[ ] SHARES
FIRST TRUST MLP AND ENERGY INCOME FUND
COMMON SHARES OF BENEFICIAL INTEREST, PAR VALUE $0.01 PER SHARE
UNDERWRITING AGREEMENT
November 27, 2012
November 27, 2012
Xxxxxx Xxxxxxx & Co. LLC
Citigroup Global Markets Inc.
c/o Morgan Xxxxxxx & Co. LLC
0000 Xxxxxxxx
Xxx Xxxx, Xxx Xxxx 00000
Citigroup Global Markets Inc.
000 Xxxxxxxxx Xxxxxx
Xxx Xxxx, Xxx Xxxx 00000
Ladies and Gentlemen:
First Trust MLP and Energy Income Fund, an unincorporated business trust
organized under the laws of the State of Massachusetts (the "FUND"), is a newly
organized, non-diversified closed-end management investment company registered
under the Investment Company Act of 1940, as amended (the "INVESTMENT COMPANY
ACT"). The Fund proposes to issue and sell to the several Underwriters named in
Schedule I hereto (the "UNDERWRITERS") [ ] shares of its common shares of
beneficial interest, par value $0.01 per share (the "FIRM SHARES"). The Fund
also proposes to issue and sell to the several Underwriters not more than an
additional [ ] shares of its common shares of beneficial interest, par value
$0.01 per share (the "ADDITIONAL SHARES") if and to the extent that you, as
managers of the offering (the "REPRESENTATIVES"), shall have determined to
exercise, on behalf of the Underwriters, the right to purchase such shares
granted to the Underwriters in Section 3 hereof. The Firm Shares and the
Additional Shares are hereinafter collectively referred to as the "SHARES." The
common shares of beneficial interest, par value $0.01 per share of the Fund to
be outstanding after giving effect to the sales contemplated hereby are
hereinafter referred to as the "COMMON SHARES."
First Trust Advisors L.P. (the "ADVISER") acts as the Fund's investment
adviser pursuant to an Investment Management Agreement between the Adviser and
the Fund (the "INVESTMENT ADVISORY AGREEMENT"). Energy Income Partners, LLC (the
"SUB-ADVISER" and, together with the Adviser, the "INVESTMENT ADVISERS") acts as
the Fund's sub-adviser pursuant to a Sub-Advisory Agreement among the
Sub-Adviser, the Adviser and the Fund (the "SUB-ADVISORY AGREEMENT").
The Fund has filed with the Securities and Exchange Commission (the
"COMMISSION") a notification on Form N-8A (the "NOTIFICATION") of registration
of the Fund as an investment company and a registration statement on Form N-2,
including a prospectus and a statement of additional information incorporated by
reference in the prospectus, relating to the Shares. The registration statement
as amended at the time it becomes effective, including the information (if any)
deemed to be part of the registration statement at the time of effectiveness
pursuant to Rule 430A under the Securities Act of 1933, as amended (the
"SECURITIES ACT"), is hereinafter referred to as the "REGISTRATION STATEMENT";
the prospectus in the form first used to confirm sales of Shares and filed with
the Commission in accordance with Rule 497 of the Securities Act, including the
statement of additional information incorporated therein by reference, is
hereinafter referred to as the "PROSPECTUS." If the Fund has filed an
abbreviated registration statement to register additional Common Shares pursuant
to Rule 462(b) under the Securities Act (the "RULE 462 REGISTRATION STATEMENT"),
then any reference herein to the term "REGISTRATION STATEMENT" shall be deemed
to include such Rule 462 Registration Statement. The Investment Company Act and
the Securities Act are hereinafter referred to collectively as the "ACTS," the
Investment Advisers Act of 1940, as amended, is hereinafter referred to as the
"ADVISERS ACT" and the rules and regulations of the Commission under the Acts,
the Advisers Act and under the Securities Exchange Act of 1934, as amended (the
"EXCHANGE ACT") are hereinafter referred to collectively as the "RULES AND
REGULATIONS."
For purposes of this Agreement, "OMITTING PROSPECTUS" means any
advertisement used in the public offering of the Shares pursuant to Rule 482 of
the Rules and Regulations ("RULE 482") and "TIME OF SALE PROSPECTUS" means the
preliminary prospectus, dated October 23, 2012, including the statement of
additional information incorporated therein by reference, together with the
pricing information as set forth in Schedule III. As used herein, the terms
"Registration Statement," "preliminary prospectus," "Time of Sale Prospectus"
and "Prospectus" shall include the documents, if any, incorporated by reference
therein, including the statement of additional information.
1. Representations and Warranties of the Fund and the Investment
Advisers. The Fund and the Investment Advisers, jointly and severally, represent
and warrant to and agree with each of the Underwriters as of the date hereof, as
of the Applicable Time referred to in Section 1(b)(i) hereof, as of the Closing
Date referred to in Section 5 hereof, and as of each Option Closing Date (if
any) referred to in Section 3 hereof, that:
(a) The Fund meets the requirements for the use of Form N-2
under the Acts. The Registration Statement has become effective; no stop
order suspending the effectiveness of the Registration Statement is in
effect, and no proceedings for such purpose are pending before or, to the
knowledge of the Fund or the Investment Advisers, threatened by the
Commission.
(b) (i) The Registration Statement, when it became effective,
did not contain and, as amended or supplemented, if applicable, will not
contain any 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, (ii) the Registration Statement and the
Prospectus comply and, as amended or supplemented, if applicable, will
comply in all material respects with the Acts and the applicable Rules and
Regulations thereunder, (iii) the Time of Sale Prospectus and any
amendments or supplements thereto do not as of the Applicable Time (as
defined below), and at the time of each sale of the Shares thereafter in
connection with the offering when the Prospectus is not yet available to
prospective purchasers did not, contain any untrue statement of a material
fact or omit to state a material fact necessary to make the statements
therein, in the light of the circumstances under which they were made, not
misleading and (iv) the Prospectus does not contain and, as amended or
supplemented, if applicable, will not contain any untrue statement of a
material fact or omit to state a material fact necessary to make the
statements therein, in the light of the circumstances under which they
were made, not misleading, except that the representations and warranties
set forth in this paragraph do not apply to statements or omissions in the
Registration Statement, the Time of Sale Prospectus or the Prospectus
based upon information relating to any Underwriter furnished to the Fund
in writing by such Underwriter through you expressly for use therein.
As used in this subsection and elsewhere in this Agreement,
"Applicable Time" means [6:00] P.M. (Eastern Time) on November 27, 2012 or
such other time as agreed to by the Fund and Xxxxxx Xxxxxxx & Co. LLC.
(c) The Fund has been duly formed, is validly existing as a
business trust in good standing under the laws of the Commonwealth of
Massachusetts, has the power and authority to own its property and to
conduct its business as described in the Time of Sale Prospectus and the
Prospectus and is duly qualified to transact business and is in good
standing in each jurisdiction in which the conduct of its business or its
ownership or leasing of property requires such qualification, except to
the extent that the failure to be so qualified or be in good standing (i)
could not reasonably be expected to have a material adverse effect on the
Fund's performance of this Agreement or the consummation of any of the
transactions herein contemplated or (ii) could not reasonably be expected
to have a material adverse effect on the condition (financial or
otherwise), prospects, earnings, business, operations or properties of the
Fund, whether or not arising from transactions in the ordinary course of
business ("FUND MATERIAL ADVERSE EFFECT"). The Fund has no subsidiaries.
(d) The Fund is registered with the Commission as a
non-diversified, closed-end management investment company under the
Investment Company Act and no order of suspension or revocation of such
registration has been issued or proceedings therefor initiated or, to the
Fund's knowledge or Investment Advisers' knowledge, threatened by the
Commission. No person is serving or acting as an officer or trustee of, or
investment adviser to, the Fund except in accordance with the provisions
of the Investment Company Act and the Advisers Act. Except as otherwise
disclosed in the Registration Statement, the Time of Sale Prospectus and
the Prospectus, no trustee of the Fund is an "interested person" of the
Fund or an "affiliated person" of any Underwriter (each as defined in the
Investment Company Act).
(e) Each of this Agreement, the Investment Advisory Agreement,
the Sub-Advisory Agreement, the Administration and Accounting Services
Agreement between BNY Mellon Investment Servicing (US) Inc., as
administrator, and the Fund (the "SERVICE AGREEMENT"), the Custodian
Services Agreement between The Bank of New York Mellon (the "CUSTODIAN")
and the Fund (the "CUSTODIAN AGREEMENT") and the Transfer Agency and
Service Agreement between BNY Mellon Investment Servicing (US) Inc. (the
"TRANSFER AGENT") and the Fund (the "TRANSFER AGENCY AGREEMENT") (this
Agreement, the Investment Advisory Agreement, the Sub-Advisory Agreement,
the Service Agreement, the Custodian Agreement and the Transfer Agency
Agreement being referred to herein collectively as the "FUNDAMENTAL
AGREEMENTS") has been duly authorized, executed and delivered by the Fund
and complies in all material respects with all applicable provisions of
the Acts, the Advisers Act and the applicable Rules and Regulations. The
Fund has adopted the Dividend Reinvestment Plan (the "PLAN"). Each
Fundamental Agreement, other than this Agreement, and the Plan is a valid
and binding agreement of the Fund, enforceable in accordance with its
terms, subject to applicable bankruptcy, insolvency and similar laws
affecting creditors' rights generally and equitable principles of general
applicability.
(f) None of (A) the execution and delivery by the Fund of, and
the performance by the Fund of its obligations under, each Fundamental
Agreement or the adoption by the Fund of the Plan, or (B) the issue and
sale by the Fund of the Shares as contemplated by this Agreement
contravenes or will contravene any provision of applicable law or
Declaration of Trust, as amended to the date hereof (the "DECLARATION") or
by-laws of the Fund or any agreement or other instrument binding upon the
Fund that is material to the Fund, or any judgment, order or decree of any
governmental body, agency or court having jurisdiction over the Fund,
whether foreign or domestic. No consent, approval, authorization, order or
permit of, or qualification with, any governmental body or agency,
self-regulatory organization or court or other tribunal, whether foreign
or domestic, is required for the performance by the Fund of its
obligations under the Fundamental Agreements or the Plan, except such as
have been obtained as required by the Acts, the Advisers Act, the Exchange
Act, or the applicable Rules and Regulations, or by the securities or Blue
Sky laws of the various states and foreign jurisdictions in connection
with the offer and sale of the Shares.
(g) The authorized capital stock of the Fund conforms in all
material respects to the description thereof contained in each of the Time
of Sale Prospectus and the Prospectus, and the Declaration and by-laws of
the Fund, the Fundamental Agreements and the Plan conform in all material
respects to the descriptions thereof contained in each of the Time of Sale
Prospectus and the Prospectus.
(h) The Declaration and by-laws of the Fund, the Fundamental
Agreements and the Plan comply in all material respects with all
applicable provisions of the Acts, the Advisers Act and the applicable
Rules and Regulations, and all approvals of such documents required under
the Investment Company Act by the Fund's shareholders and Board of
Trustees have been obtained and are in full force and effect.
(i) The Fundamental Agreements (other than this Agreement) and
the Plan are in full force and effect and neither the Fund nor, to the
Fund's or the Investment Advisers' knowledge, any other party to any such
agreement is in default thereunder, and no event has occurred which with
the passage of time or the giving of notice or both would constitute a
default by the Fund thereunder. The Fund is not currently in breach of, or
in default under, any other written agreement or instrument to which it or
its property is bound or affected.
(j) The Common Shares outstanding prior to the issuance of the
Shares have been duly authorized and are validly issued, fully paid and
non-assessable, except that, as set forth in the Registration Statement,
the Time of Sale Prospectus and the Prospectus, shareholders of a
Massachusetts business trust may under certain circumstances be held
personally liable for obligations of the Fund. The Common Shares and
preferred shares, if any, outstanding prior to the issuance of the Shares
are not entitled to preemptive or other similar rights.
(k) The Shares have been duly authorized and, when issued and
delivered in accordance with the terms of this Agreement, will be validly
issued, fully paid and non-assessable, except that, as set forth in the
Registration Statement, the Time of Sale Prospectus and the Prospectus,
shareholders of a Massachusetts business trust may under certain
circumstances be held personally liable for obligations of the Fund. The
Shares are not entitled to preemptive or other similar rights.
(l) The Shares and any Common Shares outstanding prior to the
issuance of the Shares have been approved for listing on the New York
Stock Exchange, subject to official notice of issuance. The Fund's
Registration Statement on Form 8-A under the Exchange Act is effective.
(m) Each Omitting Prospectus (i) complies with the requirements
of Rule 482, (ii) does not contain any untrue statement of a material fact
or omit to state any material fact necessary to make such information not
misleading, (iii) complied and will comply in all material respects with
the Acts, the Rules and Regulations and the rules and regulations of the
Financial Industry Regulatory Authority, Inc. ("FINRA") and (iv) if
required, has been duly filed with FINRA and FINRA has issued no
objections with respect thereto. Except for the Omitting Prospectuses
identified on Schedule II hereto, the Fund has not prepared, used or
referred to and will not, without your prior written consent, prepare, use
or refer to any prospectus or other advertising material in reliance upon
Rule 482.
(n) [Reserved]
(o) There has not occurred any material adverse change, or any
development involving a prospective material adverse change, in the
condition, financial or otherwise, or in the earnings, business,
prospects, properties or operations of the Fund from that set forth in the
Time of Sale Prospectus, and there have been no transactions entered into
by the Fund which are material to the Fund other than those in the
ordinary course of its business or as described in the Time of Sale
Prospectus.
(p) There are no legal or governmental proceedings pending or,
to the knowledge of the Fund or the Investment Advisers, threatened to
which the Fund is a party or to which any of the properties of the Fund is
subject (i) other than proceedings accurately described in all material
respects in the Time of Sale Prospectus and the Prospectus and proceedings
that would not have a Fund Material Adverse Effect, or impact the power or
ability of the Fund to perform its obligations under this Agreement or to
consummate the transactions contemplated by the Time of Sale Prospectus
and the Prospectus or (ii) that are required to be described in the
Registration Statement, the Time of Sale Prospectus or the Prospectus and
are not so described; and there are no statutes, regulations, contracts or
other documents that are required to be described in the Registration
Statement, the Time of Sale Prospectus or the Prospectus or to be filed as
exhibits to the Registration Statement that are not described or filed as
required.
(q) The Fund has all necessary consents, authorizations,
approvals, orders (including exemptive orders), certificates and permits
of and from, and has made all declarations and filings with, all
governmental authorities, self-regulatory organizations and courts and
other tribunals, whether foreign or domestic, to own and use its assets
and to conduct its business in the manner described in the Time of Sale
Prospectus and the Prospectus, except to the extent that the failure to
obtain or file the foregoing would not have a Fund Material Adverse
Effect.
(r) Each preliminary prospectus (including the statement of
additional information incorporated therein by reference) filed as part of
the Registration Statement as originally filed or as part of any amendment
thereto, or filed pursuant to Rule 497 under the Securities Act, complied
when so filed in all material respects with the Acts and the applicable
Rules and Regulations.
(s) The statement of assets and liabilities included in the
Registration Statement, the Time of Sale Prospectus and the Prospectus,
together with the related notes, presents fairly, in all material
respects, the financial position of the Fund as of the date indicated and
said statement has been prepared in conformity with generally accepted
accounting principles applied on a consistent basis throughout the periods
involved (except as otherwise noted therein); and the other financial and
statistical information and data included in the Registration Statement,
the Time of Sale Prospectus and the Prospectus are accurately derived from
such financial statements and the books and records of the Fund. Deloitte
and Touche LLP, whose report appears in the Time of Sale Prospectus and
the Prospectus and who has certified the financial statements and
supporting schedules, if any, included in the Registration Statement, is
an independent registered public accounting firm as required by the Acts
and the applicable Rules and Regulations.
(t) There are no material restrictions, limitations or
regulations with respect to the ability of the Fund to invest its assets
as described in the Time of Sale Prospectus and the Prospectus, other than
as described therein.
