X) has been duly organized, is validly existing and is in good
standing under the laws of its respective jurisdiction of organization, and
is
duly qualified to do business and is in good standing as a foreign corporation
or other entity in each jurisdiction in which its respective ownership of
properties or the conduct of its respective businesses requires such
qualification, except where the failure so to qualify would not have a material
adverse effect on the business, properties or financial condition of FPL Group
and its subsidiaries taken as a whole, and has the power and authority as a
corporation or other entity necessary to own or hold its respective properties
and to conduct the businesses in which it is engaged.
(l) [2The
FPL
Group Subordinated Debentures conform in all material respects to the
description thereof in the Prospectus.]
12
(m) [2The
Subordinated Indenture (i) has been duly authorized by FPL Group by all
necessary corporate action, and when duly executed and delivered as provided
therein, will constitute a valid and binding instrument enforceable against
FPL
Group in accordance with its terms, except as limited or affected by bankruptcy,
insolvency, reorganization, receivership, moratorium or other laws affecting
creditors’ rights and remedies generally and general principles of equity and
(ii) conforms in all material respects to the description thereof in the
Prospectus.]
(n) Each
of
the Trust Agreement [1,
Subordinated Indenture] and Guarantee Agreement (i) has been duly
authorized by FPL Group by all necessary corporate action and, when executed
and
delivered by FPL Group, will be a valid and binding instrument enforceable
against FPL Group in accordance with its terms, except as limited or affected
by
bankruptcy, insolvency, reorganization, receivership, moratorium or other laws
affecting creditors’ rights and remedies generally and general principles of
equity and (ii) conforms in all material respects to the description
thereof in the Prospectus.
(o) FPL
Group
is not, and after giving effect to the offering and sale of the Subordinated
Debentures and the application of the proceeds thereof as described in the
Pricing Disclosure Package and the Prospectus will not be, an “investment
company” within the meaning of the 1940 Act.
6. Purchase
and Sale.
On the
basis of the representations and warranties herein contained, and subject to
the
terms and conditions in this agreement, the Trust agrees to sell to the
respective Underwriters named in Schedule II hereto, severally and not jointly,
and the respective Underwriters agree, severally and not jointly, to purchase
from the Trust the respective number of Preferred Trust Securities set forth
opposite their respective names in Schedule II hereto at the purchase price
for
those Preferred Trust Securities set forth in Schedule I hereto as the Purchase
Price.
The
Underwriters agree to make a bona
fide
public
offering of the Preferred Trust Securities and the Trust Guarantee as set forth
in the Pricing Disclosure Package, such public offering to be made as soon
after
the execution of this agreement as practicable, subject, however, to the terms
and conditions of this agreement. The Underwriters have advised the Trust that
the Preferred Trust Securities will be offered to the public at the amount
per
Preferred Trust Security as set forth in Schedule I hereto as the Price to
Public and to certain dealers selected by the Representatives at a price which
represents a concession. Such dealers’ concession may not be in excess of the
amount of $[__] per Preferred Trust Security under the Price to
Public.
Each
Underwriter agrees that (i) no information that is presented by it to investors
has been or will be inconsistent with the information contained in the Pricing
Disclosure Package as it may then be amended or supplemented and (ii) it will
make no offer that would constitute a Free Writing Prospectus that is required
to be filed by any of the Offerors pursuant to Rule 433 under the Securities
Act
other than an Issuer Free Writing Prospectus in accordance with Section
[8(h)].
13
7. Time,
Date and Place of Closing, Default of Underwriter.
Delivery of the Preferred Trust Securities and payment therefor by wire transfer
in federal funds shall be made at ____ A.M., New York City time, on the closing
date set forth on Schedule I, at the offices of Xxxxxx Xxxx & Priest
LLP, 000 Xxxxx Xxxxxx, Xxx Xxxx, Xxx Xxxx 00000, or at such other time, date
or
place as may be agreed upon in writing by FPL Group, the Trust and the
Representatives. The Trust hereby directs the Underwriters to make such payment
for the Preferred Trust Securities to FPL Group Capital on behalf of the Trust.
The time and date of such delivery and payment are herein called the “Closing
Date.”
The
Preferred Trust Securities shall be delivered to the Representatives for the
respective accounts of the Underwriters against payment by the several
Underwriters through the Representatives of the purchase price therefor.
Delivery of the Preferred Trust Securities shall be made through the facilities
of DTC unless FPL Group, the Trust and the Representatives shall otherwise
agree. For the purpose of expediting the checking of the Preferred Trust
Securities by the Representatives on behalf of the Underwriters, the Trust
agrees to make such Preferred Trust Securities available to the Representatives
for such purpose at the offices of Xxxxxx Xxxx & Priest LLP, 000 Xxxxx
Xxxxxx, Xxx Xxxx, Xxx Xxxx 00000, not later than 2:00 P.M., New York City time,
on the business day preceding the Closing Date, or at such other time, date
or
place as may be agreed upon by FPL Group, the Trust and the Representatives.
In
view of the fact that the proceeds of the sale of the Preferred Trust Securities
will be used by the Trust to purchase FPL Group [1Capital]
Junior Subordinated Debentures, FPL Group [1and
FPL
Group Capital] agree[2s]
to
make the Subordinated Debentures available to the Representatives for the
purposes and at the place and time determined in accordance with the immediately
preceding sentence.