(u) All advertisements authorized by the Fund for use in the
offering of the Shares complied and will comply in all material respects
with the requirements of the Acts, the applicable Rules and Regulations
and the rules and regulations of FINRA and there are no such
advertisements other than (i) the Omitting Prospectuses identified in
Schedule II hereto and (ii) any advertisement that complies with Rule 135a
of the Rules and Regulations and that you have approved in writing.
(v) There are no contracts, agreements or understandings between
the Fund and any person granting such person the right to require the Fund
to file a registration statement under the Securities Act with respect to
any securities of the Fund or to require the Fund to include such
securities with the Shares registered pursuant to the Registration
Statement.
(w) The expense summary information set forth in the Time of
Sale Prospectus and the Prospectus under the caption "Summary of Fund
Expenses" has been prepared in accordance with the requirements of Form
N-2 and any fee projections or estimates, if applicable, are reasonably
based and attainable.
(x) Subsequent to the respective dates as of which information
is given in each of the Registration Statement, the Time of Sale
Prospectus and the Prospectus, (i) the Fund has not incurred any material
liability or obligation, direct or contingent, nor entered into any
material transaction; (ii) the Fund has not purchased any of its
outstanding capital stock, nor declared, paid or otherwise made any
dividend or distribution of any kind on its capital stock (other than, in
the event this representation and warranty is made after the Closing Date,
ordinary and customary dividends declared and payable after the Closing
Date); and (iii) there has not been any material change in the capital
stock, short-term debt or long-term debt of the Fund except in each case
as described in each of the Registration Statement, the Time of Sale
Prospectus and the Prospectus, respectively.
(y) The Fund owns or possesses, or can acquire on reasonable
terms, all material patents, patent rights, licenses, inventions,
copyrights, know-how (including trade secrets and other unpatented and/or
unpatentable proprietary or confidential information, systems or
procedures), trademarks, service marks and trade names currently employed
by it in connection with the business now operated by it, and the Fund has
not received any notice of infringement of or conflict with asserted
rights of others with respect to any of the foregoing which, singly or in
the aggregate, if the subject of an unfavorable decision, ruling or
finding, would have a Fund Material Adverse Effect.
(z) The Fund maintains a system of internal accounting controls
sufficient to provide reasonable assurance that (i) transactions are
executed in accordance with management's general or specific
authorizations; (ii) transactions are recorded as necessary to permit
preparation of financial statements in conformity with generally accepted
accounting principles and to maintain asset accountability; (iii) access
to assets is permitted only in accordance with management's general or
specific authorization; and (iv) the recorded accountability for assets is
compared with the existing assets at reasonable intervals and appropriate
action is taken with respect to any differences. Except as described in
the Time of Sale Prospectus and the Prospectus, since the date of the
Fund's most recent audited financial statements included or incorporated
by reference in the Prospectus, there has been (i) no material weakness in
the Fund's internal control over financial reporting (whether or not
remediated) and (ii) no change in the Fund's internal control over
financial reporting that has materially affected, or is reasonably likely
to materially affect, the Fund's internal control over financial
reporting. The Fund maintains "disclosure controls and procedures" (as
such term is defined in Rule 30a-3 under the Investment Company Act) and
such disclosure controls and procedures are effective as required by the
Investment Company Act and the applicable Rules and Regulations.
(aa) Neither the Fund nor any employee nor agent of the Fund
has made any payment of funds of the Fund or received or retained any
funds, which payment, receipt or retention is of a character required to
be disclosed in the Time of Sale Prospectus, the Prospectus or the
Registration Statement.
(bb) BNY Mellon Investment Servicing (US) Inc. is duly enrolled
as a participant in the Fast Automated Transfer Program (FAST) of The
Depository Trust Company ("DTC").
(cc) The Fund does not own any real property and the Fund does
not hold under lease any real property or buildings.
(dd) Neither the Fund nor any of its subsidiaries or
affiliates, any trustee, officer, or employee, nor, to the Fund's
knowledge, any agent or representative of the Fund or of any of its
subsidiaries or affiliates, has taken or will take any action in
furtherance of an offer, payment, promise to pay, or authorization or
approval of the payment or giving of money, property, gifts or anything
else of value, directly or indirectly, to any "government official"
(including any officer or employee of a government or government-owned or
controlled entity or of a public international organization, or any person
acting in an official capacity for or on behalf of any of the foregoing,
or any political party or party official or candidate for political
office) to influence official action or secure an improper advantage; and
the Fund and its subsidiaries and affiliates have conducted their
businesses in compliance with applicable anti-corruption laws including,
without limitation, the Foreign Corrupt Practices Act of 1977, as amended
(the "FCPA"), and have instituted and maintain and will continue to
maintain policies and procedures designed to promote and achieve
compliance with such laws and with the representation and warranty
contained herein.
(ee) There is and has been no failure on the part of the Fund
or any of the Fund's trustees or officers, in their capacities as such, to
comply in all material respects with any provision of the Xxxxxxxx-Xxxxx
Act of 2002 and the rules and regulations promulgated in connection
therewith applicable to them.
(ff) The operations of the Fund and its subsidiaries are and
have been conducted at all times in compliance with all applicable
financial recordkeeping and reporting requirements, including those of the
Bank Secrecy Act, as amended by Title III of the Uniting and Strengthening
America by Providing Appropriate Tools Required to Intercept and Obstruct
Terrorism Act of 2001 (USA PATRIOT Act), and the applicable anti-money
laundering statutes of jurisdictions where the Fund conducts business, the
rules and regulations thereunder and any related or similar rules,
regulations or guidelines, issued, administered or enforced by any
governmental agency (collectively, the "ANTI-MONEY LAUNDERING LAWS"), and
no action, suit or proceeding by or before any court or governmental
agency, authority or body or any arbitrator involving the Fund or any of
its subsidiaries with respect to the Anti-Money Laundering Laws is pending
or, to the knowledge of the Fund or the Investment Advisers, threatened.
(gg) (i) Neither the Fund nor any trustee, officer, or employee
thereof, nor, to the Fund's knowledge, any agent, affiliate or
representative of the Fund, is an individual or entity ("PERSON") that is,
or is owned or controlled by a Person that is:
(A) the subject of any sanctions administered or
enforced by the U.S. Department of Treasury's Office of
Foreign Assets Control ("OFAC"), the United
Nations Security Council ("UNSC"), the European Union
("EU"), Her Majesty's Treasury ("HMT"), or other relevant
sanctions authority (collectively, "SANCTIONS"), or
(B) located, organized or resident in a country
or territory that is the subject of Sanctions (including,
without limitation, Burma/Myanmar, Cuba, Iran, Libya, North
Korea, Sudan and Syria).
(ii) The Fund will not, directly or indirectly, use the
proceeds of the offering, or lend, contribute or otherwise make
available such proceeds to any subsidiary, joint venture partner or
other Person:
(A) to fund or facilitate any activities or
business of or with any Person or in any country or
territory that, at the time of such funding or facilitation,
is the subject of Sanctions; or
(B) in any other manner that will result in a
violation of Sanctions by any Person (including any Person
participating in the offering, whether as underwriter,
advisor, investor or otherwise).
(iii) For the past 5 years, the Fund has not knowingly
engaged in, is not now knowingly engaged in, and will not knowingly
engage in, any dealings or transactions with any Person, or in any
country or territory, that at the time of the dealing or
transaction is or was the subject of Sanctions.
2. Representations and Warranties of the Investment Advisers. Each
Investment Adviser, severally and not jointly and with respect to itself only,
represents and warrants to and agrees with each of the Underwriters as of the
date hereof, as of the Applicable Time, as of the Closing Date referred to in
Section 5 hereof, and as of each Option Closing Date (if any) referred to in
Section 3 hereof, that:
(a) Such Investment Adviser has been duly organized, is validly
existing as a limited partnership, in the case of the Adviser, and as a
limited liability company, in the case of the Sub-Adviser, each in good
standing under the laws of the jurisdiction of its organization, has the
power and authority to own its property and to conduct its business as
described in the Time of Sale Prospectus and the Prospectus and is duly
qualified to transact business and is in good standing in each
jurisdiction in which the conduct of its business or its ownership or
leasing of property requires such qualification, except to the extent that
the failure to be so qualified or be in good standing (i) could not
reasonably be expected to have a material adverse effect on such
Investment Adviser's performance of this Agreement or the consummation of
any of the transactions herein contemplated or (ii) could not reasonably
be expected to have a material adverse effect on the condition (financial
or otherwise), prospects, earnings, business, operations or properties of
such Investment Adviser, whether or not arising from transactions in the
ordinary course of business ("INVESTMENT ADVISER MATERIAL ADVERSE
EFFECT"). Such Investment Adviser has no subsidiaries.
(b) Such Investment Adviser is duly registered as an investment
adviser under the Advisers Act, and is not prohibited by the Advisers Act
or the Investment Company Act from acting under the Investment Advisory
Agreement as an investment adviser to the Fund as contemplated by the Time
of Sale Prospectus and the Prospectus, in the case of the Adviser, or from
acting as the sub-adviser under the Sub-Advisory Agreement, in the case of
the Sub-Adviser, and no order of suspension or revocation of such
registration has been issued or proceedings therefor initiated or, to the
knowledge of such Investment Adviser, threatened by the Commission.
(c) Each of this Agreement, the Investment Advisory Agreement,
the Sub-Advisory Agreement, the Structuring Fee Agreement and the
Syndication Fee Agreement by and among the Adviser, the Sub-Adviser and
Xxxxxx Xxxxxxx & Co. LLC (the "XXXXXX XXXXXXX FEE AGREEMENTS"), the
Structuring Fee Agreement by and among the Adviser, the Sub-Adviser and
Citigroup Global Markets Inc. (the "CITI FEE AGREEMENT"), the Structuring
Fee Agreement by and among the Adviser, the Sub-Adviser and RBC Capital
Markets, LLC (the "RBC FEE AGREEMENT"), the Structuring Fee Agreement by
and among the Adviser, the Sub-Adviser and Xxxxxxxxxxx & Co. Inc. (the
"OPPENHEIMER FEE AGREEMENT") and the Structuring Fee Agreement by and
among the Adviser, the Sub-Adviser and Comerica Securities, Inc. (the
"COMERICA FEE AGREEMENT") (this Agreement, the Investment Advisory
Agreement, the Sub-Advisory Agreement, the Xxxxxx Xxxxxxx Fee Agreements,
the Citi Fee Agreement, the RBC Fee Agreement, the Oppenheimer Fee
Agreement and the Comerica Fee Agreement are referred to herein,
collectively, as the "ADVISER AGREEMENTS") to which such Investment
Adviser is a party has been duly authorized, executed and delivered by
such Investment Adviser and complies in all material respects with all
applicable provisions of the Acts, the Advisers Act and the applicable
Rules and Regulations. Each of the Adviser Agreements to which such
Investment Adviser is a party is a valid and binding agreement of such
Investment Adviser, enforceable in accordance with its terms, subject to
applicable bankruptcy, insolvency and similar laws affecting creditors'
rights generally and by equitable principles of general applicability.
(d) The execution and delivery by such Investment Adviser of,
and the performance by such Investment Adviser of its obligations under
the Adviser Agreements to which such Investment Adviser is a party will
not contravene any provision of applicable law or the partnership
agreement, in the case of the Adviser, or the operating agreement, in the
case of the Sub-Adviser, of such Investment Adviser or any agreement or
other instrument binding upon the Investment Adviser that is material to
such Investment Adviser, or any judgment, order or decree of any
governmental body, agency or court having jurisdiction over such
Investment Adviser, whether foreign or domestic. No consent, approval,
authorization, order or permit of, or qualification with, any governmental
body or agency, self-regulatory organization or court or other tribunal,
whether foreign or domestic, is required for the performance by such
Investment Adviser of its obligations under the Adviser Agreements to
which such Investment Adviser is a party, except such as have been
obtained as required by the Acts, the Advisers Act, the Exchange Act or
the applicable Rules and Regulations, or by the securities or Blue Sky
laws of the various states and foreign jurisdictions in connection with
the offer and sale of the Shares.
(e) There are no legal or governmental proceedings pending or,
to the knowledge of such Investment Adviser, threatened to which such
Investment Adviser is a party or to which the Investment Adviser or any
parent of the Investment Adviser or any partners, members, directors,
officers or employees of the foregoing is a party or to which any of the
properties of such Investment Adviser is subject (i) other than
proceedings accurately described in all material respects in the Time of
Sale Prospectus and the Prospectus and proceedings that would not have an
Investment Adviser Material Adverse Effect, or on the power or ability of
such Investment Adviser to perform its obligations under this Agreement or
to consummate the transactions contemplated by the Time of Sale Prospectus
and the Prospectus or (ii) that are required to be described in the
Registration Statement or the Prospectus and are not so described; and
there are no statutes, regulations, contracts or other documents that are
required to be described in the Registration Statement, the Time of Sale
Prospectus or the Prospectus or to be filed as exhibits to the
Registration Statement that are not described or filed as required.
(f) Such Investment Adviser has all necessary consents,
authorizations, approvals, orders (including exemptive orders),
certificates and permits of and from, and has made all declarations and
filings with, all governmental authorities, self-regulatory organizations
and courts and other tribunals, whether foreign or domestic, to own and
use its assets and to conduct its business in the manner described in the
Time of Sale Prospectus and the Prospectus, except to the extent that the
failure to obtain or file the foregoing would not have an Investment
Adviser Material Adverse Effect or a Fund Material Adverse Effect.
(g) Such Investment Adviser has the financial resources
available to it necessary for the performance of its services and
obligations as contemplated in the Time of Sale Prospectus and the
Prospectus and by the Adviser Agreements to which such Investment Adviser
is a party.
(h) The Investment Advisory Agreement and the Sub-Advisory
Agreement to which such Investment Adviser is a party are in full force
and effect and neither the Fund nor any Investment Adviser is in default
thereunder, and, no event has occurred which with the passage of time or
the giving of notice or both would constitute a default under such
document. Such Investment Adviser is not in violation of its
organizational documents or in default under any agreement, indenture or
instrument, where such violation or default would reasonably be expected
to have an Investment Adviser Material Adverse Effect.
(i) All information furnished by such Investment Adviser for use
in the Registration Statement, the Time of Sale Prospectus and the
Prospectus, including, without limitation, the description of such
Investment Adviser, does not, and on the Closing Date will not, contain
any untrue statement of a material fact or omit to state any material fact
necessary to make such information not misleading.
(j) There has not occurred any material adverse change, or any
development involving a prospective material adverse change, in the
condition, financial or otherwise, or in the earnings, business,
prospects, properties or operations of such Investment Adviser from that
set forth in the Time of Sale Prospectus, and there have been no
transactions entered into by such Investment Adviser which are material to
such Investment Adviser other than those in the ordinary course of its
business or as described in the Time of Sale Prospectus.
(k) Neither such Investment Adviser nor any of its subsidiaries
or affiliates, any director, officer, or employee, nor, to the Investment
Adviser's knowledge, any agent or representative of it or of any of its
subsidiaries or affiliates, has taken or will take any action in
furtherance of an offer, payment, promise to pay, or authorization or
approval of the payment or giving of money, property, gifts or anything
else of value, directly or indirectly, to any "government official"
(including any officer or employee of a government or government-owned or
controlled entity or of a public international organization, or any person
acting in an official capacity for or on behalf of any of the foregoing,
or any political party or party official or candidate for political
office) to influence official action or secure an improper advantage; and
the Investment Adviser and its subsidiaries and affiliates have conducted
their businesses in compliance with applicable anti-corruption laws
including, without limitation, the FCPA, and have instituted and maintain
and will continue to maintain policies and procedures designed to promote
and achieve compliance with such laws and with the representation and
warranty contained herein.
(l) In connection with the offering of the Shares, such
Investment Adviser has not taken, directly or indirectly, any action
designed to or that would constitute or that might reasonably be expected
to cause or result in violation of federal securities laws, in
stabilization or manipulation of the price of any security of the Fund to
facilitate the sale or resale of the Shares, and such Investment Adviser
is not aware of any such action taken or to be taken by any affiliates of
such Investment Adviser.
(m) The operations of such Investment Adviser are and have been
conducted at all times in compliance with the Anti-Money Laundering Laws,
and no action, suit or proceeding by or before any court or governmental
agency, authority or body or any arbitrator involving such Investment
Adviser with respect to the Anti-Money Laundering Laws is pending or, to
the knowledge of such Investment Adviser, threatened.
(n) (i) Neither such Investment Adviser nor any of its
directors, partners, managers, officers, or employees, nor, to such
Investment Adviser's knowledge, any agent, affiliate or representative of
such Investment Adviser, is a Person that is, or is owned or controlled by
a Person that is:
(A) the subject of any Sanctions, or
(B) located, organized or resident in a country
or territory that is the subject of Sanctions (including,
without limitation, Burma/Myanmar, Cuba, Iran, Libya, North
Korea, Sudan and Syria).
(ii) Such Investment Adviser will not, directly or
indirectly, use the proceeds of the offering, or lend, contribute
or otherwise make available such proceeds to any subsidiary, joint
venture partner or other Person:
(A) to fund or facilitate any activities or
business of or with any Person or in any country or
territory that, at the time of such funding or facilitation,
is the subject of Sanctions; or
(B) in any other manner that will result in a
violation of Sanctions by any Person (including any Person
participating in the offering, whether as underwriter,
advisor, investor or otherwise).
(o) For the past 5 years, such Investment Adviser has not
knowingly engaged in, is not now knowingly engaged in, and will not
knowingly engage in, any dealings or transactions with any Person, or in
any country or territory, that at the time of the dealing or transaction
is or was the subject of Sanctions.
3. Agreements to Sell and Purchase. The Fund hereby agrees to sell to
the several Underwriters, and each Underwriter, upon the basis of the
representations and warranties herein contained, but subject to the conditions
hereinafter stated, agrees, severally and not jointly, to purchase from the Fund
the respective numbers of Firm Shares set forth in Schedule I hereto opposite
its name at $19.10 a share (the "PURCHASE PRICE").
On the basis of the representations and warranties contained in this
Agreement, and subject to its terms and conditions, the Fund agrees to sell to
the Underwriters the Additional Shares, and the Underwriters shall have the
right to purchase, severally and not jointly, up to [ ] Additional Shares at the
Purchase Price, less an amount per share equal to any dividends or distributions
declared by the Fund and payable on the Firm Shares but not payable on the
Additional Shares. Xxxxxx Xxxxxxx & Co. LLC may exercise this right on behalf of
the Underwriters in whole or from time to time in part by giving written notice
not later than 45 days after the date of this Agreement. Any exercise notice
shall specify the number of Additional Shares to be purchased by the
Underwriters and the date on which such shares are to be purchased. Each
purchase date must be at least one business day after the written notice is
given and may not be earlier than the closing date for the Firm Shares nor later
than ten business days after the date of such notice. Additional Shares may be
purchased as provided in Section 5 hereof solely for the purpose of covering
over-allotments made in connection with the offering of the Firm Shares. On each
day, if any, that Additional Shares are to be purchased (an "OPTION CLOSING
DATE"), each Underwriter agrees, severally and not jointly, to purchase the
number of Additional Shares (subject to such adjustments to eliminate fractional
shares as you may determine) that bears the same proportion to the total number
of Additional Shares to be purchased on such Option Closing Date as the number
of Firm Shares set forth in Schedule I hereto opposite the name of such
Underwriter bears to the total number of Firm Shares.
The Fund hereby agrees that, without the prior written consent of the
Representatives, on behalf of the Underwriters, it will not, during the period
ending 180 days after the date of the Prospectus, (1) offer, pledge, sell,
contract to sell, sell any option or contract to purchase, purchase any option
or contract to sell, grant any option, right or warrant to purchase, lend, or
otherwise transfer or dispose of, directly or indirectly, any Common Shares or
any securities convertible into or exercisable or exchangeable for Common Shares
or (2) enter into any swap or other arrangement that transfers to another, in
whole or in part, any of the economic consequences of ownership of the Common
Shares, whether any such transaction described in clause (1) or (2) above is to
be settled by delivery of Common Shares or such other securities, in cash or
otherwise or (3) file any registration statement with the Commission relating to
the offering of any Common Shares or any securities convertible into or
exercisable or exchangeable for Common Shares. Notwithstanding the foregoing, if
(x) during the last 17 days of the 180-day restricted period the Fund issues an
earnings release or material news or a material event relating to the Fund
occurs, or (y) prior to the expiration of the 180-day restricted period, the
Fund announces that it will release earnings results during the 16-day period
beginning on the last day of the 180-day period, the restrictions imposed in
this clause shall continue to apply until the expiration of the 18-day period
beginning on the issuance of the earnings release or the occurrence of the
material news or material event. The Fund will provide the Representatives, on
behalf of the Underwriters, with prior notice of any such announcement that
gives rise to an extension of the restricted period. The agreements contained in
this paragraph shall not apply to the Shares to be sold hereunder or any Common
Shares issued pursuant to the Plan.
4. Terms of Public Offering. The Fund and the Investment Advisers are
advised by you that the Underwriters propose to make a public offering of their
respective portions of the Shares as soon after the Registration Statement and
this Agreement have become effective as in your judgment is advisable. The Fund
and the Investment Advisers are further advised by you that the Shares are to be
offered to the public initially at $20.00 a share (the "PUBLIC OFFERING PRICE"),
and to certain dealers selected by you at a price that represents a concession
not in excess of $0.60 a share under the Public Offering Price, and that any
Underwriter may allow, and such dealers may reallow, a concession, not in excess
of $0.10 a share, to any Underwriter or to certain other dealers.
5. Payment and Delivery. Payment for the Firm Shares shall be made to
the Fund in Federal or other funds immediately available in New York City
against delivery of such Firm Shares for the respective accounts of the several
Underwriters at 10:00 A.M. (New York City time), on November 30, 2012, or at
such other time on the same or such other date, not later than 10 business days
after Closing Date, as shall be designated in writing by you. The time and date
of such payment are hereinafter referred to as the "CLOSING DATE."
Payment for any Additional Shares shall be made to the Fund in Federal or
other funds immediately available in New York City against delivery of such
Additional Shares for the respective accounts of the several Underwriters at
10:00 A.M. (New York City time), on the date specified in the corresponding
notice described in Section 3 or at such other time on the same or on such other
date, in any event not later than January 28, 2013, as shall be designated in
writing by you.
The Firm Shares and Additional Shares shall be registered in such names
and in such denominations as you shall request in writing not later than one
full business day prior to the Closing Date or the applicable Option Closing
Date, as the case may be. The Firm Shares and Additional Shares shall be
delivered to you through the facilities of DTC on the Closing Date or an Option
Closing Date, as the case may be, for the respective accounts of the several
Underwriters, with any transfer taxes payable in connection with the transfer of
the Shares to the Underwriters duly paid, against payment of the Purchase Price
therefor.
6. Conditions to the Underwriters' Obligations. The respective
obligations of the Fund and the Investment Advisers and the several obligations
of the Underwriters hereunder are subject to the condition that the Registration
Statement shall have become effective not later than 10:00 A.M. (New York City
time) on the date hereof.
The several obligations of the Underwriters are subject to the following
further conditions:
(a) Subsequent to the execution and delivery of this Agreement
and prior to the Closing Date or, if earlier, the dates as of which
information is given in the Registration Statement (exclusive of any
amendment thereof) and the Prospectus (exclusive of any supplement
thereto), (1) in the case of the Fund, there shall not have occurred (A)
any change or decrease specified in the letter or letters referred to in
paragraph (h) of this Section 6, or (B) any change, or any development
involving a prospective change, in the condition, financial or otherwise,
or in the earnings, business, prospects, properties or operations of the
Fund, whether or not arising from transactions in the ordinary course of
business, from that set forth in the Time of Sale Prospectus and, (2) in
the case of each Investment Adviser, there shall not have occurred any
change, or any development involving a prospective change, in the
condition, financial or otherwise, or in the earnings, business,
prospects, properties, operations, management or personnel of each
Investment Adviser, whether or not arising from transactions in the
ordinary course of business, from that set forth in the Time of Sale
Prospectus, the effect of which in any case referred to in clause (1) or
(2) above is, in the sole judgment of the Representatives, so material and
adverse and that makes it, in the Representatives' judgment, impracticable
or inadvisable to market the Shares on the terms and in the manner
contemplated in the Time of Sale Prospectus.
(b) The Underwriters shall have received on the Closing Date
certificates, dated the Closing Date, of the chief executive officer and
chief financial officer (or officers acting in similar capacities) of each
of the Fund and the Investment Advisers, to the effect (i) that no stop
order suspending the effectiveness of the Registration Statement is in
effect, and no proceedings for such purpose are, as of the Closing Date,
pending before or threatened by the Commission, (ii) that the
representations and warranties made by the Fund and the Investment
Advisers contained in this Agreement are true and correct as of the
Closing Date, (iii) that each of the Fund and the Investment Advisers has
complied with all of the agreements and satisfied all of the conditions on
its part to be performed or satisfied hereunder on or before the Closing
Date, and (iv) as set forth in Section 6(a) above, with respect to the
Fund or the Investment Advisers, as applicable.
Each officer signing and delivering such a certificate may rely upon the
best of his or her knowledge as to proceedings threatened.
(c) Each of the Investment Advisers and the Fund shall have
performed all of their respective obligations to be performed hereunder on
or prior to the Closing Date.
(d) The Underwriters shall have received on the Closing Date an
opinion of Xxxxxxx and Xxxxxx LLP, special counsel for the Fund, dated the
Closing Date, substantially in the form attached hereto as Exhibit A and
Exhibit B.
(e) The Underwriters shall have received on the Closing Date (x)
an opinion of Xxxxxxx and Xxxxxx LLP, counsel for the Adviser,
substantially in the form attached hereto as Exhibit C and (y) an opinion
of Dechert LLP, counsel for the Sub-Adviser, substantially in the form
attached hereto as Exhibit D, each dated the Closing Date.
(f) The Underwriters shall have received on the Closing Date the
favorable opinion of Weil, Gotshal & Xxxxxx LLP, counsel for the
Underwriters, dated the Closing Date, and covering such matters as the
Underwriters shall reasonably request.
In rendering the opinions described in Section 6(d) above, as to matters
of Massachusetts law, Xxxxxxx and Xxxxxx LLP may rely on the opinion of Xxxxxxx
XxXxxxxxx LLP, so long as a copy of such opinion of Xxxxxxx XxXxxxxxx LLP is
delivered to you and is in form and substance satisfactory to you and your
counsel, and such opinion of Xxxxxxx XxXxxxxxx LLP expressly permits reliance
thereon by Xxxxxxx and Xxxxxx LLP for purposes of rendering the foregoing
opinion.
(g) The Underwriters shall have received on the Closing Date a
certificate from a duly authorized officer of each of the Custodian and
the Transfer Agent, certifying that the Custodian Agreement and the
Transfer Agency Agreement, as applicable, is in full force and effect and
is a valid and binding agreement of the Custodian or the Transfer Agent,
as applicable.
(h) The Underwriters shall have received, on each of the date
hereof and the Closing Date, a letter dated the date hereof or the Closing
Date, as the case may be, in form and substance satisfactory to the
Underwriters, from Deloitte & Touche LLP, independent public accountants,
containing statements and information of the type ordinarily included in
accountants' "comfort letters" to underwriters with respect to the
financial statements and certain financial information contained in the
Registration Statement, the Time of Sale Prospectus and the Prospectus,
provided that the letter delivered on the Closing Date shall use a
"cut-off date" not earlier than the date hereof.
(i) All filings, applications and proceedings taken by the Fund
and the Investment Advisers in connection with the organization and
registration of the Fund and the Shares under the Acts and the applicable
Rules and Regulations shall be satisfactory in form and substance to you
and counsel for the Underwriters.
(j) No action, suit, proceeding, inquiry or investigation shall
have been instituted or threatened by the Commission which would adversely
affect the Fund's standing as a registered investment company under the
Investment Company Act or the standing of the Adviser or Sub-Adviser as a
registered investment adviser under the Advisers Act.
(k) The Shares shall have been duly authorized for listing on
the New York Stock Exchange, subject only to official notice of issuance
thereof.
The several obligations of the Underwriters to purchase Additional Shares
hereunder are subject to the delivery to you on the applicable Option Closing
Date of such documents as you may reasonably request with respect to the good
standing of the Fund and the Investment Advisers, the due authorization and
issuance of the Additional Shares to be sold on such Option Closing Date and
other matters related to the issuance of such Additional Shares, and officers'
certificates and opinions of Xxxxxxx and Xxxxxx LLP, Xxxxxxx LLP, Xxxxxxx
XxXxxxxxx LLP and Weil, Gotshal & Xxxxxx LLP to the effect set forth above,
except that such certificates and opinions shall be dated as of the applicable
Option Closing Date and statements and opinions above contemplated to be given
as of the Closing Date shall instead be made and given as of such Option Closing
Date.
7. Covenants of the Fund and the Investment Advisers. In further
consideration of the agreements of the Underwriters herein contained, the Fund
and the Investment Advisers, jointly and severally, covenant and agree with each
Underwriter as follows:
(a) To notify you immediately, and confirm such notice in
writing, (i) of the institution of any proceedings pursuant to Section
8(e) of the Investment Company Act and (ii) of the happening of any event
during the period mentioned in Section 7(h) below which in the judgment of
the Fund makes any statement in the Notification, the Registration
Statement the Time of Sale Prospectus, any Omitting Prospectus or the
Prospectus untrue in any material respect or which requires the making of
any change in or addition to the Notification, the Registration Statement,
the Time of Sale Prospectus, any Omitting Prospectus or the Prospectus in
order to make the statements therein not misleading in any material
respect. If at any time the Commission shall issue any order suspending
the effectiveness of the Registration Statement or an order pursuant to
Section 8(e) of the Investment Company Act, the Fund will make every
reasonable effort to obtain the withdrawal of such order at the earliest
possible moment.
(b) To furnish to you, without charge, three conformed copies of
each of the Notification and the Registration Statement (including
exhibits thereto) and for delivery to each other Underwriter a conformed
copy of each of the Notification and the Registration Statement (without
exhibits thereto) and to furnish to you in New York City, without charge,
prior to 10:00 A.M. (New York City time) on the business day next
succeeding the date of this Agreement and during the period mentioned in
Section 7(e) below, as many copies of the Time of Sale Prospectus,
Prospectus and any supplements and amendments thereto or to the
Registration Statement as you may reasonably request.
(c) During the period during which the Prospectus is required to
be delivered in connection with the sale of the Shares, before amending or
supplementing the Registration Statement, the Time of Sale Prospectus or
the Prospectus, to furnish to you a copy of each such proposed amendment
or supplement and not to file any such proposed amendment or supplement to
which you reasonably object, and to file with the Commission within the
applicable period specified in Rule 497 under the Securities Act any
prospectus required to be filed pursuant to such Rule.
(d) To furnish to you a copy of each proposed Omitting
Prospectus to be prepared by or on behalf of, used by, or referred to by
the Fund and not to use or refer to any proposed Omitting Prospectus to
which you reasonably object.
(e) If the Time of Sale Prospectus is being used to solicit
offers to buy the Shares at a time when the Prospectus is not yet
available to prospective purchasers and any event shall occur or condition
exist as a result of which it is necessary to amend or supplement the Time
of Sale Prospectus in order to make the statements therein, in the light
of the circumstances under which they were made, not misleading, or if any
event shall occur or condition exist as a result of which the Time of Sale
Prospectus conflicts with the information contained in the Registration
Statement then on file, or if, in the opinion of counsel for the
Underwriters, it is necessary to amend or supplement the Time of Sale
Prospectus to comply with applicable law, forthwith to prepare, file with
the Commission and furnish, at its own expense, to the Underwriters and to
any dealer upon request, either amendments or supplements to the Time of
Sale Prospectus so that the statements in the Time of Sale Prospectus as
so amended or supplemented will not, in the light of the circumstances
existing when delivered to a prospective purchaser, be misleading or so
that the Time of Sale Prospectus, as amended or supplemented, will no
longer conflict with the Registration Statement, or so that the Time of
Sale Prospectus, as amended or supplemented, will comply in all material
respects with applicable law.
(f) The Fund will use the net proceeds received by it from the
sale of the Shares in the manner specified in the Time of Sale Prospectus
and the Prospectus.