If
any
Underwriter shall fail to purchase and pay for the number of the Preferred
Trust
Securities which such Underwriter has agreed to purchase and pay for hereunder
(otherwise than by reason of any failure on the part of the Offerors to comply
with any of the provisions contained herein), the non-defaulting Underwriters
shall be obligated to purchase and pay for (in addition to the respective number
of the Preferred Trust Securities set forth opposite their respective names
in
Schedule II hereto) the number of the Preferred Trust Securities which such
defaulting Underwriter or Underwriters failed to purchase and pay for, up to
a
number thereof equal to, in the case of each such remaining Underwriter, ten
percent (10%) of the aggregate number of the Preferred Trust Securities which
are set forth opposite the name of such remaining Underwriter in said Schedule
II, and such remaining Underwriters shall have the right, within 24 hours
of receipt of such notice, either to (i) purchase and pay for (in such
proportion as may be agreed upon among them) the remaining number of the
Preferred Trust Securities which the defaulting Underwriter or Underwriters
agreed but failed to purchase, or (ii) substitute another Underwriter or
Underwriters, satisfactory to FPL Group and the Trust, to purchase and pay
for
the remaining number of the Preferred Trust Securities which the defaulting
Underwriter or Underwriters agreed but failed to purchase. If any of the
Preferred Trust Securities still remain unpurchased, then FPL Group or the
Trust
shall be entitled to a further period of 24 hours within which to procure
another party or other parties, members of the National Association of
Securities Dealers, Inc. (or, if not members of such Association, who are not
eligible for membership in said Association and who agree (i) to make no
sales within the United States, its territories or its possessions or to persons
who are citizens thereof or residents therein and (ii) in making sales to
comply with said Association’s Conduct Rules) and satisfactory to the
Representatives to purchase such Preferred Trust Securities on the terms herein
set forth. In the
14
event
that, within the respective prescribed periods, (i) the non-defaulting
Underwriters notify FPL Group and the Trust that they have arranged for the
purchase of such Preferred Trust Securities or (ii) FPL Group or the Trust
notifies the non-defaulting Underwriters that it has arranged for the purchase
of such Preferred Trust Securities, the non-defaulting Underwriters or FPL
Group
or the Trust shall have the right to postpone the Closing Date for a period
of
not more than three full business days beyond the expiration of the respective
prescribed periods in order to effect whatever changes may thus be made
necessary in the Registration Statement, the Prospectus or in any other
documents or arrangements. In the event that neither the non-defaulting
Underwriters nor FPL Group or the Trust has arranged for the purchase of such
Preferred Trust Securities by another party or parties as above provided, then
this agreement shall terminate without any liability on the part of FPL Group,
the Trust [1or
FPL
Group Capital] or any Underwriter (other than an Underwriter which shall have
failed or refused, otherwise than for some reason sufficient to justify, in
accordance with the terms hereof, the cancellation or termination of its
obligations hereunder, to purchase and pay for the Preferred Trust Securities
which such Underwriter has agreed to purchase as provided in Section [6]
hereof), except as otherwise provided in Section [11] and subsections (d) and
(f) of Section [8] hereof.
8. Covenants
of the Offerors.
The
Offerors agree with the several Underwriters that:
(a) The
Offerors will timely file the Prospectus with the Commission pursuant to
Rule 424 under the Securities Act. The Offerors have complied and will
comply with Rule 433 under the Securities Act in connection with the offering
and sale of the Preferred Trust Securities, including applicable provisions
in
respect of timely filing with the Commission, legending and
record-keeping.
(b) The
Offerors will prepare a final term sheet, containing a description of the
pricing terms of the Offered Securities, substantially in the form of Schedule
I
hereto and approved by the Representatives and will timely file such term sheet
with the Commission pursuant to Rule 433 under the Securities Act.
(c) FPL
Group
will deliver or cause to be delivered to the Representatives and to Counsel
for
the Underwriters one signed copy of the Registration Statement or, if a signed
copy is not available, one conformed copy of the Registration Statement
certified by an officer of FPL Group to be in the form as originally filed,
including all Incorporated Documents and exhibits, except those incorporated
by
reference, which relate to the Offered Securities, including a signed or
conformed copy of each consent and certificate included therein or filed as
an
exhibit thereto. As soon as practicable after the date of this agreement, FPL
Group will deliver or cause to be delivered to the Underwriters through the
Representatives as many copies of the Prospectus as the Representatives may
reasonably request for the purposes contemplated by the Securities
Act.
(d) FPL
Group
[1Capital]
has paid or cause to be paid or will pay or cause to be paid all expenses in
connection with the (i) preparation and filing of the Registration
Statement, any preliminary prospectus, the Prospectus and any Issuer Free
Writing Prospectus, (ii) issuance and delivery of the Preferred Trust
Securities as provided in Section [7] hereof and of the other Offered
Securities as contemplated hereby, and
15
(iii) printing
and delivery to the Representatives for the account of the Underwriters, in
reasonable quantities, of copies of the Registration Statement, any preliminary
prospectus, the Prospectus, any Issuer Free Writing Prospectus, the Subordinated
Indenture, the Trust Agreement and the Guarantee Agreement. FPL Group
[1Capital]
will pay or cause to be paid all taxes, if any (but not including any transfer
taxes), on the issuance of the Offered Securities. The Offerors shall not,
however, be required to pay any amount for any expenses of the Representatives
or any of the Underwriters, except that if this agreement shall be terminated
in
accordance with the provisions of Sections [9] or [10] hereof, FPL Group
[1Capital]
will pay or cause to be paid the fees and disbursements of Counsel for the
Underwriters, whose fees and disbursements the Underwriters agree to pay in
any
other event, and FPL Group [1and/or
FPL Group Capital] shall reimburse or cause to be reimbursed the Underwriters
for out-of-pocket expenses, reasonably incurred by them in connection with
the
transactions contemplated by this agreement, not in excess, however, of an
aggregate of $5,000 for such out-of-pocket expenses. None of the Offerors shall
in any event be liable to any of the several Underwriters for damages on account
of loss of anticipated profits.