(g) The Fund and the Investment Advisers will not take any
action designed to cause or result in the manipulation of the price of any
security of the Fund to facilitate the sale of Shares in violation of the
Acts or the Exchange Act and the applicable Rules and Regulations, or the
securities or Blue Sky laws of the various states and foreign
jurisdictions in connection with the offer and sale of Shares.
(h) If, during such period after the first date of the public
offering of the Shares as in the opinion of counsel for the Underwriters
the Prospectus is required by law to be delivered in connection with sales
by an Underwriter or dealer, any event shall occur or condition exist as a
result of which it is necessary to amend or supplement the Prospectus in
order to make the statements therein, in the light of the circumstances
when the Prospectus is delivered to a purchaser, not misleading, or if, in
the opinion of counsel for the Underwriters, it is necessary to amend or
supplement the Prospectus to comply with applicable law, forthwith to
prepare, file with the Commission and furnish, at its own expense, to the
Underwriters and to the dealers (whose names and addresses you will
furnish to the Fund) to which Shares may have been sold by you on behalf
of the Underwriters and to any other dealers upon request, either
amendments or supplements to the Prospectus so that the statements in the
Prospectus as so amended or supplemented will not, in the light of the
circumstances existing when the Prospectus is delivered to a purchaser, be
misleading or so that the Prospectus, as amended or supplemented, will
comply in all material respects with applicable law.
(i) [Reserved]
(j) To endeavor to qualify the Shares for offer and sale under
the securities or Blue Sky laws of such jurisdictions as you shall
reasonably request.
(k) To make generally available to the Fund's security holders
and, upon request, to you as soon as practicable an earning statement
covering a period of at least twelve months beginning with the first
fiscal quarter of the Fund occurring after the date of this Agreement
which shall satisfy the provisions of Section 11(a) of the Securities Act
and the Rules and Regulations, including Rule 158, of the Commission
thereunder.
(l) Whether or not the transactions contemplated in this
Agreement are consummated or this Agreement is terminated, to pay or cause
to be paid all expenses incident to the performance of the obligations of
the Fund and the Investment Advisers under this Agreement, including: (i)
the fees, disbursements and expenses of the Fund's counsel and the Fund's
accountants in connection with the registration and delivery of the Shares
under the Securities Act and all other fees or expenses in connection with
the preparation and filing of the Notification, the Registration
Statement, any preliminary prospectus, the Time of Sale Prospectus, the
Prospectus, and any Omitting Prospectus prepared by or on behalf of, used
by, or referred to by the Fund and amendments and supplements to any of
the foregoing, including all printing costs associated therewith, and the
mailing and delivering of copies thereof to the Underwriters and dealers,
in the quantities hereinabove specified, (ii) all costs and expenses
related to the transfer and delivery of the Shares to the Underwriters,
including any transfer or other taxes payable thereon, (iii) the cost of
printing or producing any Blue Sky memorandum in connection with the offer
and sale of the Shares under state securities laws and all expenses in
connection with the qualification of the Shares for offer and sale under
state securities laws as provided in Section 7(j) hereof, including filing
fees and the reasonable fees and disbursements of counsel for the
Underwriters in connection with such qualification and in connection with
the Blue Sky memorandum, (iv) all filing fees and the reasonable fees and
disbursements of counsel to the Underwriters incurred in connection with
the review and qualification of the offering of the Shares by FINRA, which
fees and disbursements of counsel to the Underwriters shall not exceed
$30,000 in the aggregate, (v) all fees and expenses in connection with the
preparation and filing of the registration statement on Form 8-A relating
to the Common Shares and all costs and expenses incident to listing the
Shares on the New York Stock Exchange, (vi) the cost of printing
certificates representing the Shares, (vii) the costs and charges of any
transfer agent, registrar or depositary, (viii) the costs and expenses of
the Fund relating to investor presentations on any "road show" undertaken
in connection with the marketing of the offering of the Shares, including,
without limitation, expenses associated with the preparation or
dissemination of any electronic road show, expenses associated with
production of road show slides and graphics, fees and expenses of any
consultants engaged in connection with the road show presentations with
the prior approval of the Fund, travel and lodging expenses of the
representatives and officers of the Fund and any such consultants, and the
cost of any aircraft chartered in connection with the road show, (ix) the
document production charges and expenses associated with printing this
Agreement and (x) all other costs and expenses incident to the performance
of the obligations of the Fund hereunder for which provision is not
otherwise made in this Section. It is understood, however, that except as
provided in this Section, Section 8 entitled "Indemnity and Contribution"
and the last paragraph of Section 10 below, the Underwriters will pay all
of their costs and expenses, including fees and disbursements of their
counsel, stock transfer taxes payable on resale of any of the Shares by
them and any advertising expenses connected with any offers they may make.
(m) The Fund will not declare or pay any dividend or other
distribution on any of the Common Shares unless a holder of such Common
Shares that was not a holder of record until the close of business on
January 28, 2013 would be entitled to receive the full amount thereof.
8. Indemnity and Contribution. (a) Each of the Fund and the Investment
Advisers, jointly and severally, agrees to indemnify and hold harmless each
Underwriter, each person, if any, who controls any Underwriter within the
meaning of either Section 15 of the Securities Act or Section 20 of the Exchange
Act, each agent of any Underwriter and each director, officer or affiliate of
any Underwriter within the meaning of Rule 405 under the Securities Act from and
against any and all losses, claims, damages and liabilities (including, without
limitation, any legal or other expenses reasonably incurred in connection with
defending or investigating any such action or claim), caused by any untrue
statement or alleged untrue statement of a material fact contained in the
Registration Statement or any amendment thereof, any Omitting Prospectus, any
preliminary prospectus (including any statement of additional information
incorporated therein by reference), the Time of Sale Prospectus, or the
Prospectus or any amendment or supplement thereto, or caused by any omission or
alleged omission to state therein a material fact required to be stated therein
or necessary to make the statements therein not misleading, except insofar as
such losses, claims, damages or liabilities are caused by any such untrue
statement or omission or alleged untrue statement or omission based upon
information relating to any Underwriter furnished to the Fund or the Investment
Advisers in writing by such Underwriter through you expressly for use therein.
(b) Each Underwriter agrees, severally and not jointly, to indemnify
and hold harmless each of the Fund and the Investment Advisers, its
directors or trustees (as the case may be), and each officer of the Fund
who signs the Registration Statement and each person, if any, who controls
the Fund or any Investment Adviser within the meaning of either Section 15
of the Securities Act or Section 20 of the Exchange Act to the same extent
as the foregoing indemnity from the Fund and the Investment Advisers to
such Underwriter, but only with reference to information relating to such
Underwriter furnished to the Fund or the Investment Advisers in writing by
such Underwriter through you expressly for use in the Registration
Statement, any preliminary prospectus (including any statement of
additional information incorporated therein by reference), the Time of
Sale Prospectus, any Omitting Prospectus or Prospectus or any amendments
or supplements thereto.
(c) In case any proceeding (including any governmental
investigation) shall be instituted involving any person in respect of
which indemnity may be sought pursuant to Section 8(a) or 8(b), such
person (the "INDEMNIFIED PARTY") shall promptly notify the person against
whom such indemnity may be sought (the "INDEMNIFYING PARTY") in writing
and the indemnifying party, upon request of the indemnified party, shall
retain counsel reasonably satisfactory to the indemnified party to
represent the indemnified party and any others the indemnifying party may
designate in such proceeding and shall pay the fees and disbursements of
such counsel related to such proceeding. In any such proceeding, any
indemnified party shall have the right to retain its own counsel, but the
fees and expenses of such counsel shall be at the expense of such
indemnified party unless (i) the indemnifying party and the indemnified
party shall have mutually agreed to the retention of such counsel or (ii)
the named parties to any such proceeding (including any impleaded parties)
include both the indemnifying party and the indemnified party and
representation of both parties by the same counsel would be inappropriate
due to actual or potential differing interests between them. It is
understood that the indemnifying party shall not, in respect of the legal
expenses of any indemnified party in connection with any proceeding or
related proceedings in the same jurisdiction, be liable for (i) the fees
and expenses of more than one separate firm (in addition to any local
counsel) for all Underwriters and all persons, if any, who control any
Underwriter within the meaning of either Section 15 of the Securities Act
or Section 20 of the Exchange Act, all persons who are agents of any
Underwriter or all persons who are directors, officers and affiliates of
any Underwriters within the meaning of Section 405 under the Securities
Act, (ii) the fees and expenses of more than one separate firm (in
addition to any local counsel) for the Fund, its trustees, its officers
who sign the Registration Statement and each person, if any, who controls
the Fund within the meaning of either such Section, and (iii) the fees and
expenses of more than one separate firm (in addition to any local counsel)
for the Investment Advisers, their directors or trustees, as the case may
be, and each person, if any, who controls any of the Investment Advisers
within the meaning of either such Section, and that all such fees and
expenses shall be reimbursed as they are incurred. In the case of any such
separate firm for the Underwriters and such control persons, agents,
directors, officers and affiliates of any Underwriters, such firm shall be
designated in writing by the Representatives. In the case of any such
separate firm for the Fund, and such trustees, officers and control
persons of the Fund, such firm shall be designated in writing by the Fund.
In the case of any such separate firm for the Investment Advisers, and
such directors and control persons of the Investment Advisers, such firm
shall be designated in writing by the Adviser. The indemnifying party
shall not be liable for any settlement of any proceeding effected without
its written consent, but if settled with such consent or if there be a
final judgment for the plaintiff, the indemnifying party agrees to
indemnify the indemnified party from and against any loss or liability by
reason of such settlement or judgment. Notwithstanding the foregoing
sentence, if at any time an indemnified party shall have requested an
indemnifying party to reimburse the indemnified party for fees and
expenses of counsel as contemplated by the second and third sentences of
this paragraph, the indemnifying party agrees that it shall be liable for
any settlement of any proceeding effected without its written consent if
(i) such settlement is entered into more than 30 days after receipt by
such indemnifying party of the aforesaid request and (ii) such
indemnifying party shall not have reimbursed the indemnified party in
accordance with such request prior to the date of such settlement. No
indemnifying party shall, without the prior written consent of the
indemnified party, effect any settlement of any pending or threatened
proceeding in respect of which any indemnified party is or could have been
a party and indemnity could have been sought hereunder by such indemnified
party, unless such settlement includes an unconditional release of such
indemnified party from all liability on claims that are the subject matter
of such proceeding and does not include a statement as to or an admission
of fault, culpability or a failure to act by or on behalf of any
indemnified party.
(d) To the extent the indemnification provided for in Section 8(a)
or 8(b) is unavailable to an indemnified party or insufficient in respect
of any losses, claims, damages or liabilities referred to therein, then
each indemnifying party under such paragraph, in lieu of indemnifying such
indemnified party thereunder, shall contribute to the amount paid or
payable by such indemnified party as a result of such losses, claims,
damages or liabilities (i) in such proportion as is appropriate to reflect
the relative benefits received by the Fund and the Investment Advisers on
the one hand and the Underwriters on the other hand from the offering of
the Shares or (ii) if the allocation provided by clause 8(d)(i) above is
not permitted by applicable law, in such proportion as is appropriate to
reflect not only the relative benefits referred to in clause 8(d)(i) above
but also the relative fault of the Fund and the Investment Advisers on the
one hand and of the Underwriters on the other hand in connection with the
statements or omissions that resulted in such losses, claims, damages or
liabilities, as well as any other relevant equitable considerations. The
relative benefits received by the Fund and the Investment Advisers on the
one hand and the Underwriters on the other hand in connection with the
offering of the Shares shall be deemed to be in the same respective
proportions as the net proceeds from the offering of the Shares (before
deducting expenses) received by the Fund and the total underwriting
discounts and commissions received by the Underwriters, in each case as
set forth in the table on the cover of the Prospectus, bear to the
aggregate Public Offering Price of the Shares. The relative fault of the
Fund and the Investment Advisers on the one hand and the Underwriters on
the other hand 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 Fund or any of the Investment Advisers or by
the Underwriters and the parties' relative intent, knowledge, access to
information and opportunity to correct or prevent such statement or
omission. The Underwriters' respective obligations to contribute pursuant
to this Section 8 are several in proportion to the respective number of
Shares they have purchased hereunder, and not joint. Each of the
Investment Advisers agrees to pay any amounts that are payable by the Fund
pursuant to this paragraph to the extent that the Fund fails to make all
contributions required to be made by the Fund pursuant to this Section 8.
(e) The Fund, the Investment Advisers and the Underwriters agree
that it would not be just or equitable if contribution pursuant to this
Section 8 were determined by pro rata allocation (even if the Underwriters
were treated as one entity for such purpose) or by any other method of
allocation that does not take account of the equitable considerations
referred to in Section 8(d). The amount paid or payable by an indemnified
party as a result of the losses, claims, damages and liabilities referred
to in Section 8(d) shall be deemed to include, subject to the limitations
set forth above, any legal or other expenses reasonably incurred by such
indemnified party in connection with investigating or defending any such
action or claim. Notwithstanding the provisions of this Section 8, no
Underwriter shall be required to contribute any amount in excess of the
amount by which the total price at which the Shares underwritten by it and
distributed to the public were offered to the public exceeds the amount of
any damages that such Underwriter has otherwise been required to pay by
reason of such untrue or alleged untrue statement or omission or alleged
omission. No person guilty of fraudulent misrepresentation (within the
meaning of Section 11(f) of the Securities Act) shall be entitled to
contribution from any person who was not guilty of such fraudulent
misrepresentation. The remedies provided for in this Section 8 are not
exclusive and shall not limit any rights or remedies which may otherwise
be available to any indemnified party at law or in equity.
(f) The indemnity and contribution provisions contained in this
Section 8 and the representations, warranties and other statements of the
Fund and each of the Investment Advisers contained in this Agreement shall
remain operative and in full force and effect regardless of (i) any
termination of this Agreement, (ii) any investigation made by or on behalf
of any Underwriter, any person controlling any Underwriter or any agent of
any Underwriter or any director, officer and affiliate of any Underwriter
or by or on behalf of any of the Investment Advisers, their officers or
directors or any person controlling the Investment Advisers or by or on
behalf of the Fund, its officers or trustees or any person controlling the
Fund and (iii) acceptance of and payment for any of the Shares.
9. Termination. The Underwriters may terminate this Agreement by notice
given by you to the Fund, if after the execution and delivery of this Agreement
and prior to the Closing Date (i) trading generally shall have been suspended or
materially limited on, or by, as the case may be, any of the New York Stock
Exchange, the NYSE MKT, the NASDAQ Global Market, the Chicago Board of Options
Exchange, the Chicago Mercantile Exchange or the Chicago Board of Trade, (ii)
trading of any securities of the Fund shall have been suspended on any exchange
or in any over-the-counter market, (iii) a material disruption in securities
settlement, payment or clearance services in the United States shall have
occurred, (iv) any moratorium on commercial banking activities shall have been
declared by Federal or New York State authorities or (v) there shall have
occurred any outbreak or escalation of hostilities, or any change in financial
markets, currency exchange rates or controls or any calamity or crisis that, in
your judgment, is material and adverse and which, singly or together with any
other event specified in this clause (v), makes it, in your judgment,
impracticable or inadvisable to proceed with the offer, sale or delivery of the
Shares on the terms and in the manner contemplated in the Time of Sale
Prospectus or the Prospectus.
10. Effectiveness; Defaulting Underwriters. This Agreement shall become
effective upon the execution and delivery hereof by the parties hereto.
If, on the Closing Date or an Option Closing Date, as the case may be, any
one or more of the Underwriters shall fail or refuse to purchase Shares that it
has or they have agreed to purchase hereunder on such date, and the aggregate
number of Shares which such defaulting Underwriter or Underwriters agreed but
failed or refused to purchase is not more than one-tenth of the aggregate number
of the Shares to be purchased on such date, the other Underwriters shall be
obligated severally in the proportions that the number of Firm Shares set forth
opposite their respective names in Schedule I bears to the aggregate number of
Firm Shares set forth opposite the names of all such non-defaulting
Underwriters, or in such other proportions as you may specify, to purchase the
Shares which such defaulting Underwriter or Underwriters agreed but failed or
refused to purchase on such date; provided that in no event shall the number of
Shares that any Underwriter has agreed to purchase pursuant to this Agreement be
increased pursuant to this Section 10 by an amount in excess of one-ninth of
such number of Shares without the written consent of such Underwriter. If, on
the Closing Date, any Underwriter or Underwriters shall fail or refuse to
purchase Firm Shares and the aggregate number of Firm Shares with respect to
which such default occurs is more than one-tenth of the aggregate number of Firm
Shares to be purchased on such date, and arrangements satisfactory to you and
the Fund for the purchase of such Firm Shares are not made within 36 hours after
such default, this Agreement shall terminate without liability on the part of
any non-defaulting Underwriter or the Fund or the Investment Advisers. In any
such case either you or the Fund shall have the right to postpone the Closing
Date, but in no event for longer than seven days, in order that the required
changes, if any, in the Registration Statement, in the Time of Sale Prospectus,
in the Prospectus or in any other documents or arrangements may be effected. If,
on an Option Closing Date, any Underwriter or Underwriters shall fail or refuse
to purchase Additional Shares and the aggregate number of Additional Shares with
respect to which such default occurs is more than one-tenth of the aggregate
number of Additional Shares to be purchased on such Option Closing Date, the
non-defaulting Underwriters shall have the option to (i) terminate their
obligation hereunder to purchase the Additional Shares to be sold on such Option
Closing Date or (ii) purchase not less than the number of Additional Shares that
such non-defaulting Underwriters would have been obligated to purchase in the
absence of such default. Any action taken under this paragraph shall not relieve
any defaulting Underwriter from liability in respect of any default of such
Underwriter under this Agreement.
If this Agreement shall be terminated by the Underwriters, or any of them,
because of any failure or refusal on the part of the Fund or any of the
Investment Advisers to comply with the terms or to fulfill any of the conditions
of this Agreement, or if for any reason the Fund or any of the Investment
Advisers shall be unable to perform its obligations under this Agreement, the
Fund and the Investment Advisers, jointly and severally, will reimburse the
Underwriters or such Underwriters as have so terminated this Agreement with
respect to themselves, severally, for all out-of-pocket expenses (including the
fees and disbursements of their counsel) reasonably incurred by such
Underwriters in connection with this Agreement or the offering contemplated
hereunder.
11. Waiver of Jury Trial. EACH PARTY HERETO HEREBY WAIVES, TO THE
FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY RIGHT IT MAY HAVE TO A TRIAL BY
JURY IN RESPECT OF ANY PROCEEDING OR CLAIM (WHETHER BASED UPON CONTRACT, TORT OR
OTHERWISE) ARISING OUT OF OR IN ANY WAY RELATING TO THIS AGREEMENT. THE FUND AND
THE INVESTMENT ADVISERS AGREE THAT A FINAL JUDGMENT IN ANY PROCEEDING OR CLAIM
ARISING OUT OF OR IN ANY WAY RELATING TO THIS AGREEMENT BROUGHT IN ANY COURT
SHALL BE CONCLUSIVE AND BINDING UPON THE PARTIES AND MAY BE ENFORCED IN ANY
OTHER COURTS TO THE JURISDICTION OF WHICH SUCH PARTY IS OR MAY BE SUBJECT, BY
SUIT UPON SUCH JUDGMENT.
12. Entire Agreement. (a) This Agreement, together with any
contemporaneous written agreements and any prior written agreements (to the
extent not superseded by this Agreement) that relate to the offering of the
Shares, represents the entire agreement between the Fund, the Investment
Advisers and the Underwriters with respect to the preparation of any preliminary
prospectus, the Time of Sale Prospectus, the Prospectus, the conduct of the
offering, and the purchase and sale of the Shares.
(b) The Fund and the Investment Advisers acknowledge that in
connection with the offering of the Shares: (i) the Underwriters have
acted at arms length, are not agents of, and owe no fiduciary duties to,
the Fund, the Investment Advisers or any other person, (ii) the
Underwriters owe the Fund and the Investment Advisers only those duties
and obligations set forth in this Agreement and prior written agreements
(to the extent not superseded by this Agreement), if any, and (iii) the
Underwriters may have interests that differ from those of the Fund and the
Investment Advisers. The Fund and the Investment Advisers waive to the
full extent permitted by applicable law any claims any of them may have
against the Underwriters arising from an alleged breach of fiduciary duty
in connection with the offering of the Shares.
13. Counterparts. This Agreement may be signed in two or more
counterparts, each of which shall be an original, with the same effect as if the
signatures thereto and hereto were upon the same instrument.
14. Applicable Law. This Agreement shall be governed by and construed in
accordance with the internal laws of the State of New York.
15. Headings. The headings of the sections of this Agreement have been
inserted for convenience of reference only and shall not be deemed a part of
this Agreement.
16. Notices. All communications hereunder shall be in writing and
effective only upon receipt and if to the Underwriters shall be delivered,
mailed or sent to you in care of: Xxxxxx Xxxxxxx & Co. LLC, 0000 Xxxxxxxx, Xxx
Xxxx, Xxx Xxxx 00000, Attention: Equity Syndicate Desk, with a copy to the Legal
Department; and Citigroup Global Markets Inc., General Counsel (fax no.: (212)
000-0000), with a copy to Citigroup Global Markets Inc., 000 Xxxxxxxxx Xxxxxx,
Xxx Xxxx, Xxx Xxxx 00000, Attention: General Counsel; if to the Fund or the
Adviser, shall be delivered, mailed or sent to First Trust Portfolios L.P., 000
Xxxx Xxxxxxx Xxxxx, Xxxxx 000, Xxxxxxx, Xxxxxxxx 00000, Attention: W. Xxxxx
Xxxxxxx; and if to the Sub-Adviser, shall be delivered, mailed or sent to Energy
Income Partners, LLC, 00 Xxxxxxxxx Xxx., Xxxxx 0, Xxxxxxxx, XX 00000, Attention:
Xxxxx Xxxxxxx.
17. Disclaimer of Liability of Trustees and Beneficiaries. A copy of the
Declaration of Trust of the Fund is on file with the Secretary of State of The
Commonwealth of Massachusetts, and notice hereby is given that this Agreement is
executed on behalf of the Fund by an officer or Trustee of the Fund in his or
her capacity as an officer or Trustee of the Fund and not individually and that
the obligations under or arising out of this Agreement are not binding upon any
of the Trustees, officers or shareholders individually but are binding only upon
the assets and properties of the Fund.
[Remainder of page intentionally left blank]
Very truly yours,
FIRST TRUST MLP AND ENERGY INCOME FUND
By:
-------------------------------
Name:
Title:
FIRST TRUST ADVISORS L.P.
By:
-------------------------------
Name:
Title:
ENERGY INCOME PARTNERS, LLC
By:
-------------------------------
Name:
Title:
Accepted as of the date hereof
Xxxxxx Xxxxxxx & Co. LLC
Citigroup Global Markets Inc.
Acting severally on behalf of themselves and the several Underwriters named in
Schedule I hereto
By: Xxxxxx Xxxxxxx & Co. LLC
By:
--------------------------------------------
Name: Xxx Xxxxxxxxx
Title: Vice President
By: Citigroup Global Markets Inc.
By:
--------------------------------------------
Name:
Title:
SCHEDULE I
NUMBER OF FIRM SHARES TO
UNDERWRITER BE PURCHASED
Xxxxxx Xxxxxxx & Co. LLC.............................................
Citigroup Global Markets Inc. .......................................
Xxxxxxxxxxx & Co. Inc................................................
RBC Capital Markets, LLC.............................................
Xxxxxx X. Xxxxx & Co. Incorporated ..................................
BB&T Capital Markets, a division of Xxxxx & Xxxxxxxxxxxx, LLC........
Chardan Capital Markets, LLC.........................................
Comerica Securities, Inc.............................................
Xxxxxx & Company LLC.................................................
J.J.B. Xxxxxxxx, X.X. Xxxxx, LLC ....................................
Xxxxxx Xxxxxxxxxx Xxxxx LLC..........................................
X.X. Xxxxxx & Company, LLC...........................................
Ladenburg Xxxxxxxx & Co. Inc.........................................
Maxim Group LLC......................................................
Newbridge Securities Corporation.....................................
Pershing LLC.........................................................
Sterne, Agee & Xxxxx, Inc............................................
Wedbush Securities Inc...............................................
Xxxxxxxxxx Securities, Inc...........................................
Total:......................................................
SCHEDULE II
================================================================================
OMITTING PROSPECTUSES
1. Retail Omitting Prospectus:
Client guide printed October 23, 2012.
2. The following documents labeled "For Broker/Dealer Use Only":
Broker-dealer guide printed October 23, 2012.
SCHEDULE III
ORAL INFORMATION, IF ANY, INCLUDED AS PART OF THE TIME OF SALE
PROSPECTUS
(1) The number of common shares of beneficial interest (par value $0.01 per
share) offered by the Fund (assuming no exercise of the underwriters'
overallotment option) is [ ], and the number of Additional Shares is [ ].
EXHIBIT A
November 30, 2012
Xxxxxx Xxxxxxx & Co. LLC
Citigroup Global Markets Inc.
And the other several Underwriters
listed on Schedule I to the Underwriting Agreement
c/o Morgan Xxxxxxx & Co. LLC
0000 Xxxxxxxx
Xxx Xxxx, Xxx Xxxx 00000
Citigroup Global Markets Inc.
00 Xxxxxxxxx Xxxxxx
Xxx Xxxx, Xxx Xxxx 00000
Re: Common Shares of Beneficial Interest, $0.01 par value, of First Trust
MLP and Energy Income Fund
--------------------------------------------------------------------------------
Ladies and Gentlemen:
We have acted as counsel to First Trust MLP and Energy Income Fund, a
Massachusetts business trust (the "Fund"), in connection with the Fund's
Registration Statement on Form N-2 (No. 333-183396; No. 811-22738), as amended
as of the date hereof, filed with the Securities and Exchange Commission (the
"Commission") under the Securities Act of 1933, as amended (the "Securities
Act"), and under the Investment Company Act of 1940, as amended (the "Investment
Company Act"), including the information deemed to be a part of any such
registration statement at the time of effectiveness pursuant to Rule 430A under
the Securities Act (collectively, the "Registration Statement"), the Preliminary
Prospectus dated October 23, 2012, filed with the Commission (together with the
preliminary statement of additional information dated October 23, 2012, the
"Preliminary Prospectus") and the Prospectus dated November 27, 2012, filed with
the Commission under Rule 497 under the Securities Act (together with the
statement of additional information dated November 27, 2012, filed with the
Commission under Rule 497 under the Securities Act, the "Prospectus"), covering
the issuance by the Fund of ____________ (the "Shares") common shares of
beneficial interest, par value $0.01 per share of the Fund (the "Common
Shares"), and the purchase of the Shares from the Fund by the several
Underwriters (collectively, the "Underwriters") named in Schedule I to the
Underwriting Agreement dated November 27, 2012 (the "Underwriting Agreement")
among the Fund, First Trust Advisors L.P. (the "Advisor"), Energy Income
Partners, LLC (the "Sub-Advisor") and you, as representatives of the
Underwriters. We have also acted as counsel to the Advisor in connection with
its execution and delivery of the Underwriting Agreement. This opinion is
furnished to you pursuant to Section 6(d) of the Underwriting Agreement.
Capitalized terms not defined herein shall have the meanings ascribed to such
terms in the Underwriting Agreement.
In this connection, we have examined originals, or copies certified or
otherwise identified to our satisfaction, of (1) the Underwriting Agreement, the
Investment Advisory Agreement, the Sub-Advisory Agreement, the Service
Agreement, the Custodian Agreement and the Transfer Agency Agreement (such
agreements, collectively, the "Fundamental Agreements"); (2) the Dividend
Reinvestment Plan (the "Plan"); (3) the Registration Statement; (4) the
Preliminary Prospectus and the Prospectus; (5) resolutions adopted by the Board
of Trustees; (6) the Declaration of Trust (the "Declaration") and Amended
By-Laws of the Fund (the "By-Laws"); (7) a certificate of the Secretary of The
Commonwealth of Massachusetts as to the existence of the Fund; (8) the
Notification of Registration Filed Pursuant to Section 8(a) of the Investment
Company Act on Form N-8A filed by the Fund, as amended (the "Form N-8A"); (9)
the legal opinion of Xxxxxxx XxXxxxxxx LLP, dated November 30, 2012, a copy of
which has been provided to you; and (10) such corporate and other records,
certificates, documents and other papers as we deemed it necessary to examine
for the purpose of this opinion. We have been advised by the Fund that it
currently has outstanding 5,236 of its Common Shares (the "Seed Capital Shares")
issued to First Trust Portfolios L.P. pursuant to a Subscription Agreement dated
October 11, 2012 between the Fund and First Trust Portfolios L.P.
In rendering our opinion, we have relied, as to factual matters, upon
written certificates and other documents, public records, agreements,
instruments and certificates of public officials delivered at closing and made
such other investigation as we have deemed appropriate in connection with the
rendering of this opinion. Except as expressly described herein, we have not
undertaken any independent investigation of any factual matters which might be
relevant to this opinion and we have made no independent investigation of the
records of, or other matters relating to, the Fund, the Advisor or the
Sub-Advisor, or any other entity. We have not independently verified any of the
facts reflected in the referenced documents or any of our assumptions.
Our opinions are subject to the following assumptions and qualifications:
(a) We have assumed the competency of the signatories to the
Fundamental Agreements, and the other documents, officers' certificates
and agreements delivered in connection therewith, the genuineness of all
signatures, the authenticity of all documents submitted to us as
originals, the conformity to original documents of all documents submitted
to us as certified or photostatic copies, and the accuracy and
completeness of all records made available to us.
(b) We have assumed that (i) each Fundamental Agreement has been
duly authorized, executed and delivered by all parties thereto (other than
the Fund), (ii) all parties to each Fundamental Agreement (other than the
Fund) are validly existing and in good standing under the laws of their
respective jurisdiction of organization; (iii) each such party (other than
the Fund) is duly qualified to engage in the activities contemplated by
each Fundamental Agreement to which it is a party and has the requisite
organizational power and authority to execute, deliver and perform its
obligations thereunder; (iv) except insofar as such opinions are contained
in opinion paragraph (xiii) below, there are no actions, suits or
proceedings pending or threatened against the Fund, the Advisor, the
Sub-Advisor or any other party to the Fundamental Agreements before any
court, governmental agency or arbitrator that affect the legality,
validity or enforceability of such agreements or the opinions rendered
herein; (v) except insofar as such representations and warranties involve
conclusions of law upon which we are expressly rendering opinions herein,
the representations and warranties of all parties in the Fundamental
Agreements are true and correct as of the date hereof; (vi) each party to
the Fundamental Agreements (other than the Fund) has complied with its
material covenants and other material obligations under the Fundamental
Agreements; (vii) there has not been any fraud, duress, undue influence or
material mistake of fact in connection with the transactions contemplated
by the Fundamental Agreements; and (viii) there are no agreements, course
of prior dealings or other understandings among the parties that modify
the respective rights and obligations of the parties under the Fundamental
Agreements or that would have an effect on the opinions rendered herein.
(c) We have assumed that each party to each Fundamental Agreement
(other than the Fund) has appropriate licenses and approvals for the
conduct of its business and the execution and delivery of, and performance
of its obligations under, each Fundamental Agreement to which it is a
party, and the execution, delivery and performance under each such
Fundamental Agreement will not result in the violation of any applicable
statute or regulation, or any judgment, order, writ, injunction, decree or
determination to which such party is subject.
(d) Our opinion is subject to generally applicable rules of law
that (i) limit or affect the enforcement of provisions that purport to
require waiver of the obligations of good faith, fair dealing, diligence
or reasonableness; (ii) provide that forum selection clauses in contracts
are not necessarily binding on courts in the forum selected; (iii) limit
the availability of a remedy under certain circumstances where another
remedy has been elected; (iv) limit the effectiveness of waivers of rights
or duties under applicable law; (v) limit the enforceability of provisions
releasing, exculpating or exempting a party from, or requiring
indemnification of or contribution to a party for, liability for its own
action or inaction, to the extent the action or inaction involves gross
negligence, recklessness, willful misconduct or unlawful conduct; (vi)
may, where less than all of a contract may be unenforceable, limit the
enforceability of the balance of the contract to circumstances in which
the unenforceable portion is not an essential part of the agreed upon
exchange; (vii) govern and grant judicial discretion regarding the
determination of damages and entitlement to attorneys fees and other
costs; or (viii) permit or provide for a cure of defaults.