(e) During
a
period of nine months after the date of this agreement, if any event relating
to
or affecting any of the Offerors shall occur which, in the opinion of FPL Group
[1or
FPL
Group Capital], should be set forth in a supplement to or an amendment of the
Prospectus (including an Issuer Free Writing Prospectus) in order to make the
Prospectus not misleading in the light of the circumstances when it is delivered
to a purchaser, FPL Group [1or
FPL
Group Capital] will forthwith at its expense prepare, file with the Commission,
if required, and furnish to the Representatives a reasonable number of copies
of
such supplement or supplements or amendment or amendments to the Prospectus
(including an Issuer Free Writing Prospectus) which will supplement or amend
the
Prospectus so that as supplemented or amended it will not include an untrue
statement of a material fact or omit to state a material fact necessary in
order
to make the statements contained therein, in the light of the circumstances
when
the Prospectus is delivered to a purchaser, not misleading; provided that should
such event relate solely to activities of any of the Underwriters, then the
Underwriters shall assume the expense of preparing and furnishing copies of
any
such amendment or supplement. In case any Underwriter is required to deliver
a
Prospectus after the expiration of nine months after the date of this agreement,
FPL Group [1or
FPL
Group Capital] upon the request of the Representatives will furnish to the
Representatives, at the expense of such Underwriter, a reasonable quantity
of a
supplemented or amended Prospectus or supplements or amendments to the
Prospectus complying with Section 10 of the Securities Act.
(f) The
Offerors will furnish such proper information as may be lawfully required and
otherwise cooperate in qualifying the Preferred Trust Securities, the Trust
Guarantee, and to the extent required or advisable, the other Offered
Securities, for offer and sale under the blue sky laws of such United States
jurisdictions as the Representatives may designate and will pay or cause to
be
paid filing fees and expenses (including fees of counsel not to exceed $5,000
and reasonable disbursements of counsel), provided that none of the Offerors
shall be required to qualify as a foreign corporation or dealer in securities,
or to file any consents to service of process under the laws of any
jurisdiction, or to meet other requirements deemed by any Offeror to be unduly
burdensome.
16
(g) FPL
Group
will timely file such reports pursuant to the Exchange Act as are necessary
in
order to make generally available to its security holders as soon as practicable
an earnings statement (which need not be audited, unless required so to be
under
Section 11(a) of the Securities Act) for the purposes of, and to provide
the benefits contemplated by, the last paragraph of Section 11(a) of the
Securities Act.
(h) Prior
to
the termination of the offering of the Preferred Trust Securities, the Offerors
will not file any amendment to the Registration Statement or any amendment
or
supplement to the Prospectus or any amendment or supplement to the Pricing
Disclosure Package without prior notice to the Representatives and to Hunton
& Xxxxxxxx LLP, who are acting as counsel for the several Underwriters
(“Counsel for the Underwriters”), or any such amendment or supplement to which
the Representatives shall reasonably object in writing, or which shall be
unsatisfactory to Counsel for the Underwriters. The Offerors have not made
any
offer relating to the Preferred Trust Securities that would constitute an Issuer
Free Writing Prospectus or that would otherwise constitute a Free Writing
Prospectus required to be filed by the Offerors with the Commission or retained
by the Offerors under Rule 433 under the Securities Act, other than a pricing
term sheet substantially in the form as set forth on Schedule I, and will not
make any such offer without prior notice to the Representatives and to Counsel
for the Underwriters, or any such offer to which the Representatives shall
reasonably object in writing, or which shall be unsatisfactory to Counsel for
the Underwriters.
(i)
The
Offerors will advise the Representatives promptly of the filing of the
Prospectus pursuant to Rule 424, of the filing of any material pursuant to
Rule 433 and of any amendment or supplement to the Pricing Disclosure Package
or
the Registration Statement or, prior to the termination of the offering of
the
Preferred Trust Securities hereunder, of official notice of the institution
of
proceedings for, or the entry of, a stop order suspending the effectiveness
of
the Registration Statement, of receipt from the Commission of any notice of
objection to the use of the Registration Statement or any post-effective
amendment thereto pursuant to Rule 401(g)(2) under the Securities Act has been
received by FPL Group [1or
FPL
Group Capital], and, if such a stop order should be entered, or notice of
objection should be received, use every commercially reasonable effort to obtain
the prompt removal thereof.
(j) If
FPL
Group [1Capital]
Subordinated Debentures are distributed to holders of Preferred Trust Securities
upon liquidation of the Trust, FPL Group [1Capital]
will take such action as is required in order to comply with (or be exempt
from)
all applicable securities or blue sky laws of the various jurisdictions in
the
United States in connection with such distribution. The provisions of this
Section [8](h) shall survive the delivery of the Preferred Trust Securities.
9. Conditions
of Underwriters’ Obligations to Purchase and Pay for Preferred Trust
Securities.
The
several obligations of the Underwriters to purchase and pay for the Preferred
Trust Securities shall be subject to the performance by the Offerors of their
obligations to be performed hereunder on or prior to the Closing Date and to
the
following conditions:
17
(a) The
representations and warranties made by the Offerors herein and qualified by
materiality shall be true and correct in all respects and the representations
and warranties made by the Offerors herein that are not qualified by materiality
shall be true and correct in all material respects as of the Closing Date,
in
each case, as if made on and as of such date and the Representatives shall
have
received, prior to payment for the Preferred Trust Securities, a certificate
from each of the Offerors dated the Closing Date and signed by an officer,
in
the case of FPL Group [1and
FPL
Group Capital], and by an administrative trustee or authorized representative
in
the case of the Trust, to that effect.
(b) No
stop
order suspending the effectiveness of the Registration Statement shall be in
effect on the Closing Date; no order of the Commission directed to the adequacy
of any Incorporated Document shall be in effect on the Closing Date; no
proceedings for either such purpose shall be pending before, or threatened
by,
the Commission on such date; and no notice of objection by the Commission to
the
use of the Registration Statement or any post-effective amendment thereto
pursuant to Rule 401(g)(2) under the Securities Act shall have been received
by
[2either]
[1any]
of
the Offerors; and the Representatives shall have received, prior to payment
for
the Preferred Trust Securities, a certificate from each of the Offerors dated
the Closing Date and signed by an officer in the case of FPL Group [1and
FPL
Group Capital] and by an administrative trustee or authorized representative
in
the case of the Trust, to the effect that, to the best of his or her knowledge,
no such order is in effect and no proceedings for either such purpose are
pending before, or to the knowledge of FPL Group [1,
FPL
Group Capital] and the Trust, as the case may be, threatened by, the
Commission.
(c) On
the
Closing Date, the Representatives shall have received from Squire, Xxxxxxx
&
Xxxxxxx L.L.P., counsel to FPL Group [1and
FPL
Group Capital], Xxxxxx Xxxx & Priest LLP, counsel to FPL Group [1and
FPL
Group Capital], Hunton & Xxxxxxxx LLP, Counsel for the Underwriters, and
Morris, James, Hitchens & Xxxxxxxx LLP, special Delaware counsel to FPL
Group [1,
FPL
Group Capital] and the Trust, opinions (with a copy for each of the
Underwriters) in substantially the form and substance prescribed in Schedules
IV, V, VI and VII hereto (i) with such changes therein as may be agreed
upon by the Offerors and the Representatives, with the approval of Counsel
for
the Underwriters, and (ii) if the Prospectus relating to the Preferred
Trust Securities shall be supplemented or amended after the Prospectus shall
have been filed with the Commission pursuant to Rule 424, with any changes
therein necessary to reflect such supplementation or amendment.
(d) On
the
date of this agreement and on the Closing Date, the Representatives shall have
received from Deloitte & Touche LLP a letter or letters (which may refer to
letters previously delivered to the Representatives) (with copies thereof for
each of the Underwriters) dated the respective dates of delivery thereof to
the
effect that (i) they are an independent registered public accounting firm
with respect to FPL Group within the meaning of the Securities Act and the
Exchange Act and the applicable published rules and regulations thereunder;
(ii) in their opinion, the consolidated financial statements of FPL Group
audited by them and incorporated by reference in the Pricing Prospectus or
the
Pricing Prospectus and the Prospectus, as applicable, comply as to form in
all
material respects with the applicable accounting requirements of the Securities
Act and the
18
Exchange
Act and the published rules and regulations thereunder; (iii) on the basis
of performing a review of interim financial information as described in
Statement on Auditing Standards No. 100, Interim Financial Information, on
the unaudited condensed consolidated financial statements of FPL Group, if
any,
incorporated by reference in the Pricing Prospectus or the Pricing Prospectus
and the Prospectus, as applicable, a reading of the latest available interim
unaudited [condensed] consolidated financial statements of FPL Group, if any,
since the close of FPL Group’s most recent audited fiscal year, reading the
minutes and consents of the Board of Directors and the Finance & Investment
Committee of the Board of Directors and of the shareholders of FPL Group since
the end of the most recent audited fiscal year, and inquiries of officials
of
FPL Group who have responsibility for financial and accounting matters (it
being
understood that the foregoing procedures do not constitute an audit made in
accordance with standards of the Public Company Accounting Oversight Board
(United States) and they would not necessarily reveal matters of significance
with respect to the comments made in such letter, and accordingly that Deloitte
& Touche LLP makes no representation as to the sufficiency of such
procedures for the several Underwriters’ purposes), nothing has come to their
attention which caused them to believe that (a) the unaudited condensed
consolidated financial statements of FPL Group, if any, incorporated by
reference in the Pricing Prospectus or the Pricing Prospectus and the
Prospectus, as applicable, (1) do not comply as to form in all material
respects with the applicable accounting requirements of the Securities Act
and
the Exchange Act and the published rules and regulations thereunder and
(2) except as disclosed in the Pricing Prospectus or the Pricing Prospectus
and the Prospectus, as applicable, are not in conformity with generally accepted
accounting principles applied on a basis substantially consistent with that
of
the audited consolidated financial statements of FPL Group incorporated by
reference in the Pricing Prospectus or the Pricing Prospectus and the
Prospectus, as applicable; (b) at the date of the latest available interim
balance sheet read by them and at a specified date not more than five days
prior
to the date of such letter, there was any change in the capital stock or
increase in long-term debt including current maturities and excluding fair
value
swaps and amortization of the unamortized premiums and discount on long-term
debt of FPL Group and its subsidiaries, or decrease in FPL Group’s common
shareholders’ equity, in each case as compared with amounts shown in the most
recent [condensed] consolidated balance sheet incorporated by reference in
the
Pricing Prospectus or the Pricing Prospectus and the Prospectus, as applicable,
except in all instances for changes, increases or decreases which the Pricing
Prospectus or the Pricing Prospectus and the Prospectus, as applicable,
discloses have occurred or may occur, or as occasioned by the declaration,
provision for, or payment of dividends, or as occasioned by the sale of common
stock pursuant to any employee or director benefit or compensation plan or
the
dividend reinvestment plan or the repurchase of common stock by FPL Group or
which are described in such letter; or (c) for the period from the date of
the most recent [condensed] consolidated balance sheet incorporated by reference
in the Pricing Prospectus or the Pricing Prospectus and the Prospectus, as
applicable, to the latest available interim balance sheet read by them and
for
the period from the date of the latest available interim balance sheet read
by
them to a specified date not more than five days prior to the date of such
letter, there were any decreases, as compared with the corresponding period
in
the preceding year, in total consolidated operating revenues or in
19
net
income, except in all instances for decreases which the Pricing Prospectus
or
the Pricing Prospectus and the Prospectus, as applicable, discloses have
occurred or may occur, or which are described in such letter; and (iv) they
have carried out certain procedures and made certain findings, as specified
in
such letter, with respect to certain amounts included in the Pricing Prospectus
or the Pricing Prospectus and the Prospectus, as applicable, and Exhibit 12(a)
to the Registration Statement and such other items as the Representatives may
reasonably request.