(e) We express no opinion as to provisions of the Fundamental
Agreements relating to (i) the statutory jurisdiction of federal courts;
(ii) any forum selection clause to the extent that it does not satisfy the
requirements of New York Consolidated Statutes, Gen. Oblig. xx.xx. 5-1401
and 5-1402; (iii) any service of process, waiver of venue or waiver of
jury trial provision; or (iv) any provision purporting to establish
evidentiary standards.
(f) We express no opinion as to any provision of any Fundamental
Agreement (i) which authorizes or permits any party to make determinations
in its sole discretion, (ii) restricting access to legal or equitable
remedies, (iii) purporting to appoint any person as the attorney in fact
of any other person, (iv) which provides that such agreement may only be
amended, modified or waived in writing, or (v) governing the rights or
obligations of third party beneficiaries.
(g) We express no opinions as to compliance with or applicability
of any state or federal laws or regulations applicable to the transactions
contemplated by the Fundamental Agreements because of the nature of the
business of any party (other than the Fund).
(h) In rendering our opinion as to the good standing of the Fund in
paragraph (ii) below, we have relied solely on the certificate of the
Secretary of State of the Commonwealth of Massachusetts attached to the
closing certificates and the opinion of Xxxxxxx XxXxxxxxx LLP addressed to
you.
(i) Our opinions in paragraph (i) and (iii) as to no stop orders
suspending the effectiveness of the Registration Statement and no orders
of suspension or revocations of registration with the Commission is based
solely on (a) a conversation with a member of the Commission staff and (b)
a fact certificate provided by the Fund.
(j) Our opinion in paragraph (vi) below as to the number of
authorized, issued and outstanding Common Shares of the Fund is based
solely upon our review of resolutions of the Board of Trustees of the Fund
and a certificate of the Transfer Agent.
(k) Whenever an opinion expressed herein is provided with respect
to (or is based upon) "our knowledge" or words of similar import, such
opinions are based entirely on the conscious awareness of the attorneys in
our firm who have devoted substantive attention to the representation of
the Fund and/or the Advisor, as we deem appropriate, and who are listed on
Exhibit A attached hereto.
(l) We have not been requested to and have not obtained special
written rulings of the Commission, state securities commissions or other
administrative bodies or officials charged with the administration of such
statutes, regulations and rulings.
Based upon and subject to the foregoing, but subject to the further
limitations, qualifications and assumptions set forth herein, we are of the
opinion that:
(i) the Fund meets the requirements for the use of Form N-2 under
the Acts; the Registration Statement has become effective under the
Securities Act and, to the best of our knowledge, no stop order suspending
the effectiveness of the Registration Statement is in effect and no
proceedings for such purpose are pending before or threatened by the
Commission; and the filing of the Prospectus pursuant to Rule 497 has been
made in the manner and within the time period required by Rule 497;
(ii) the Fund has been formed under its Declaration and is validly
existing under the laws of the Commonwealth of Massachusetts as a
voluntary association with transferrable shares of beneficial interest
commonly referred to as a "Massachusetts business trust" and is in good
standing as a business trust with the Office of the Secretary of the
Commonwealth of Massachusetts, has the power as a business trust to own
its property and to conduct its business as described in the Registration
Statement, Time of Sale Prospectus and the Prospectus and is duly
qualified to transact business and is in good standing in each
jurisdiction in which the conduct of its business or its ownership or
leasing of property requires such qualification, except to the extent that
the failure to be so qualified or be in good standing would not have a
Fund Material Adverse Effect;
(iii) the Fund is registered with the Commission as a
non-diversified, closed-end management investment company under the
Investment Company Act and, to the best of our knowledge, no order of
suspension or revocation of such registration has been issued or
proceedings therefor initiated or threatened by the Commission; and to the
best of our knowledge, no person is serving or acting as an officer or
trustee of, or investment adviser to, the Fund except in accordance with
the provisions of the Investment Company Act and the Advisers Act;
(iv) each Fundamental Agreement has been duly authorized, executed
and delivered by the Fund and complies with all applicable provisions of
the Acts, the Advisers Act and the applicable Rules and Regulations. Each
Fundamental Agreement, (other than the Underwriting Agreement as to which
we express no opinion), and the Plan is a valid and binding agreement of
the Fund, enforceable against the Fund in accordance with its terms
subject to applicable bankruptcy, insolvency and similar laws affecting
creditors' rights generally and by equitable principles of general
applicability;
(v) none of (i) the execution and delivery by the Fund of, and the
performance by the Fund of its obligations under, each Fundamental
Agreement or the adoption by the Fund of the Plan, or (ii) the issuance
and sale by the Fund of the Shares as contemplated by the Underwriting
Agreement contravenes or will contravene any provision of applicable law
or the Declaration and By-Laws of the Fund or, to the best of our
knowledge, any agreement or other instrument or any bond, debenture, note
or any other evidence of indebtedness that is material to the Fund or is
described in or has been filed as an exhibit to the Registration
Statement, or, to the best of our knowledge, any judgment, order or decree
of any U.S. federal or state governmental body, agency or court having
jurisdiction over the Fund; and no consent, approval, authorization, order
or permit of, or qualification with, any U.S. federal or state
governmental body or agency, self-regulatory organization or court or
other tribunal is required for the performance by the Fund of its
obligations under the Fundamental Agreements or the Plan, except such as
have been obtained as required by the Acts, the Advisers Act, the Exchange
Act, or the applicable Rules and Regulations, and such as may be required
by the securities or Blue Sky laws of the various states and foreign
jurisdictions in connection with the offer and sale of the Shares (as to
which we express no opinion);
(vi) The Fund is authorized, under its Declaration and
Massachusetts law relating to business trusts, to issue an unlimited
number of Common Shares. The Seed Capital Shares have been duly
authorized, validly issued and are fully paid and non-assessable (except
that, as set forth under the caption "Certain Provisions in the
Declaration of Trust and By-Laws" in the Time of Sale Prospectus and
Prospectus, shareholders of a Massachusetts business trust may under
certain circumstances be held liable for the trust's obligations); and the
Declaration and By-Laws of the Fund, the Fundamental Agreements and the
Plan conform in all material respects as to legal matters to the
descriptions thereof contained in each of the Registration Statement, Time
of Sale Prospectus and the Prospectus;
(vii) the Declaration and By-Laws of the Fund, the Fundamental
Agreements and the Plan comply in all material respects with all
applicable provisions of the Acts, the Advisers Act and the Rules and
Regulations, and all approvals of such documents required under the
Investment Company Act by the Fund's shareholders and board of trustees
have been obtained and, to our knowledge, are in full force and effect;
(viii) the Common Shares are not entitled to preemptive or other
rights to subscribe for the shares pursuant to the Declaration, By-Laws or
Massachusetts law governing business trusts;
(ix) the Shares have been duly authorized and, when issued and
delivered in accordance with the terms of the Underwriting Agreement, will
be validly issued, fully paid and non-assessable (except as set forth in
the Registration Statement), and the issuance of such Shares will not be
subject to any preemptive or similar rights pursuant to the Declaration,
By-Laws or Massachusetts law governing business trusts;
(x) the Fund's Registration Statement on Form 8-A under the
Exchange Act has become effective;
(xi) the statements relating to legal matters, documents or
proceedings included in (i) the Registration Statement, Time of Sale
Prospectus and the Prospectus under the captions "Management of the
Fund-Investment Management Agreement," "Description of Shares," "Certain
Provisions in the Declaration of Trust and By-Laws," "Tax Matters,"
"Custodian, Administrator, Fund Accountant and Transfer Agent,"
"Repurchase of Common Shares and Tender Offers" and "Conversion to
Open-End Fund" and (ii) the Prospectus under the caption "Underwriters",
in each case fairly summarize in all material respects such matters,
documents or proceedings;
(xii) the Shares and any Common Shares outstanding prior to the
issuance of the Shares have been approved for listing on the New York
Stock Exchange, subject to official notice of issuance;
(xiii) after due inquiry of the Fund, we do not know of any legal or
governmental proceedings pending or threatened to which the Fund is a
party or to which any of the properties of the Fund is subject that are
required to be described in the Registration Statement, the Time of Sale
Prospectus and the Prospectus and are not so described or of any statutes,
regulations, contracts or other documents that are required to be
described in the Registration Statement, the Time of Sale Prospectus and
the Prospectus or to be filed as exhibits to the Registration Statement
that are not described or filed as required; and
(xiv) the Form N-8A and any supplements or amendments thereto appear
on their face to be appropriately responsive in all material respects to
the requirements of the Acts and the Rules and Regulations.
We express no opinion herein as to the laws of any jurisdiction except the
federal laws of the United States, the laws of the State of Illinois, the laws
of the State of New York and the laws of The Commonwealth of Massachusetts. As
to matters involving the application of the laws of The Commonwealth of
Massachusetts, we are relying solely on the opinion of Xxxxxxx XxXxxxxxx LLP
addressed to you, and have not made any independent investigation of the laws of
The Commonwealth of Massachusetts or the matters covered thereby.
The opinions expressed herein are based on facts in existence or assumed
and laws in effect only as of the date of this opinion letter. We do not assume
responsibility for updating this opinion letter as of any subsequent date, and
assume no responsibility for advising you of (i) any changes with respect to any
matters described in this opinion letter or (ii) the discovery subsequent to the
date of this opinion letter of factual information not previously known to us
pertaining to the events occurring prior to the date of this opinion letter. Our
opinion is limited to the matters expressly stated herein, and no opinion is
implied or may be inferred beyond such matters.
This opinion is provided to you at the request of the Fund in connection
with its entering into the Underwriting Agreement and may be relied upon by you
in connection with the Underwriting Agreement and the transactions described
therein. This opinion is solely for the benefit of the Underwriters in
connection with the transactions contemplated by the Underwriting Agreement.
Without our express written consent, this opinion may not otherwise be relied
upon or used for any other purpose or furnished to any other person, except that
Weil, Gotshal & Xxxxxx LLP, counsel to the Underwriters, is authorized to rely
on this opinion as to all matters of Illinois law expressed herein in rendering
the opinions pursuant to Section 6(f) of the Underwriting Agreement. This
opinion is not to be referred to or quoted in any document, report or financial
statement, or filed with, or delivered to, any governmental agency or other
person or entity, except such disclosure as may be required by law, without our
prior written consent in each instance.
The opinion as set forth in (ix) above may be relied upon by BNY Mellon
Investment Servicing (US) Inc. in connection with its appointment as the Fund's
Transfer Agent and Registrar.
Respectfully submitted,
XXXXXXX AND XXXXXX LLP
EXHIBIT A
Xxxxxxx Xxxxx
Xxxx Xxxxxx
Xxxxxx Xxxxxxxx
Xxxxxx Xxxxxx
Xxxx Xxxxxx
Xxxxxx Xxxxxx
Xxxx Xxxx
Xxxxxx Xxxxxxx
Xxxxx Xxxx
Xxxxxx Xxxxxx
Xxxxx Xxxxxx
Xxxxxxx Xxxxxxx
Xxxxx Xxx
Xxx Xxx
Xxxxxxxx Xxxx
Xxxxx Xxxxxxx
Xxxxxxx Xxxxxxx
Xxxx Xxxxxxxx
Xxxxxxx Xxxxxxx
Xxxxxxxx Xxxxxx
Xxxxx Xxxxx
EXHIBIT B
November 30, 2012
Xxxxxx Xxxxxxx & Co. LLC
Citigroup Global Markets Inc.
And the other several Underwriters
listed on Schedule I to the Underwriting Agreement
c/o Morgan Xxxxxxx & Co. LLC
0000 Xxxxxxxx
Xxx Xxxx, Xxx Xxxx 00000
Citigroup Global Markets Inc.
000 Xxxxxxxxx Xxxxxx
Xxx Xxxx, Xxx Xxxx 00000
Re: Offering of Common Shares of Beneficial Interest, $0.01 par value, of
First Trust MLP and Energy Income Fund
--------------------------------------------------------------------------------
Ladies and Gentlemen:
We have acted as counsel to First Trust MLP and Energy Income Fund, a
Massachusetts business trust (the "Fund"), and First Trust Advisors L.P., an
Illinois limited partnership (the "Advisor"), in connection with the Fund's
Registration Statement on Form N-2 (No. 333-183396; No. 811-22738), as amended
as of the date hereof, filed with the Securities and Exchange Commission (the
"Commission") under the Securities Act of 1933, as amended (the "Securities
Act"), and under the Investment Company Act of 1940, as amended (the "Investment
Company Act"), including the information deemed to be a part of any such
registration statement at the time of effectiveness pursuant to Rule 430A under
the Securities Act (collectively, the "Registration Statement"), the Preliminary
Prospectus dated October 23, 2012, filed with the Commission (together with the
preliminary statement of additional information dated October 23, 2012, the
"Preliminary Prospectus") and the Prospectus dated November 27, 2012, filed with
the Commission under Rule 497 under the Securities Act (together with the
statement of additional information dated November 27, 2012, filed with the
Commission under Rule 497 under the Securities Act, the "Prospectus"), relating
to the issuance by the Fund of __________ common shares of beneficial interest,
par value $.01 per share of the Fund (the "Securities"). As counsel to the Fund
and the Advisor, we reviewed the Registration Statement, Prospectus and the
"Time of Sale Prospectus" (as such term is defined in the Underwriting Agreement
dated November 27, 2012, by and among the Fund, the Advisor, Energy Income
Partners, LLC (the "Sub-Advisor") and you) and participated in discussions with
your representatives and representatives of the Fund, the Advisor, the
Sub-Advisor, the Fund's independent registered public accounting firm, and your
counsel regarding such documents and information and related matters.
On the basis of the information which was developed in the course of the
performance of the services referred to above, in our opinion, the Registration
Statement and the Prospectus, as of their respective effective and issue dates,
appeared to be responsive as to form in all material respects to the
requirements of the Securities Act and the Investment Company Act and the
applicable rules and regulations of the Commission thereunder. In passing upon
the compliance as to form of the Registration Statement and the Prospectus, we
have assumed that the statements made therein are correct and complete (except
to the extent expressly stated in our separate legal opinions delivered to you
concurrently herewith). We do not express any opinion as to the financial
statements, notes and supporting schedules and other financial and statistical
information and data included in or incorporated by reference in or omitted from
the Registration Statement or the Prospectus.
In addition, the purpose of our professional engagement was not to
establish or to confirm factual matters set forth in the Registration Statement,
the Prospectus or the Time of Sale Prospectus, and we have not undertaken to
verify independently any of such factual matters. Moreover, many of the
determinations required to be made in the preparation of the Registration
Statement, the Prospectus or the Time of Sale Prospectus involve matters of a
non-legal nature. Subject to the foregoing and on the basis of the information
we gained in the course of performing the services referred to above, we confirm
to you that no facts came to our attention that caused us to believe that:
(1) the Registration Statement, as of its effective date, contained any
untrue statement of a material fact or omitted to state any material fact
required to be stated therein or necessary to make the statements therein not
misleading, or
(2) the Time of Sale Prospectus, as of ______ a.m. Eastern time on
November 27, 2012 (which we are advised is the time of the pricing of the
offering of the Securities), contained any untrue statement of a material fact
or omitted to state any material fact necessary in order to make the statements
therein, in the light of the circumstances under which they were made, not
misleading, or
(3) the Prospectus, as of its date and as of the date hereof, contained or
contains any untrue statement of a material fact or omitted or omits to state
any material fact necessary in order to make the statements therein, in the
light of the circumstances under which they were made, not misleading, or
(4) the Omitting Prospectus No. 1 or the Omitting Prospectus No. 2, as set
forth on Schedule II of the Underwriting Agreement, does not comply in all
material respects with the requirements of Rule 482 or with the rules and
regulations of FINRA, or contains any untrue statement of a material fact;
provided, however, that we do not assume any responsibility for the accuracy,
completeness or fairness of the statements contained in the Registration
Statement, the Prospectus, the Time of Sale Prospectus or each Omitting
Prospectus as set forth on Schedule II of the Underwriting Agreement (except to
the extent expressly stated in our separate legal opinions delivered to you
concurrently herewith), and we do not express any belief with respect to the
financial statements or other financial, statistical or accounting data or
information or assessments of or contained in or omitted from the Registration
Statement, the Prospectus, the Time of Sale Prospectus or each Omitting
Prospectus as set forth on Schedule II of the Underwriting Agreement.