(e) Since
the
respective most recent times as of which information is given in the Pricing
Disclosure Package, and up to the Closing Date, (i) there shall have been
no material adverse change in the business, properties or financial condition
of
[1(a) FPL
Group Capital and its subsidiaries taken as a whole or (b)] FPL Group and
its subsidiaries taken as a whole, except in each case as disclosed in or
contemplated by the Pricing Disclosure Package, and (ii) there shall have
been no transaction entered into by [1(a) FPL
Group Capital or any of its subsidiaries that is material to FPL Group Capital
and its subsidiaries taken as a whole or (b)] FPL Group or any of its
subsidiaries that is material to FPL Group and its subsidiaries taken as a
whole, in each case other than transactions disclosed in or contemplated by
the
Pricing Disclosure Package, and transactions in the ordinary course of business;
and at the Closing Date, the Representatives shall have received a certificate
to such effect from [1each
of
FPL Group Capital and] FPL Group signed by an officer of [1FPL
Group
Capital or] FPL Group, as the case may be.
(f)
All
legal
proceedings to be taken in connection with the issuance and sale of the
Preferred Trust Securities and the Trust Guarantee shall have been satisfactory
in form and substance to Counsel for the Underwriters.
(g) [The
Preferred Trust Securities shall have been approved for listing on The New
York
Stock Exchange, Inc. (“NYSE”) upon official notice of issuance.]
In
case
any of the conditions specified above in this Section [9] shall not have
been fulfilled, this agreement may be terminated by the Representatives upon
mailing or delivering written notice thereof to the Offerors. Any such
termination shall be without liability of any party to any other party except
as
otherwise provided in subsections (d) and (f) of Section [8]
hereof.
10. Conditions
of the Offerors’ Obligations.
The
obligations of the Trust and FPL Group to deliver the Preferred Trust Securities
and the Trust Guarantee, respectively, to the
Representatives for the respective accounts of the Underwriters and the
obligations of [1FPL
Group
Capital and] FPL Group to deliver the FPL
Group
[1Capital]
Subordinated Debentures [1and
the
Subordinated Guarantee, respectively,] to the Trust shall
be
subject to the following conditions:
(a) No
stop
order suspending the effectiveness of the Registration Statement shall be in
effect on the Closing Date; no order of the Commission directed to the adequacy
of any Incorporated Document shall be in effect on the Closing Date, no
proceedings for either such purpose shall be pending before, or threatened
by,
the Commission on such
20
date;
and
no notice of objection by the Commission to the use of the Registration
Statement or any post-effective amendment thereto pursuant to Rule 401(g)(2)
under the Securities Act shall have been received by any of the
Offerors.
(b) No
“Tax
Event” (as defined in the Trust Agreement) shall have occurred and be continuing
on the Closing Date.
In
case
the conditions specified above in this Section [10] shall not have been
fulfilled, this agreement may be terminated by the Offerors upon mailing or
delivering written notice thereof to the Representatives. Any such termination
shall be without liability of any party to any other party except as otherwise
provided in subsections (d) and (f) of Section [8] hereof.
11. Indemnification.
(a) The
Offerors, jointly and severally, agree to indemnify and hold harmless each
Underwriter, each officer and director of each Underwriter and each person
who
controls any Underwriter within the meaning of Section 15 of the Securities
Act or Section 20 of the Exchange Act against any and all losses, claims,
damages or liabilities, joint or several, to which they or any of them may
become subject under the Securities Act or any other statute or common law
and
to reimburse each such Underwriter, officer, director and controlling person
for
any legal or other expenses (including, to the extent hereinafter provided,
reasonable counsel fees) when and as incurred by them in connection with
investigating any such losses, claims, damages or liabilities or in connection
with defending any actions, insofar as such losses, claims, damages,
liabilities, expenses or actions arise out of or are based upon an untrue
statement or alleged untrue statement of a material fact contained in any
preliminary prospectus, including all Incorporated Documents, or in the
Registration Statement, the Pricing Prospectus, the Prospectus or any Issuer
Free Writing Prospectus, or 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; provided, however, that the indemnity agreement
contained in this subsection (a) of Section 10 shall not apply to any
such losses, claims, damages, liabilities, expenses or actions arising out
of,
or based upon, any such untrue statement or alleged untrue statement, or any
such omission or alleged omission, if such statement or omission was made in
reliance upon and in conformity with information furnished in writing, to
[1either]
[2any]
of
the Offerors by or on behalf of any Underwriter, through the Representatives,
expressly for use in connection with the preparation of any preliminary
prospectus, the Registration Statement, the Pricing Prospectus, the Prospectus
or any Issuer Free Writing Prospectus or any amendment or supplement to any
thereof, or arising out of, or based upon, statements in or omissions from
the
Statements of Eligibility; and provided, further, that the indemnity agreement
contained in this subsection (a) of Section 11 in respect of any
preliminary prospectus, the Pricing Prospectus, any Issuer Free Writing
Prospectus or the Prospectus shall not inure to the benefit of any Underwriter
(or of any officer or director or person controlling such Underwriter) on
account of any such losses, claims, damages, liabilities, expenses or actions
arising from the sale of the Preferred Trust Securities to any person in respect
of any preliminary prospectus, the Pricing Prospectus, any Issuer Free Writing
Prospectus or the Prospectus, each as may be then supplemented or amended,
furnished by such
21
Underwriter
to a person to whom any of the Preferred Trust Securities were sold (excluding
in all cases, however, any document then incorporated by reference therein),
insofar as such indemnity relates to any untrue or misleading statement or
omission made in such preliminary prospectus, Pricing Prospectus, Prospectus
or
Issuer Free Writing Prospectus, if a copy of a supplement or amendment to such
preliminary prospectus, Pricing Prospectus, Prospectus, or Issuer Free Writing
Prospectus (excluding in all cases, however, any document then incorporated
by
reference therein) (i) is furnished on a timely basis by the Offerors to the
Underwriter, (ii) is required to have been conveyed to such person by or on
behalf of such Underwriter, at or prior to the entry into the contract of sale
of the Preferred Trust Securities with such person, but was not so conveyed
(which conveyance may be oral (if permitted by law) or written) by or on behalf
of such Underwriter and (iii) would have cured the defect giving rise to such
loss, claim, damage or liability. The indemnity agreement of the Offerors
contained in this subsection (a) of Section [11] and the
representations and warranties of the Trust[, 1FPL
Group
Capital] and FPL Group contained in Sections [3], [4] and [5] hereof,
respectively, shall remain operative and in full force and effect, regardless
of
any investigation made by or on behalf of any Underwriter or any such officer,
director or controlling person, and shall survive the delivery of the Preferred
Trust Securities. The Underwriters agree promptly to notify each of the
Offerors, and each other Underwriter, of the commencement of any litigation
or
proceedings against them or any of them or any such officer, director or
controlling person in connection with the issuance and sale of the Preferred
Trust Securities.
(b) Each
Underwriter, severally and not jointly, agrees to indemnify and hold harmless
each of the Offerors, their respective officers, administrative trustees and
directors, and each person who controls the Trust[, 1FPL
Group
Capital] or FPL Group, as the case may be, within the meaning of Section 15
of the Securities Act or Section 20 of the Exchange Act against any and all
losses, claims, damages or liabilities, joint or several, to which they or
any
of them may become subject under the Securities Act or any other statute or
common law and to reimburse each of them for any legal or other expenses
(including, to the extent hereinafter provided, reasonable counsel fees) when
and as incurred by them in connection with investigating any such losses,
claims, damages or liabilities or in connection with defending any actions,
insofar as such losses, claims, damages, liabilities, expenses or actions arise
out of or are based upon an untrue statement or alleged untrue statement of
a
material fact contained in any preliminary prospectus, the Registration
Statement, the Pricing Prospectus, the Prospectus or any Issuer Free Writing
Prospectus, or 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 if such statement or omission was made in reliance upon and in
conformity with information furnished in writing to [2either]
[1any]
of
the Offerors by or on behalf of such Underwriter, through the Representatives,
expressly for use in connection with the preparation of any preliminary
prospectus, the Registration Statement, the Pricing Prospectus, the Prospectus
or any Issuer Free Writing Prospectus or any amendment or supplement to any
thereof. The Underwriters hereby furnish to the Offerors in writing expressly
for use in the preliminary prospectus, the Registration Statement, the Pricing
Prospectus and the Prospectus: [insert information provided by the
Underwriters]. Each of the Offerors acknowledge that the statements set forth
in
the preceding sentence
22
constitutes
the only information furnished in writing by or on behalf of the several
Underwriters expressly for inclusion in any preliminary prospectus, the
Registration Statement, the Pricing Prospectus, the Prospectus or any Issuer
Free Writing Prospectus. The indemnity agreement of the respective Underwriters
contained in this subsection (b) of Section [11] shall remain
operative and in full force and effect, regardless of any investigation made
by
or on behalf of [2either]
[1any]
of
the Offerors or any of their respective officers or directors or any such other
Underwriter or any such controlling person, and shall survive the delivery
of
the Preferred Trust Securities. The Offerors agree promptly to notify the
Representatives of the commencement of any litigation or proceedings against
any
of the Offerors (or any controlling person thereof) or any of their respective
officers, administrative trustees or directors in connection with the issuance
and sale of the Offered Securities.
(c) The
Offerors and each of the several Underwriters each agree that, upon the receipt
of notice of the commencement of any action against it, its officers and
directors, or any person controlling it as aforesaid, in respect of which
indemnity or contribution may be sought under the provisions of this
Section [11], it will promptly give written notice of the commencement
thereof to the party or parties against whom indemnity or contribution shall
be
sought thereunder, but the omission so to notify such indemnifying party or
parties of any such action shall not relieve such indemnifying party or parties
from any liability which it or they may have to the indemnified party otherwise
than on account of this indemnity agreement. In case such notice of any such
action shall be so given, such indemnifying party or parties shall be entitled
to participate at its own expense in the defense or, if it so elects, to assume
(in conjunction with any other indemnifying parties) the defense of such action,
in which event such defense shall be conducted by counsel chosen by such
indemnifying party or parties and reasonably satisfactory to the indemnified
party or parties who shall be defendant or defendants in such action, and such
defendant or defendants shall bear the fees and expenses of any additional
counsel retained by them; but if the indemnifying party or parties shall elect
not to assume the defense of such action, such indemnifying party or parties
will reimburse such indemnified party or parties for the reasonable fees and
expenses of any counsel retained by them; provided, however, if the defendants
in any such action include both the indemnified party and the indemnifying
party
and counsel for the indemnifying party shall have reasonably concluded that
there may be a conflict of interest involved in the representation by such
counsel of both the indemnifying party and the indemnified party, the
indemnified party or parties shall have the right to select separate counsel,
satisfactory to the indemnifying party or parties, to participate in the defense
of such action on behalf of such indemnified party or parties at the expense
of
the indemnifying party or parties (it being understood, however, that the
indemnifying party or parties shall not be liable for the expenses of more
than
one separate counsel representing the indemnified parties who are parties to
such action). The Offerors and the several Underwriters each agree that without
the prior written consent of the other parties to such action who are parties
to
this agreement, which consent shall not be unreasonably withheld, it will not
settle, compromise or consent to the entry of any judgment in any claim or
proceeding in respect of which such party intends to seek indemnity or
contribution under the provisions of this Section [11], unless such
settlement, compromise or consent (i) includes an unconditional release of
such other parties from all
23
liability
arising out of such claim or 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 such other parties.
(d) If,
or to
the extent, the indemnification provided for in subsections (a) or (b) above
shall be unenforceable under applicable law by an indemnified party, each
indemnifying party agrees to contribute to such indemnified party with respect
to any and all losses, claims, damages, liabilities and expenses for which
each
such indemnification provided for in subsections (a) or (b) above shall be
unenforceable, in such proportion as shall be appropriate to reflect
(i) the relative fault of the Offerors on the one hand and the Underwriters
on the other in connection with the statements or omissions which have resulted
in such losses, claims, damages, liabilities and expenses, (ii) the
relative benefits received by the Offerors on the one hand and the Underwriters
on the other hand from the offering of the Preferred Trust Securities pursuant
to this agreement, and (iii) any other relevant equitable considerations;
provided, however, that no indemnified party guilty of fraudulent
misrepresentation (within the meaning of Section 11(f) of the Securities
Act) shall be entitled to contribution with respect thereto from any
indemnifying party not guilty of such fraudulent misrepresentation. Relative
fault shall be determined by reference to, among other things, 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
Offerors or the Underwriters and each such party’s relative intent, knowledge,
access to information and opportunity to correct or prevent such untrue
statement or omission. The Offerors and each of the Underwriters agree that
it
would not be just and equitable if contribution pursuant to this
subsection (d) were to be determined by pro rata allocation or by any other
method of allocation which does not take account of the equitable considerations
referred to above. Notwithstanding the provisions of this subsection (d),
no Underwriter shall be required to contribute in excess of the amount equal
to
the excess of (i) the total price at which the Preferred Trust Securities
underwritten by it were offered to the public, over (ii) the amount of any
damages which such Underwriter has otherwise been required to pay by reason
of
any such untrue or alleged untrue statement or omission or alleged omission.
The
obligations of each Underwriter to contribute pursuant to this
subsection (d) are several and not joint and shall be in the same
proportion as such Underwriter’s obligation to underwrite Preferred Trust
Securities is to the total number of Preferred Trust Securities set forth in
Schedule II hereto.
12. Termination.
This
agreement may be terminated by the Representatives by delivering written notice
thereof to the Offerors, at any time prior to the Closing Date, if after the
date hereof and at or prior to the Closing Date:
(a) (i)
there
shall have occurred any general suspension of trading in securities on the
NYSE
or there shall have been established by the NYSE or by the Commission or by
any
federal or state agency or by the decision of any court any limitation on prices
for such trading or any general restrictions on the distribution of securities,
or trading in any securities of FPL Group [1or
FPL
Group Capital] shall have been suspended or limited by any exchange located
in
the United States or on the over-the-counter market located in the United States
or a general banking moratorium declared by New York or federal
24
authorities
or (ii) there shall have occurred any material adverse change in the
financial markets in the United States, any outbreak of hostilities, including,
but not limited to, an escalation of hostilities which existed prior to the
date
of this agreement, any other national or international calamity or crisis or
any
material adverse change in financial, political or economic conditions affecting
the United States, the effect of any such event specified in this clause (ii)
being such as to make it, in the reasonable judgment of the Representatives,
impracticable or inadvisable to proceed with the offering of the Preferred
Trust
Securities as contemplated in the Pricing Disclosure Package or for the
Underwriters to enforce contracts for the sale of the Preferred Trust
Securities, or
(b) (i)
there
shall have been any downgrading or any notice of any intended or potential
downgrading in the ratings accorded to the Preferred Trust Securities or the
FPL
Group [1Capital]
Subordinated Debentures or any securities of FPL Group [1Capital]
which are of the same class as the FPL Group [1Capital]
Subordinated Debentures by either [Xxxxx’x Investors Service, Inc. (“Moody’s”)]
or [Standard & Poor’s Ratings Services, a division of The XxXxxx-Xxxx
Companies, Inc. (“S&P”)], or (ii) either [Moody’s] or [S&P] shall
have publicly announced that either has under surveillance or review, with
possible negative implications, its ratings of the Preferred Trust Securities
or
the FPL Group [1Capital]
Subordinated Debentures or any securities of FPL Group [1Capital]
which are of the same class as the FPL Group [1Capital]
Subordinated Debentures, the effect of any such event specified in (i) or (ii)
above being such as to make it, in the reasonable judgment of the
Representatives, impracticable or inadvisable to proceed with the offering
of
the Preferred Trust Securities as contemplated in the Pricing Disclosure Package
or for the Underwriters to enforce contracts for the sale of the Preferred
Trust
Securities.
This
agreement may also be terminated at any time prior to the Closing Date if in
the
judgment of the Representatives the subject matter of any amendment or
supplement to the Registration Statement or the Prospectus or any Issuer Free
Writing Prospectus prepared and furnished by the Offerors after the date hereof
reflects a material adverse change in the business, properties or financial
condition of FPL Group and its subsidiaries taken as a whole [1or
FPL
Group Capital and its subsidiaries taken as a whole] which renders it either
inadvisable to proceed with such offering, if any, or inadvisable to proceed
with the delivery of the Preferred Trust Securities to be purchased hereunder.
Any termination of this agreement pursuant to this Section 12 shall be
without liability of any party to any other party except as otherwise provided
in subsections (d) and (f) of Section 8 hereof.
13. Miscellaneous.
(a) The
validity and interpretation of this agreement shall be governed by the laws
of
the State of New York without regard to conflicts of law principles thereunder.
This agreement shall inure to the benefit of, and be binding upon, the Offerors,
the several Underwriters and, with respect to the provisions of
Section [11] hereof, each officer, director or controlling person referred
to in said Section [11], and their respective successors. Nothing in this
agreement is intended or shall be construed to give to any other person or
entity any legal or equitable right, remedy or claim under or in respect of
this
agreement or any provision herein contained. The term “successors” as used in
this
25
agreement
shall not include any purchaser, as such purchaser, of any Preferred Trust
Securities from any of the several Underwriters.
(b) The
Offerors each acknowledge and agree that the Underwriters are acting solely
in
the capacity of arm’s length contractual counterparties to the Offerors with
respect to the offering of the Preferred Trust Securities as contemplated by
this agreement and not as financial advisors or fiduciaries to the Offerors
in
connection herewith. Additionally, none of the Underwriters is advising the
Offerors as to any legal, tax, investment, accounting or regulatory matters
in
any jurisdiction in connection with the offering of the Preferred Trust
Securities as contemplated by this agreement. Any review by the Underwriters
of
the Offerors in connection with the offering of the Preferred Trust Securities
contemplated by this agreement and the transactions contemplated by this
agreement will not be performed on behalf of the Offerors.
14. Notices.
All
communications hereunder shall be in writing or by telegram and, if to the
Underwriters, shall be mailed or delivered to the Representatives at the address
set forth in Schedule II hereto, or if to FPL Group[1,
FPL
Group Capital] or the Trust, shall be mailed or delivered to it at 000 Xxxxxxxx
Xxxxxxxxx, Xxxx Xxxxx, Xxxxxxx 00000, Attention: Treasurer.
15. Counterparts.
This
agreement may be executed in any number of counterparts by the parties hereto
on
separate counterparts, each of which, when so executed and delivered, shall
be
deemed an original, but all such counterparts shall together constitute one
and
the same instrument.
26
If
the
foregoing correctly sets forth our understanding, please indicate your
acceptance thereof in the space provided below for that purpose, whereupon
this
letter and your acceptance shall constitute a binding agreement between
us.
Very
truly yours,
|
||
FPL
Group [1Capital] Trust___
|
||
By:
|
||
Name:
|
||
Title:
|
||
FPL
Group, Inc
|
||
By:
|
||
Name:
|
||
Title:
|
[1FPL
Group Capital Inc
|
||
By:
|
||
Name:
|
||
Title:]
|
Accepted
and delivered as of
the
date
first above written:
By: | ||
Name: | ||
Title: |
Acting
on
[its] [their] own behalf and on behalf of the other several Underwriters
referred to in the foregoing agreement.
27
SCHEDULE
I
FPL
Group [1Capital]
Trust __
Pricing
Term Sheet
[Date]
Issuer:
FPL Group [1Capital]
Trust __
Underwriting
Agreement dated
Representatives:
Preferred
Trust Securities:
Designation:
|
Number
of
Preferred
Trust
Securities:
|
Aggregate
Liquidation
Amount:
Date
of Maturity:
|
Coupon
Rate:
|
Price
to Public:
|
Treasury
Benchmark:
|
Benchmark
Price:
|
Benchmark
Yield:
|
Spread
to
Benchmark
Treasury:
|
Reoffer
Yield:
|
Purchase
Price:
|
Proceeds
to the Trust :
|
Closing
Date:
|
CUSIP/
ISIN Number:
|
Expected
Credit Ratings on Preferred Trust Securities*:
FPL
Group
[1Capital]
Subordinated Debentures
Designation:
Principal
Amount:
Date
of
Maturity:
Interest
Rate:
*A
security rating is not a recommendation to buy, sell or hold securities and
should be evaluated independently of any other rating. The rating is subject
to
revision or withdrawal at any time by the assigning rating
organization.
I-1
The
issuer has filed a registration statement (including a prospectus) with the
SEC
for the offering to which this communication relates. Before you invest, you
should read the prospectus in that registration statement and other documents
the issuer has filed with the SEC for more complete information about the issuer
and this offering. You may get these documents for free by visiting XXXXX on
the
SEC Web site at xxx.xxx.xxx.
Alternatively, the issuer, any underwriter or any dealer participating in the
offering will arrange to send you the prospectus if you request it by calling
______________ toll-free ___________ or __________ toll-free
____________.
I-2
SCHEDULE
II
Representatives
|
Addresses
|
|||||
Underwriter
|
Number
of
Preferred
Trust Securities
|
|||||
Total....................................
|
II-1
SCHEDULE
III
PRICING
DISCLOSURE PACKAGE
(1) Prospectus,
dated _____________
(2) Preliminary
Prospectus Supplement dated _____________ (which shall be deemed to include
the
Incorporated Documents)
(3) Issuer
Free Writing Prospectuses
(a) Pricing
Term Sheet attached as Schedule I hereto
III-1
SCHEDULE
IV
[LETTERHEAD
OF SQUIRE, XXXXXXX & XXXXXXX L.L.P.]
SCHEDULE
V
[LETTERHEAD
OF XXXXXX XXXX & PRIEST LLP]
SCHEDULE
VI
[LETTERHEAD
OF HUNTON & XXXXXXXX LLP]
SCHEDULE
VII
[LETTERHEAD
OF MORRIS, JAMES, HITCHENS & XXXXXXXX LLP]
[Forms
of
legal opinions omitted]
IV-1