This letter is being furnished by us only to you solely for your benefit
in your capacity as Underwriters and may not be used, quoted, relied upon or
otherwise referred to for any other purpose or by any other person (including
any person purchasing any of the Securities from you).
Respectfully submitted,
XXXXXXX AND XXXXXX LLP
EXHIBIT C
November 30, 2012
Xxxxxx Xxxxxxx & Co. LLC
Citigroup Global Markets Inc.
And the other several Underwriters
listed on Schedule I to the Underwriting Agreement
c/o Morgan Xxxxxxx & Co. LLC
0000 Xxxxxxxx
Xxx Xxxx, Xxx Xxxx 00000
Citigroup Global Markets Inc.
000 Xxxxxxxxx Xxxxxx
Xxx Xxxx, Xxx Xxxx 00000
Re: Underwriting Agreement for [ ] Common Shares of Beneficial Interest, $0.01
par value, of First Trust MLP and Energy Income Fund
--------------------------------------------------------------------------------
Ladies and Gentlemen:
We are acting as counsel to First Trust Advisors L.P., an Illinois limited
partnership (the "Advisor"), and have acted in such capacity in connection with
the execution and delivery of the Underwriting Agreement, dated November 27,
2012 (the "Underwriting Agreement"), among First Trust MLP and Energy Income
Fund, a Massachusetts business trust (the "Fund"), the Advisor, Energy Income
Partners, LLC (the "Sub-Advisor") and you, as representatives of the
underwriters named in Schedule I to the Underwriting Agreement (the
"Underwriters"), with respect to the sale of __________ (the "Shares") common
shares of beneficial interest, par value $0.01 per share of the Fund (the
"Common Shares"). We are providing this opinion in our capacity as counsel to
the Advisor to you pursuant to Section 6(e) of the Underwriting Agreement.
Capitalized terms not otherwise defined herein are defined as set forth in the
Underwriting Agreement.
In this connection, we have examined originals or copies of (a) the
Underwriting Agreement, (b) the Fund's Registration Statement on Form N-2 (No.
333-183396); No. 811-22738), as amended as of the date hereof, filed with the
Securities and Exchange Commission (the "Commission"), including the information
deemed to be a part of such registration statement at the time of effectiveness
pursuant to Rule 430A under the Securities Act of 1933, as amended (the
"Securities Act") (collectively, the "Registration Statement"), the Preliminary
Prospectus dated October 23, 2012, filed with the Commission (together with the
preliminary statement of additional information dated October 23, 2012, the
"Preliminary Prospectus") and the Prospectus dated November 27, 2012, filed with
the Commission under Rule 497 under the Securities Act (together with the
statement of additional information dated
November 27, 2012, filed with the Commission under Rule 497 under the Securities
Act, the "Prospectus"), (c) the Investment Management Agreement between the
Advisor and the Fund dated as of November [ ], 2012 (the "Management
Agreement"), (d) the Sub-Advisory Agreement among the Advisor, the Fund and the
Sub-Advisor dated as of November [ ], 2012 (the "Sub-Advisory Agreement"), (e)
the Structuring Fee Agreement among the Advisor, the Sub-Advisor and Xxxxxx
Xxxxxxx & Co. LLC, dated November 27, 2012 (the "Xxxxxx Xxxxxxx Structuring Fee
Agreement"), (f) the Structuring Fee Agreement among the Advisor, the
Sub-Advisor and Citigroup Global Markets Inc. dated November 27, 2012 (the
"Citigroup Structuring Fee Agreement"), (g) the Structuring Fee Agreement among
the Advisor and the Sub-Advisor and RBC Capital Markets, LLC dated November 27,
2012 (the "RBC Structuring Fee Agreement"), (h) the Structuring Fee Agreement
among the Advisor, the Sub-Advisor and Xxxxxxxxxxx & Co. Inc. and dated November
27, 2012 (the "Oppenheimer Structuring Fee Agreement"), (i) the Structuring Fee
Agreement among the Advisor, the Sub-Advisor and Comerica Securities, Inc. and
dated November 27, 2012 (the "Comerica Structuring Fee Agreement"), (j) the
Syndication Fee Agreement between the Advisor, the Sub-Advisor and Xxxxxx
Xxxxxxx & Co, LLC dated November 27, 2012 (the "Xxxxxx Xxxxxxx Syndication Fee
Agreement" and with the Management Agreement, the Sub-Advisory Agreement, the
Xxxxxx Xxxxxxx Structuring Fee Agreement, the Citigroup Structuring Fee
Agreement, the RBC Structuring Fee Agreement, the Oppenheimer Structuring Fee
Agreement and the Comerica Structuring Fee Agreement, each, an "Advisor
Agreement"), (k) the Limited Partnership Agreement of the Advisor, (l) the
resolutions of the general partner of the Advisor adopted in connection with the
Advisor Agreements, the Underwriting Agreement and the transactions contemplated
therein and (m) the certificates and documents being delivered on the date
hereof at the closing of the sale of the Shares pursuant to the Underwriting
Agreement and such corporate and other records, certificates, documents and
other papers as we deemed it necessary to examine for the purpose of this
opinion.
In rendering our opinion, we have relied, as to factual matters, upon
written certificates and other documents, public records, agreements,
instruments and certificates of public officials delivered at closing and made
such other investigation as we have deemed appropriate in connection with the
rendering of this opinion. Except as expressly described herein, we have not
undertaken any independent investigation of any factual matters which might be
relevant to this opinion and we have made no independent investigation of the
records of, or other matters relating to the Fund, the Advisor or the
Sub-Advisor, or any other entity. We have not independently verified any of the
facts reflected in the referenced documents or any of our assumptions.
Our opinions are subject to the following assumptions and qualifications:
(a) We have assumed the competency of the signatories to the
Underwriting Agreement, the Advisor Agreements, and the other documents,
officers' certificates and agreements delivered in connection therewith,
the genuineness of all signatures, the authenticity of all documents
submitted to us as originals, the conformity to original documents of all
documents submitted to us as certified or photostatic copies, and the
accuracy and completeness of all records made available to us.
(b) We have assumed that (i) the Underwriting Agreement and each
Advisor Agreement has been duly authorized, executed and delivered by all
parties thereto (other than the Advisor); (ii) all parties (other than the
Advisor) to the Underwriting Agreement and each Advisor Agreement are
validly existing and in good standing under the laws of their respective
jurisdiction of organization; (iii) each such party (other than the
Advisor) is duly qualified to engage in the activities contemplated by the
Underwriting Agreement and each Advisor Agreement to which it is a party
and has the requisite organizational power and authority to execute,
deliver and perform its obligations thereunder; (iv) except insofar as
such opinions are contained in opinion paragraph (v) below, there are no
actions, suits or proceedings pending or threatened against the Fund, the
Advisor, the Sub-Advisor or any other party to the Underwriting Agreement
and Advisor Agreements before any court, governmental agency or arbitrator
that affect the legality, validity or enforceability of such agreements or
the opinions rendered herein; (v) except insofar as such representations
and warranties involve conclusions of law upon which we are expressly
rendering opinions herein, the representations and warranties of all
parties in the Underwriting Agreement and Advisor Agreements are true and
correct as of the date hereof; (vi) each party (other than the Advisor) to
the Underwriting Agreement and Advisor Agreements has complied with its
material covenants and other material obligations under the Underwriting
Agreement and Advisor Agreements; (vii) there has not been any fraud,
duress, undue influence or material mistake of fact in connection with the
transactions contemplated by the Underwriting Agreement and Advisor
Agreements; and (viii) there are no agreements, course of prior dealings
or other understandings among the parties that modify the respective
rights and obligations of the parties under the Underwriting Agreement or
Advisor Agreements or that would have an effect on the opinions rendered
herein.
(c) We have assumed that each party (other than the Advisor) to the
Underwriting Agreement and each Advisor Agreement has appropriate licenses
and approvals for the conduct of its business and the execution and
delivery of, and performance of its obligations under, the Underwriting
Agreement and each Advisor Agreement to which it is a party, and the
execution, delivery and performance under the Underwriting Agreement and
each such Advisor Agreement will not result in the violation of any
applicable statute or regulation, or any judgment, order, writ,
injunction, decree or determination to which such party is subject.
(d) Our opinion is subject to generally applicable rules of law
that (i) limit or affect the enforcement of provisions that purport to
require waiver of the obligations of good faith, fair dealing, diligence
or reasonableness; (ii) provide that forum selection clauses in contracts
are not necessarily binding on courts in the forum selected; (iii) limit
the availability of a remedy under certain circumstances where another
remedy has been elected; (iv) limit the effectiveness of waivers of rights
or duties under applicable law; (v) limit the enforceability of provisions
releasing, exculpating or exempting a party from, or requiring
indemnification of or contribution to a party for, liability for its own
action or inaction, to the extent the action or inaction involves gross
negligence, recklessness, willful misconduct or unlawful conduct; (vi)
may, where less than all of a contract may be unenforceable, limit the
enforceability of the balance of the contract to circumstances in which
the unenforceable portion is not an essential part of the agreed upon
exchange; (vii) govern and grant judicial discretion regarding the
determination of damages and entitlement to attorneys fees and other
costs; or (viii) permit or provide for a cure of defaults.
(e) We express no opinion as to provisions of the Underwriting
Agreement or Advisor Agreements relating to (i) the statutory jurisdiction
of federal courts; (ii) any forum selection clause to the extent that it
does not satisfy the requirements of New York Consolidated Statutes, Gen.
Oblig. xx.xx. 5-1401 and 5-1402; (iii) any service of process, waiver of
venue or waiver of jury trial provision; or (iv) any provision purporting
to establish evidentiary standards.
(f) We express no opinion as to any provision of the Underwriting
Agreement or any Advisor Agreement (i) which authorizes or permits any
party to make determinations in its sole discretion, (ii) restricting
access to legal or equitable remedies, (iii) purporting to appoint any
person as the attorney in fact of any other person, (iv) which provides
that such agreement may only be amended, modified or waived in writing, or
(v) governing the rights or obligations of third party beneficiaries.
(g) We express no opinions as to compliance with or applicability
of any state or federal laws or regulations applicable to the transactions
contemplated by the Underwriting Agreement or the Advisor Agreements
because of the nature of the business of any party (other than the
Advisor).
(h) In rendering our opinion as to the good standing of the Advisor
in paragraph (i) below, we have relied solely on the certificates of good
standing attached to the closing certificates.
(i) Our opinions in paragraph (iii) and (iv) below with respect to
the Xxxxxx Xxxxxxx Structuring Fee Agreement, the Citigroup Structuring
Fee Agreement, the RBC Structuring Fee Agreement, the Oppenheimer
Structuring Fee Agreement and the Comerica Structuring Fee Agreement and
the Xxxxxx Xxxxxxx Syndication Fee Agreement are limited to the provisions
of such agreements providing for the payment of the Fees (as defined
therein). We have not considered and express no opinion as to any Rule or
Regulation (including any rule or regulation of a self-regulatory
organization) that may limit your ability to accept payment of such a fee.
(j) Whenever an opinion expressed herein is provided with respect
to (or is based upon) "our knowledge" or words of similar import, such
opinions are based entirely on the conscious awareness of the attorneys in
our firm who have devoted substantive attention to the representation of
the Advisor, as we deem appropriate, and who are listed on Exhibit A
attached hereto.
(k) We have not been requested to and have not obtained special
written rulings of the Commission, state securities commissions or other
administrative bodies or officials charged with the administration of such
statutes, regulations and rulings.
Based upon and subject to the foregoing, we are of the opinion that:
(i) the Advisor is validly existing as a limited partnership in
good standing under the laws of the jurisdiction of its organization, has
the power and authority under its governing documents to own its property
and to conduct its business as described in the Registration Statement,
Time of Sale Prospectus and the Prospectus and is duly qualified to
transact business and is in good standing in each jurisdiction in which
the conduct of its business or its ownership or leasing of property
requires such qualification, except to the extent that the failure to be
so qualified or be in good standing would not have an Investment Adviser
Material Adverse Effect;
(ii) the Advisor is duly registered as an investment adviser under
the Advisers Act and is not prohibited by the Advisers Act or the
Investment Company Act from acting under the Management Agreement or
Sub-Advisory Agreement as an investment adviser to the Fund as
contemplated by the Registration Statement, Time of Sale Prospectus and
the Prospectus, and no order of suspension or revocation of such
registration has been issued or proceedings therefor initiated or, to the
best of our knowledge, threatened by the Commission;
(iii) each of the Advisor Agreements and the Underwriting Agreement
has been duly authorized, executed and delivered by the Advisor and
complies in all material respects with the applicable provision of the
Acts, the Advisers Act and the applicable Rules and Regulations. Each of
the Advisor Agreements is a valid and binding agreement of the Advisor,
enforceable in accordance with its terms, subject to applicable
bankruptcy, insolvency and similar laws affecting creditors' rights
generally and by equitable principles of general applicability;
(iv) the execution and delivery by the Advisor of, and the
performance by the Advisor of its obligations under, the Advisor
Agreements and the Underwriting Agreement will not contravene any
provision of applicable law, the certificate of limited partnership, the
limited partnership agreement of the Advisor or, to our knowledge, any
agreement or other instrument to which the Advisor is a party or by which
it or any of its properties may be bound or, to our knowledge, any
judgment, order decree of any U.S. federal or state governmental body,
agency or court having jurisdiction over the Advisor; and no consent,
approval, authorization, order or permit of, or qualification with, any
U.S. federal or state governmental body or agency, self-regulatory
organization or court or other tribunal, is required for the performance
by the Advisor of its obligations under the Advisor Agreements and the
Underwriting Agreement, except such as have been obtained as required by
the Acts, the Advisers Act, the Exchange Act or the applicable Rules and
Regulations, and such as may be required by the securities or Blue Sky
laws of the various states and foreign jurisdictions in connection with
the offer and sale of the Shares (as to which we express no opinion); and
(v) after due inquiry of the Advisor, we do not know of any legal
or governmental proceedings pending or threatened to which the Advisor is
a party or to which any of the properties of the Advisor is subject that
are required to be described in the Registration Statement, the Time of
Sale Prospectus or the Prospectus and are not so described; or statutes,
regulations, contracts or other documents that are required to be
described in the Registration Statement, the Time of Sale Prospectus or
the Prospectus or to be filed as exhibits to the Registration Statement
that are not described or filed as required.
We express no opinions with respect to any laws other than the internal
laws of the State of Illinois, the internal laws of the State of New York and
the federal laws of the United States.
The opinions expressed herein are based on facts in existence or assumed
and laws in effect only as of the date of this opinion letter. We do not assume
responsibility for updating this opinion letter as of any subsequent date, and
assume no responsibility for advising you of (i) any changes with respect to any
matters described in this opinion letter or (ii) the discovery subsequent to the
date of this opinion letter of factual information not previously known to us
pertaining to the events occurring prior to the date of this opinion letter. Our
opinion is limited to the matters expressly stated herein, and no opinion is
implied or may be inferred beyond such matters.
This opinion is provided to you at the request of the Advisor in
connection with its entering into the Underwriting Agreement and Advisor
Agreements and may be relied upon by you in connection with the Underwriting
Agreement, the Advisor Agreements and the transactions described therein. This
opinion is solely for the benefit of the Underwriters in connection with the
transactions contemplated by the Underwriting Agreement. Without our express
written consent, this opinion may not otherwise be relied upon or used for any
other purpose or furnished to any other person, except that Weil, Gotshal &
Xxxxxx LLP, counsel to the Underwriters, is authorized to rely on this opinion
as to all matters of Illinois law expressed herein in rendering the opinions
pursuant to Section 6(f) of the Underwriting Agreement. This opinion is not to
be referred to or quoted in any document, report or financial statement, or
filed with, or delivered to, any governmental agency or other person or entity,
except such disclosure as may be required by law, without our prior written
consent in each instance.
Respectfully submitted,
XXXXXXX AND XXXXXX LLP
EXHIBIT A
Xxxxxxx Xxxxx
Xxxx Xxxxxx
Xxxxxx Xxxxxxxx
Xxxxxx Xxxxxx
Xxxx Xxxxxx
Xxxxxx Xxxxxx
Xxxx Xxxx
Xxxxxx Xxxxxxx
Xxxxx Xxxx
Xxxxxx Xxxxxx
Xxxxx Xxxxxx
Xxxxxxx Xxxxxxx
Xxxxx Xxx
Xxx Xxx
Xxxxxxxx Xxxx
Xxxxx Xxxxxxx
Xxxxxxx Xxxxxxx
Xxxx Xxxxxxxx
Xxxxxxx Xxxxxxx
Xxxxxxxx Xxxxxx
Xxxxx Xxxxx
EXHIBIT D
November 30, 2012
Xxxxxx Xxxxxxx & Co. LLC
Citigroup Global Markets Inc.
As representatives of the several Underwriters named in Schedule I to the
Underwriting Agreement referred to below
And the several other Underwriters listed on Schedule I to the Underwriting
Agreement
c/o Morgan Xxxxxxx & Co. LLC
0000 Xxxxxxxx
Xxx Xxxx, Xxx Xxxx 00000
Citigroup Global Markets Inc.
000 Xxxxxxxxx Xxxxxx
Xxx Xxxx, Xxx Xxxx 00000
Re: Energy Income Partners, LLC
Dear Ladies and Gentlemen:
We have acted as counsel for Energy Income Partners, LLC, a Delaware limited
liability company (the "Sub-Advisor"), in connection with the transactions
contemplated by the Underwriting Agreement dated November 27, 2012, by and among
(i) First Trust MLP and Energy Income Fund (the "Fund"), (ii) First Trust
Advisors L.P. (the "Advisor"), (iii) the Sub-Advisor, and (iv) Xxxxxx Xxxxxxx &
Co. LLC and Citigroup Global Markets Inc., as representatives of each of the
other Underwriters named in Schedule I to the Underwriting Agreement referred to
above (collectively, the "Underwriters"), relating to the issuance and sale by
the Fund of the Fund's common shares of beneficial interest (the "Underwriting
Agreement"). All capitalized terms used herein, which are not defined herein
shall have the same meanings assigned to them in the Underwriting Agreement. We
are providing this opinion to you in our capacity as counsel to the Sub-Advisor
pursuant to Section 6(e) of the Underwriting Agreement.
We are familiar with the Sub-Advisor's Certificate of Formation, as amended; its
Limited Liability Company Agreement, as amended and restated; the Investment
Sub-Advisory Agreement, among the Fund, the Advisor and the Sub-Advisor dated [
], 2012 (the "Sub-Advisory Agreement"); the Structuring Fee Agreement and
Syndication Fee Agreement each by and among the Advisor, the Sub-Advisor and
Xxxxxx Xxxxxxx & Co. LLC dated November 27, 2012 (together the "Xxxxxx Xxxxxxx
Fee Agreement"); the Structuring Fee Agreement by and among the Advisor, the
Sub-Advisor and Citigroup Global Markets Inc. dated November 27, 2012 (the
"Citigroup Fee Agreement"); the Structuring Fee Agreement by and among the
Advisor, the Sub-Advisor and RBC Capital Markets, LLC dated November 27, 2012
(the "RBC Fee Agreement"); the Structuring Fee Agreement by and among the
Advisor, the Sub-Advisor and Xxxxxxxxxxx & Co. Inc. dated November 27, 2012 (the
"Oppenheimer Fee Agreement"); the Structuring Fee Agreement among the Advisor,
the Sub-Advisor and Comerica Securities, Inc. dated November 27, 2012 (the
"Comerica Fee Agreement") (the Xxxxxx Xxxxxxx Fee Agreement, the Citigroup Fee
Agreement, the RBC Fee Agreement, the Oppenheimer Fee Agreement and the Comerica
Fee Agreement are referred to herein, collectively, as the "Fee Agreements")
(the Fee Agreements, the Sub-Advisory Agreement and the Underwriting Agreement
are referred to herein, collectively as the "Sub-Advisor Agreements"); and the
Sub-Advisor's Uniform Application for Investment Advisor Registration, filed on
Form ADV. We have examined (1) the Registration Statement with respect to the
sale of up to [ ] of the Fund's common shares of beneficial interest, par value
$0.01 per share, and the related Registration Statement filed by the Fund on [
], 2012 pursuant to Rule 462(b) of the rules and regulations of the Securities
and Exchange Commission under the Securities Act, (2) the Time of Sale
Prospectus and Prospectus, (3) the Underwriting Agreement, (4) the resolutions
adopted by the Sub-Advisor and (5) such other governmental and corporate
certificates and records as we deemed necessary to give this opinion, including
written representations made by the Sub-Advisor and by officers and other
representatives or agents of the Sub-Advisor.
The opinions set forth below are qualified as stated therein and are qualified
further by the following:
(a) We have assumed, without independent investigation, the genuineness of
all signatures (other than as to the Sub-Advisor), the legal capacity of all
natural persons, the authenticity of all documents submitted to us as originals,
the conformity with the original documents of all documents submitted to us as
certified, telecopied, photostatic or reproduced copies, and the accuracy and
completeness of all records made available to us.
(b) We have assumed, without independent investigation, that (except with
respect to the Sub-Advisor) (i) the Underwriting Agreement and the Sub-Advisory
Agreement have been duly authorized, executed and delivered by the parties
thereto, (ii) such parties had the corporate, trust, limited liability company
or partnership power to enter into and perform all obligations thereunder and
(iii) the Underwriting Agreement and the Sub-Advisory Agreement are their legal,
valid and binding obligation(s) and that they are in compliance with all
applicable laws, rules and regulations governing the conduct of their respective
businesses and this transaction.
(c) We have assumed, without independent investigation, that (i) the
Underwriting Agreement and the Sub-Advisory Agreement will be enforced (other
than as to the Sub-Advisor), and (ii) the parties (other than the Sub-Advisor)
to the Underwriting Agreement and the Sub-Advisory Agreement, are not subject to
any statute, rule or regulation or any impediment that requires them to obtain
the consent, or to make any declaration or filing with any governmental
authority in connection with the transactions contemplated by the Underwriting
Agreement and the Sub-Advisory Agreement.
(d) Requirements in the Underwriting Agreement and the Sub-Advisory
Agreement specifying that provisions thereof may only be waived in writing may
not be valid, binding or enforceable to the extent that an oral agreement or an
implied agreement by trade practice or course of conduct has been created
modifying any provision of such documents.
(e) In rendering our opinion in paragraph (i) below related to the
Sub-Advisor's valid existence and good standing, we have relied upon
certificates of good standing issued as of a recent date by the Secretary of
State of the State of Delaware and the Secretary of State of the State of
Connecticut, which we have assumed to be accurate as of the date hereof. We have
not requested nor reviewed certificates of good standing from any other states.
(f) Our opinions in paragraph (iii) and (iv) below with respect to the Fee
Agreements are limited to the provisions of such agreements providing for the
payment of the fees pursuant to such Agreements. We have not considered and
express no opinion as to any Rule or Regulation (including any rule or
regulation of a self-regulatory organization) that may limit your ability to
accept payment of such a fee.
(g) Whenever our opinion, with respect to the existence or absence of
facts, is qualified by the phrase "to our knowledge" or a phrase of similar
import, it indicates that during the course of our representation of the
Sub-Advisor in connection with the subject transaction, no information has come
to the attention of our attorneys who have worked on the subject transaction and
our attorneys who have principal responsibility for representing the Sub-Advisor
on other matters in areas relevant to the opinions being rendered, which would
give us current actual knowledge of the existence or absence of such facts.
Without limiting the generality of the foregoing, it is expressly understood
that no opinion is expressed with regard to: (a) the financial ability of the
Sub-Advisor to meet its obligations under the Underwriting Agreement or the
Sub-Advisory Agreement; (b) the truthfulness or accuracy of any applications,
reports, plans, documents or financial statements furnished to the Underwriters
by (or on behalf of) the Sub-Advisor in connection with the Underwriting
Agreement, the Registration Statement, the Prospectus or the Time of Sale
Prospectus; or (c) the truthfulness or accuracy of any representations or
warranties made by the Sub-Advisor in the Underwriting Agreement, the
Registration Statement, the Prospectus, the Time of Sale Prospectus or other
documents described herein, which are not the subject of any of the opinions
stated herein. Except to the extent expressly set forth herein, we have not
undertaken, for purposes of this opinion, any independent investigation to
determine the existence or absence of such facts, and no inference as to our
knowledge of the existence or absence of such facts should be drawn from the
fact of our representation of the Sub-Advisor on any other matter. Moreover, we
have not searched the dockets of any court, administrative body, agency or other
filing office in any jurisdiction.
(h) We have not obtained special written rulings of the Commission, state
securities commissions or other administrative bodies or officials charged with
the administration of such statutes, regulations and rulings and we have not
obtained and do not rely on opinions of other counsel.
Based on, and subject to the foregoing, the assumptions, limitations and
qualifications stated herein and such examination of law as we have deemed
appropriate, we are of the opinion that:
i. The Sub-Advisor has been duly organized, is validly existing as a
limited liability company, is in good standing under the laws of the State of
Delaware, has the power and authority to own its property and to conduct its
business as described in the Time of Sale Prospectus and the Prospectus and is
duly qualified to transact business and is in good standing in each jurisdiction
in which the conduct of its business or its ownership or leasing of property
requires such qualification, except to the extent that the failure to be so
qualified or be in good standing could not reasonably be expected to have a
material adverse effect on the performance of the Sub-Advisor under the
Underwriting Agreement or the consummation of any of the transactions
contemplated thereby or a material adverse effect on the condition (financial or
otherwise), prospects, earnings, business, properties or operations of the
Sub-Advisor whether or not arising from transactions in the ordinary course of
business.
ii. The Sub-Advisor is duly registered as an investment adviser under the
Advisers Act and is not prohibited by the Advisers Act or the Investment Company
Act from acting as the sub-advisor under the Sub-Advisory Agreement and no order
of suspension or revocation of such registration has been issued or proceedings
therefor initiated or, to the best of such counsel's knowledge, threatened by
the Commission.
iii. Each of the Sub-Advisor Agreements has been duly authorized, executed
and delivered by the Sub-Advisor and complies in all material respects with all
applicable provisions of the Acts, the Advisers Act and the applicable rules and
regulations thereunder. Each Sub-Advisor Agreement other than the Underwriting
Agreement is a valid and binding agreement of the Sub-Advisor and, assuming due
authorization, execution and delivery by the parties thereto other than the
Sub-Advisor, enforceable in accordance with its terms, subject to applicable
bankruptcy, insolvency and similar laws affecting creditors' rights generally
and by equitable principles of general applicability, and subject to the
qualification that the right to indemnity and contribution thereunder may be
limited by federal or state laws or principles of public policy;
iv. The execution and delivery by the Sub-Advisor of, and the performance
by the Sub-Advisor of its obligations under, the Sub-Advisor Agreements will not
contravene any provision of applicable law or the certificate of formation, or
the limited liability company agreement of the Sub-Advisor or, to the best of
our knowledge, any agreement or other instrument, known to us, binding upon the
Sub-Advisor that is material to the Sub-Advisor, or, to the best of our
knowledge, any judgment, order or decree of any U.S. federal or state
governmental body, agency or court having jurisdiction over the Sub-Advisor, and
no consent, approval, authorization, order or permit of, or qualification with,
any U.S. federal or state governmental body or agency, self-regulatory
organization or court or other tribunal, is required for the performance by the
Sub-Advisor of its obligations under the Sub-Advisor Agreements, except such as
have been obtained as required by the Acts, the Advisers Act, the Exchange Act
or the applicable Rules and Regulations thereunder;
v. After due inquiry, we do not know of any legal or governmental
proceedings pending or threatened to which the Sub-Advisor is a party or to
which any of the properties of the Sub-Advisor is subject that are required to
be described in the Registration Statement, the Time of Sale Prospectus or the
Prospectus and are not so described; or statutes, regulations, contracts or
other documents that are required to be described in the Registration Statement,
the Time of Sale Prospectus or the Prospectus or to be filed as exhibits to the
Registration Statement that are not described or filed as required.
In addition, we have participated in discussions with representatives of the
Sub-Advisor where the contents of the Registration Statement, the Time of Sale
Prospectus and the Prospectus, so far as they relate to the Sub-Advisor, were
discussed and we have reviewed certain records and documents of the Sub-Advisor.
We have not independently verified and are not passing upon, and do not assume
any responsibility for, the accuracy, completeness or fairness of the
information and statements included in the Registration Statement, the Time of
Sale Prospectus and the Prospectus. Based solely on the discussions described
above, however, nothing has come to our attention that would lead us to believe
that solely with respect to the description of the Sub-Advisor, the Registration
Statement (except for financial statements and schedules and other financial or
accounting data included therein, as to which we need make no statement) at the
time such Registration Statement became effective, contained an untrue statement
of a material fact or omitted to state a material fact required to be stated
therein or necessary to make the statements therein not misleading; or that the
Time of Sale Prospectus or the Prospectus (except for financial statements and
schedules and other financial or accounting data included therein, as to which
we need make no statement), as of the Applicable Time with respect to the Time
of Sale Prospectus, and at the time filed pursuant to Rule 497 of the Securities
Act and on the date hereof, with respect to the Prospectus included or includes
an untrue statement of a material fact or omitted or omits to state a material
fact necessary in order to make the statements therein, in the light of the
circumstances under which they were made, not misleading.
We are members of the Bar of the State of New York and, accordingly, we express
no opinion herein as to any matters governed by any laws other than the laws of
the State of New York, the laws of the State of Delaware (to the limited extent
set forth herein) and the federal securities laws of the United States.
The opinions and other statements expressed herein are limited to the matters
specifically set forth herein and no other opinion shall be inferred beyond the
matters expressed stated. We assume no obligation to supplement these opinions
if any applicable law changes after the date hereof or if we become aware of any
facts that might change the opinions expressed herein after the date hereof or
for any other reason.
The opinion letter is rendered solely to you, and for your benefit in connection
with the matters described above; accordingly, neither this opinion nor any part
hereof may be copied or relied upon by, or be quoted or delivered to, any other
person or entity (including, without limitation, any person or entity who
acquires the shares from you), or used for any other purpose, in each instance
without our prior written consent.
Very truly yours,
Dechert LLP
[FORM OF]
OPTION EXERCISE NOTICE
[OPTION EXERCISE DATE]
First Trust MLP and Energy Income Fund
First Trust Advisors L.P.
Energy Income Partners, LLC
[Address]
Ladies and Gentlemen:
We refer to the Underwriting Agreement dated November 27, 2012 (the
"Underwriting Agreement") among Fund, the Advisor, the Sub-Advisor and Xxxxxx
Xxxxxxx & Co. LLC and Citigroup Global Markets Inc., as representatives of the
several Underwriters listed in Schedule I thereto; capitalized terms being used
herein as therein defined. We hereby exercise an option to purchase [NUMBER OF
SHARES AS TO WHICH OPTION IS BEING EXERCISED] Additional Shares, on the basis of
the representations and warranties contained in the Underwriting Agreement, and
subject to its terms and conditions. Such Additional Shares will be purchased on
[OPTION CLOSING DATE] (which shall be an Option Closing Date) at the offices of
Weil, Gotshal & Xxxxxx LLP, New York, New York, at 10:00 A.M. (New York City
time). [This option exercise is without prejudice to the Underwriters' right
under the Underwriting Agreement to exercise one or more options covering some
or all of the remaining Additional Shares.]
Very truly yours,
Xxxxxx Xxxxxxx & Co. LLC,
as representative of the several
underwriters listed in Schedule I
to the Underwriting Agreement
Xxxxxx Xxxxxxx & Co. LLC
By:
Name:
Title:
