Preferred Securities ITLA Capital Statutory Trust ____ [____]% Cumulative Trust Preferred Securities (Liquidation Amount of $[__] per Preferred Security) UNDERWRITING AGREEMENT
Exhibit 1.3
[_____________] Preferred Securities
ITLA Capital Statutory Trust ____
[____]% Cumulative Trust Preferred Securities
(Liquidation Amount of $[__] per Preferred Security)
[________], 20___
[_____________________________]
As Representative of the Several Underwriters
named in Schedule I hereto
_________________________
_________________________
Dear Sirs:
ITLA Capital Corporation, a Delaware corporation (the "Company"), and its financing subsidiary, ITLA Capital Statutory Trust __, a Delaware statutory trust (the "Trust," and hereinafter together with the Company, the "Offerors"), propose that the Trust issue and sell to the several underwriters listed on Schedule I hereto (the "Underwriters"), pursuant to the terms of this Agreement, [_________] of the Trust's [___]% Trust Preferred Securities, with a liquidation amount of $[_____] per preferred security (the "Preferred Securities"), to be issued under the Trust Agreement (as hereinafter defined), the terms of which are more fully described in the Prospectus (as hereinafter defined). The aforementioned [__________] Preferred Securities to be sold to the Underwriters are herein called the "Firm Preferred Securities." Solely for the purpose of covering over-allotments in the sale of the Firm Preferred Securities, the Offerors further propose that the Trust issue and sell to the Underwriters, at their option, up to an additional [__________] Preferred Securities (the "Option Preferred Securities") upon exercise of the over-allotment option granted in Section 1 hereof. The Firm Preferred Securities and any Option Preferred Securities are herein collectively referred to as the "Designated Preferred Securities." You are acting as representative of the Underwriters and in such capacity are sometimes herein referred to as the "Representative."
The Offerors hereby confirm as follows their agreement with each of the Underwriters in connection with the proposed purchase of the Designated Preferred Securities.
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1. Sale, Purchase and Delivery of Designated Preferred Securities, Description of Designated Preferred Securities.
(a) On the basis of the representations, warranties and agreements herein contained, and subject to the terms and conditions herein set forth, the Offerors hereby agree that the Trust shall issue and sell to each of the Underwriters and each of the Underwriters agrees, severally and not jointly, to purchase from the Trust, at a purchase price of $[______] per Preferred Security (the "Purchase Price"), the respective number of Firm Preferred Securities set forth opposite the name of such Underwriter in Schedule I hereto. Because the proceeds from the sale of the Firm Preferred Securities will be used to purchase from the Company its Debentures (as hereinafter defined and as described in the Prospectus), the Company shall pay to each Underwriter a commission of $[_____] per Firm Preferred Security purchased (the "Firm Preferred Securities Commission"). In accordance with Section 9 hereof, the Representative may by notice to the Company amend Schedule I to add, eliminate or substitute names set forth therein (other than to eliminate the name of the Representative) and to amend the number of Firm Preferred Securities to be purchased by any firm or corporation listed thereon, provided that the total number of Firm Preferred Securities listed on Schedule I shall equal [___________].
In addition, on the basis of the representations, warranties and agreements herein contained and subject to the terms and conditions herein set forth, the Trust hereby grants to the Underwriters, severally and not jointly, an option to purchase all or any portion of the [__________] Option Preferred Securities, and upon the exercise of such option in accordance with this Section 1, the Offerors hereby agree that the Trust shall issue and sell to the Underwriters, severally and not jointly, all or any portion of the Option Preferred Securities at the same Purchase Price per share paid for the Firm Preferred Securities. If any Option Preferred Securities are to be purchased, each Underwriter, severally and not jointly, agrees to purchase from the Trust that proportion (subject to adjustment as you may determine to avoid fractional securities) of the number of Option Preferred Securities to be purchased that the number of Firm Preferred Securities set forth opposite the name of such Underwriter in Schedule I hereto (or such number increased as set forth in Section 9 hereof) bears to [__________] . Because the proceeds from the sale of the Option Preferred Securities will be used to purchase from the Company its Debentures, the Company shall pay to the Underwriters a commission of $[_____] per Option Preferred Security for each Option Preferred Security purchased (the "Option Preferred Securities Commission"). The option hereby granted (the "Option") shall expire [__] days after the date upon which the Registration Statement (as hereinafter defined) becomes effective and may be exercised only for the purpose of covering over-allotments which may be made in connection with the offering and distribution of the Firm Preferred Securities. The Option may be exercised in whole or in part at any time (but not more than once) by you giving notice (confirmed in writing) to the Offerors setting forth the number of Option Preferred Securities as to which the Underwriters are exercising the Option and the time, date and place for payment and delivery of the Global Securities (as hereafter defined) for such Option Preferred Securities. Such time and date of payment and delivery for the Option Preferred Securities (the "Option Closing Date") shall be determined by you, but shall not be earlier than two nor later than five full business days after the exercise of such Option, nor in any event prior to the Closing Date (as hereinafter defined). The Option Closing Date may be the same as the Closing Date.
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Payment of the Purchase Price and the Firm Preferred Securities Commission and delivery of the Global Securities for the Firm Preferred Securities shall be made at the offices of [__________, ____________], or such other place as shall be agreed to by you and the Offerors, at 10:00 a.m., _______, _______ time, on [__________], 20__, or at such other time not more than [_____] full business days thereafter as the Offerors and you shall determine (the "Closing Date"). The Trust shall deliver or cause to be delivered to you for the account of the Underwriters against payment to or upon the order of the Trust of the Purchase Price in federal or other immediately available funds, the Firm Preferred Securities in the form of one or more permanent global securities in definitive form (the "Global Securities") deposited with the Property Trustee (as identified below) as custodian for the Depository Trust Company ("DTC") and registered in the name of Cede & Co., as nominee for DTC. Interests in any permanent Global Securities will be held only in book-entry form. If the Underwriters exercise the option to purchase any or all of the Option Preferred Securities, payment of the Purchase Price and Option Preferred Securities Commission and delivery of the Global Securities for such Option Preferred Securities shall be made on the Option Closing Date at the Underwriters' offices, or at such other place as the Offerors and you shall determine. Upon delivery, the Option Preferred Securities shall be in the form of one or more Global Securities registered in the name of Cede & Co., as nominee of DTC. Such payments shall be made to an account designated by the Trust by wire transfer of same day funds, in the amount of the Purchase Price therefor, against delivery by or on behalf of the Trust to you for the respective accounts of the several Underwriters of one or more Global Certificates for the Designated Preferred Securities to be purchased by the Underwriters.
The Agreement contained herein with respect to the timing of the Closing Date and Option Closing Date is intended to, and does, constitute an express agreement, as described in Rule 15c6-1(c) and (d) promulgated under the 1934 Act (as defined herein), for a settlement date other than three business days after the date of the contract.
Time shall be of the essence, and delivery of the Global Securities for the Designated Preferred Securities at the time and place specified pursuant to this Agreement is a further condition of the obligations of each Underwriter hereunder.
(b) The Offerors propose that the Trust issue the Designated Preferred Securities pursuant to an Amended and Restated Trust Agreement among Xxxxx Fargo Bank, N.A., as Property Trustee, Xxxxx Fargo Delaware Trust Company, as Delaware Trustee, the Administrative Trustees named therein (collectively, the "Trustees"), and the Company, as depositor, in substantially the form heretofore delivered to the Underwriters, said Agreement being hereinafter referred to as the "Trust Agreement." In connection with the issuance of the Designated Preferred Securities, the Company proposes (i) to issue its [_____]% Junior Subordinated Debentures due 20__ (the "Debentures") pursuant to an Indenture, to be dated as of [__________], 20__, between the Company and Xxxxx Fargo Bank, N.A., as trustee (the "Indenture"), and (ii) to guarantee certain payments on the Designated Preferred Securities pursuant to a Preferred Securities Guarantee Agreement between the Company and Xxxxx Fargo Bank, N.A., as guarantee trustee (the "Guarantee"), to the extent described therein.
(c) As used herein, the following terms shall have the following meanings:
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"Base Prospectus" shall mean the base prospectus referred to in Section 2(i) hereof contained in the Registration Statement.
"Effective Date" shall mean each date and time that the Registration Statement, any post-effective amendment or amendments thereto and any Rule 462(b) Registration Statement became or becomes effective.
"1933 Act" means the Securities Act of 1933, as amended.
"1934 Act" means the Securities Exchange Act of 1934, as amended.
"Preliminary Prospectus" shall mean any preliminary prospectus supplement to the Base Prospectus which describes the Designated Preferred Securities and the offering thereof and is used prior to filing of the Prospectus, together with the Base Prospectus.
"Prospectus" shall mean the prospectus supplement relating to the Designated Preferred Securities that was first filed pursuant to Rule 424(b) after the date hereof, together with the Base Prospectus.
"Registration Statement" shall mean the registration statement referred to in Section 2(i) hereof, including exhibits and financial statements, as amended at the date hereof (or, if not effective at the date hereof, in the form in which it shall become effective) and, in the event any post-effective amendment thereto or any Rule 462(b) Registration Statement becomes effective prior to the Closing Date, shall also mean such registration statement as so amended or such Rule 462(b) Registration Statement, as the case may be. Such term shall include any Rule 430A Information deemed to be included therein at the Effective Date as provided by Rule 430A.
"Rule 415", "Rule 424", "Rule 430A" and "Rule 462" refer to such rules under the 1933 Act.
"Rule 430A Information" shall mean information with respect to the Designated Preferred Securities and the offering thereof permitted to be omitted from the Registration Statement when it becomes effective pursuant to Rule 430A.
"Rule 462(b) Registration Statement" shall mean a registration statement and any amendments thereto filed pursuant to Rule 462(b) relating to the offering covered by the registration statement referred to in Section 2(i) hereof. Any reference herein to the Registration Statement, the Base Prospectus, any Preliminary Prospectus or the Prospectus shall be deemed to refer to and include the documents incorporated by reference therein which were filed under the 1934 Act or the 1934 Act Regulations (as hereafter defined) on or before the Effective Date of the Registration Statement or the issue date of the Base Prospectus, any Preliminary Prospectus or the Prospectus, as the case may be; and any reference herein to the terms "amend", "amendment" or "supplement" with respect to the Registration Statement, the Base Prospectus, any Preliminary Prospectus or the Prospectus shall be deemed to refer to and include the filing of any document under the 1934 Act or the 1934 Act Regulations after the Effective Date of the Registration Statement or the issue date of the Base Prospectus, any Preliminary Final Prospectus or the Prospectus, as the case may be, deemed to be incorporated therein by reference.
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2. Representations and Warranties.
The Offerors jointly and severally represent and warrant to, and agree with, each of the Underwriters that:
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(i) The Offerors have prepared and filed with the Commission a registration
statement on Form S-3 (File Numbers 333-_________, 333-_______-01 and 333-_______-02), including a related base prospectus, for registration under the 1933 Act of
the offering and sale of the Designated Preferred Securities, the Guarantee and
Debentures. The Offerors may have filed one or more amendments to such registration
statement, including a Preliminary Prospectus, each of which has previously been
furnished to you, in each case in conformity as to form in all material respects with the
requirements of the 1933 Act, the rules and regulations promulgated thereunder (the
"1933 Act Regulations") and the Trust Indenture Act of 1939, as amended (the "Trust
Indenture Act") and the rules and regulations thereunder. The Offerors shall next file with
the Commission one of the following: (1) after the Effective Date of such registration
statement, a final prospectus supplement relating to the Designated Preferred Securities in
accordance with Rules 430A and 424(b), (2) prior to the Effective Date of such
registration statement, an amendment to such registration statement (including the form
of final prospectus supplement) or (3) a final prospectus in accordance with Rules 415
and 424(b). In the case of clause (1), the Offerors have included in such registration
statement, as amended at the Effective Date, all information (other than Rule 430A
Information) required by the 1933 Act and the 1933 Act Regulations to be included in
such registration statement and the Prospectus. As filed, such final prospectus supplement
or such amendment and form of final prospectus supplement shall contain all Rule 430A
Information, together with all other such required information, and, except to the extent
the Representative shall agree in writing to a modification, shall be in all substantive
respects in the form furnished to you prior to the date hereof or, to the extent not
completed at the date hereof, shall contain only such specific additional information and
other changes (beyond that contained in the Base Prospectus and any Preliminary
Prospectus) as the Company has advised you, prior to the date hereof, shall be included or
made therein. The Registration Statement, at the date hereof, meets the requirements set
forth in Rule 415(a)(1)(x). Copies of such registration statement, including any
amendments thereto and any documents incorporated by reference therein, the Base
Prospectus and each Preliminary Prospectus contained therein and the exhibits, financial
statements and schedules to such registration statement, as finally amended and revised,
have heretofore been delivered by the Offerors to the Representative. | |
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(ii) The documents incorporated by reference in the Registration Statement, any Preliminary Prospectus or the Prospectus or from which information is so incorporated by reference, when they became effective or were filed with the Commission, as the case may be, complied as to form in all material respects with the requirements of the 1934 Act and the 1934 Act Regulations, and when read together and with the other information in the Preliminary Prospectus or the Prospectus, as the case may be, at the time |
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the Registration Statement became or becomes effective and at the
Closing Date and any Option Closing Date, did not or will not, as the case may be,
contain an untrue statement of a material fact or omit to state a material fact required to
be stated therein or necessary to make the statements therein, in light of the circumstances
under which they were made, not misleading. As of the date that each Preliminary
Prospectus was filed with the Commission or as of the date that the Prospectus and any
amendment or supplement thereto was filed with the Commission (or, if not filed, on the
date provided by the Offerors to the Underwriters in connection with the offering and sale
of the Designated Preferred Securities), as the case may be, no event has or will have
occurred which should have been set forth in an amendment or supplement to any of the
documents incorporated by reference in the Preliminary Prospectus or the Prospectus
which has not then been set forth in such an amendment or supplement. | |
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(iii) No order preventing or suspending the use of the Prospectus (or, if the
Prospectus is not in existence, the most recent Preliminary Prospectus) has been issued by
the Commission, nor has the Commission, to the knowledge of the Offerors, threatened to
issue such an order or instituted proceedings for that purpose. Each Preliminary
Prospectus, at the time of filing thereof, (A) complied as to form in all material respects
with the requirements of the 1933 Act and the 1933 Act Regulations and (B) did not
contain an untrue statement of a material fact or omit to state any material fact required to
be stated therein or necessary to make the statements therein, in light of the circumstances
under which they were made, not misleading; provided, however, that this representation
and warranty does not apply to statements or omissions made in reliance upon and in
conformity with information furnished in writing to the Offerors by any of the
Underwriters expressly for inclusion in the Prospectus beneath the heading
"Underwriting" (such information referred to herein as the "Underwriters' Information").
As of the date that each Preliminary Prospectus was filed with the Commission or as of
the date that the Prospectus and any amendment or supplement thereto was filed with the
Commission (or, if not filed, on the date provided by the Offerors to the Underwriters in
connection with the offering and sale of the Designated Preferred Securities), as the case
may be, no event has or will have occurred which should have been set forth in an
amendment or supplement to any Preliminary Prospectus or the Prospectus which has not
been set forth in any Preliminary Prospectus, the Prospectus or such an amendment or
supplement. Each Preliminary Prospectus and the Prospectus will be identical to the
electronically transmitted copies thereof filed with the Commission pursuant to its
DGAR system, except to the extent permitted by Regulation S-T. | |
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(iv) The Registration Statement has been declared effective under the 1933
Act, and no post-effective amendment to the Registration Statement has been filed with
the Commission as of the date of this Agreement. No stop order suspending the
effectiveness of the Registration Statement has been issued and no proceeding for that
purpose has been instituted or, to the Offerors' knowledge, threatened by the Commission.
At the Effective Date and at all times subsequent thereto, up to and including the Closing
Date and, if applicable, the Option Closing Date, the Registration Statement and any post-effective amendment thereto (A) complied and will comply as to form in all material
respects with the requirements of the 1933 Act, the 1933 Act Regulations and |
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the Trust
Indenture Act (and the rules and regulations thereunder) and (B) did not and will not
contain an untrue statement of a material fact or omit to state a material fact required to
be stated therein or necessary to make the statements therein not misleading; provided,
however, that this representation and warranty does not apply to Underwriters'
Information. At the Effective Date, and at all times when the Prospectus is required to be
delivered in connection with offers and sales of Designated Preferred Securities,
including, without limitation, the Closing Date and, if applicable, the Option Closing
Date, the Prospectus, as amended or supplemented, (A) complied and will comply as to
form in all material respects with the requirements of the 1933 Act and the 1933 Act
Regulations, and the Trust Indenture Act (and the rules and regulations thereunder) and
(B) did not contain and will not contain an untrue statement of a material fact or omit to
state any material fact required to be stated therein or necessary to make the statements
therein, in light of the circumstances under which they were made, not misleading;
provided, however, that this representation and warranty does not apply to Underwriters'
Information. Since the date that the Registration Statement was filed with the
Commission, no event has or will have occurred which should have been set forth in an
amendment or supplement to such Registration Statement which has not then been set
forth in such an amendment or supplement. The Registration Statement will be identical
to the electronically transmitted copy thereof filed with the Commission pursuant to its
XXXXX system, except to the extent permitted by Regulation S-T. As of the date hereof
and at all times when the Prospectus is required to be delivered in connection with offers
and sales of Designated Preferred Securities, including, without limitation, the Closing
Date and, if applicable, the Option Closing Date, the Trust Agreement, the Indenture and
the Guarantee did or will comply in all material respects with the applicable requirements
of the Trust Indenture Act and the rules thereunder. | |
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(v)
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| (A) The Company is duly organized, validly existing and in good
standing under the laws of the State of Delaware, with the requisite corporate and
other power and authority to own, lease and operate its properties and conduct its
business as described in the Registration Statement and the Prospectus (or, if the
Prospectus is not in existence, the most recent Preliminary Prospectus) and as
currently being conducted. | |
| (B) The Trust has been duly created and is validly existing as a
statutory trust in good standing under the Delaware Statutory Trust Act with the
power and authority (trust and other) to own its property and conduct its business
as described in the Registration Statement and Prospectus (or, if the Prospectus is
not in existence, the most recent Preliminary Prospectus), to issue and sell its
common securities (the "Common Securities") to the Company pursuant to the
Trust Agreement, to issue and sell the Designated Preferred Securities, to enter
into and perform its obligations under this Agreement and to consummate the
transactions herein contemplated; the Trust has no subsidiaries and is duly
qualified to transact business |
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| and is in good standing in each jurisdiction in which
the conduct of its business or the ownership of its property requires such
qualification, except to the extent that the failure to be so qualified or be in good
standing would not have a material adverse effect on the Trust; the Trust has
conducted and will conduct no business other than the transactions contemplated
by this Agreement and described in the Prospectus (or, if the Prospectus is not in
existence, in the most recent Preliminary Prospectus); the Trust is not a party to or
bound by any agreement or instrument other than this Agreement, the Trust
Agreement and the agreements and instruments contemplated by the Trust
Agreement and described in the Prospectus (or, if the Prospectus is not in
existence, in the most recent Preliminary Prospectus); the Trust has no liabilities
or obligations other than those arising out of the transactions contemplated by this
Agreement and the Trust Agreement and described in the Prospectus (or, if the
Prospectus is not in existence, in the most recent Preliminary Prospectus); the
Trust is not a party to or subject to any action, suit or proceeding of any nature;
the Trust is, and at the Closing Date or any Option Closing Date will be classified
as a grantor trust for United States federal income tax purposes; the Trust is not,
and at the Closing Date or any Option Closing Date will not be, classified as an
association taxable as a corporation for United States federal income tax purposes;
and the Trust is, and as of the Closing Date or any Option Closing Date will be,
treated as a consolidated subsidiary of the Company pursuant to generally
accepted accounting principles. |
| (vi) The Company has the direct and indirect subsidiaries identified on Exhibit
A attached hereto and incorporated herein (the "Subsidiaries"). The Company does not
own or control, directly or indirectly, more than 5% of any class of equity security of any
corporation, association or other entity other than the Subsidiaries. Each Subsidiary is a
corporation, limited liability company, bank or business trust duly organized or
incorporated, as the case may be, validly existing and in active status or good standing, as
applicable, under the laws of its respective jurisdiction of organization. Each such
Subsidiary has the requisite power and authority to own, lease and operate its properties
and to conduct its business as described in the Registration Statement and the Prospectus
(or, if the Prospectus is not in existence, the most recent Preliminary Prospectus) and as
currently being conducted. The deposit accounts of Imperial Capital Bank (the "Bank")
are insured up to the maximum amount provided by law, and no proceedings for the
modification, termination or revocation of such insurance are pending or, to the
knowledge of the Offerors, threatened. | |
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(vii) The Company and each of the Subsidiaries is duly qualified to transact
business as a foreign corporation, limited liability company, bank or business trust, as the
case may be, and is in good standing in each other jurisdiction in which it owns or leases
property or conducts its business so as to require such qualification except where the
failure to so qualify would, individually or in the aggregate, not have a material adverse
effect on the business, financial condition or results of operations of the Company and the
Subsidiaries on a consolidated basis ("Material Adverse Effect"). All of the issued and
outstanding shares of capital stock or membership interests of the Subsidiaries (A) have
been duly authorized and are validly issued, (B) are fully paid and nonassessable except
to the extent such shares or |
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interests may be deemed assessable under 12 U.S.C. Section
1831o, and (C), except with respect to Imperial Capital Real Estate Investment Trust, are
wholly owned, directly or indirectly, by the Company free and clear of any security
interest, mortgage, pledge, lien, encumbrance, restriction upon voting or transfer,
preemptive rights, claim, equity or other defect. | |
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(viii) The capital stock of the Company and the equity securities of the Trust
conform in all material respects to the description thereof contained in the Prospectus (or,
if the Prospectus is not in existence, the most recent Preliminary Prospectus). The
outstanding shares of capital stock and equity securities of each Offeror have been duly
authorized and validly issued and are fully paid and nonassessable and no such shares
were issued in violation of the preemptive or similar rights of any security holder of an
Offeror. No person has any preemptive or similar right to purchase from the Offerors any
shares of capital stock of the Company or equity securities of the Trust. Except as
disclosed in the Prospectus (or, if the Prospectus is not in existence, the most recent
Preliminary Prospectus), and except for stock options granted to current or former
directors, officers and employees of the Company and its Subsidiaries, there are no
outstanding rights, options or warrants to acquire any securities of the Offerors or the
Subsidiaries, and there are no outstanding securities convertible into or exchangeable for
any such securities of the Offerors or the Subsidiaries and, other than as provided in
Section C of Article Fourth of the Company's certificate of incorporation, no restrictions
upon the voting or transfer of any capital stock of the Company or equity securities of the
Trust pursuant to the Company's certificate of incorporation or bylaws, the Trust
Agreement or any agreement or other instrument to which an Offeror is a party or by
which an Offeror is bound. | |
| (ix) |
| (A) The Trust has all requisite trust power and authority to issue, sell and deliver the Designated Preferred Securities in accordance with and upon the terms and conditions set forth in this Agreement, the Trust Agreement, the Registration Statement and the Prospectus (or, if the Prospectus is not in existence, the most recent Preliminary Prospectus). All corporate and trust action required to be taken by the Offerors for the authorization, issuance, sale and delivery of the Designated Preferred Securities in accordance with such terms and conditions has been validly and duly taken. The Designated Preferred Securities, when delivered and paid for in accordance with this Agreement, will be duly and validly issued and outstanding, will represent valid fully paid and nonassessable undivided beneficial interests in the assets of the Trust, will be entitled to the benefits of the Trust Agreement pertaining to holders of Preferred Securities, will not be issued in violation of or subject to any preemptive or similar rights, and will conform to the description thereof in the Registration Statement and the Prospectus (or, if the Prospectus is not in existence, the most recent Preliminary Prospectus) and the Trust Agreement. None of the Designated Preferred Securities, immediately prior to delivery, will be subject to any security interest, lien, mortgage, pledge, encumbrance, restriction upon voting or transfer, preemptive rights, claim, equity or other defect. |
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(B) The Debentures have been duly and validly authorized, and, when
duly and validly executed, authenticated and issued as provided in the Indenture
and delivered to the Trust pursuant to the Trust Agreement, will constitute valid
and legally binding obligations of the Company enforceable against the Company,
in accordance with their terms, except to the extent that enforcement thereof may
be limited by and/or subject to bankruptcy, insolvency, reorganization or similar
laws affecting the rights of creditors generally and subject to general principles of
equity, will be in the form contemplated by, and entitled to the benefits of, the
Indenture, will conform in all material respects to the description thereof
contained in the Prospectus (or if the Prospectus is not in existence, the most
recent Preliminary Prospectus) and will be owned by the Trust free and clear of
any security interest, mortgage, pledge, lien, encumbrance, restriction upon
transfer, preemptive rights, claim, equity or other defect. | |
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(C) The Guarantee has been duly and validly authorized, and, when
duly and validly executed and delivered to the guarantee trustee for the benefit of
the holders of the Preferred Securities, will constitute a valid and legally binding
obligation of the Company, enforceable against the Company in accordance with
its terms, except to the extent that enforcement thereof may be limited by and/or
subject to bankruptcy, insolvency, reorganization, or similar laws affecting the
rights of creditors generally and subject to general principles of equity, and will
conform in all material respects to the description thereof contained in the
Prospectus (or if the Prospectus is not in existence, the most recent Preliminary
Prospectus). |
| (D) The Agreement as to Expenses and Liabilities between the
Company and the Trust (the "Expense Agreement") has been duly and validly
authorized, and, when duly and validly executed and delivered by the Company,
will constitute a valid and legally binding obligation of the Company enforceable
against the Company in accordance with its terms, except to the extent that
enforcement thereof may be limited by and/or subject to bankruptcy, insolvency,
reorganization or similar laws affecting the rights of creditors generally and
subject to general principles of equity, and will conform in all material respects to
the description thereof contained in the Prospectus (or, if the Prospectus is not in
existence, the most recent Preliminary Prospectus). |
| (x) The Offerors and the Subsidiaries have complied in all material respects with all material federal, state and local statutes, regulations, ordinances and rules as now in effect and applicable to the ownership and operation of their properties or the conduct of their businesses as described in the Registration Statement and the Prospectus (or, if the Prospectus is not in existence, the most recent Preliminary Prospectus) and as currently being conducted, except where the failure to be in compliance would not, whether individually or in the aggregate with any such other failures, have a Material Adverse Effect. |
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(xi) The Offerors and the Subsidiaries have all permits, easements, consents,
licenses, franchises and other governmental and regulatory authorizations from all
appropriate federal, state, local or other public authorities ("Permits") as are necessary to
own and lease their properties and conduct their businesses in the manner described in
and contemplated by the Registration Statement and the Prospectus (or, if the Prospectus
is not in existence, the most recent Preliminary Prospectus) and as currently being
conducted, except where the failure to have such Permits would not have a Material
Adverse Effect. | |
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(xii) Neither of the Offerors nor any of the Subsidiaries are in breach or
violation of their corporate charter, certificate of incorporation, by-laws or other
governing documents (including without limitation, the Trust Agreement) in any material
respect. Neither of the Offerors nor any of the Subsidiaries is, and to the knowledge of the
Offerors no other party is, in violation, breach or default (with or without notice or lapse
of time or both) in the performance or observance of any term, covenant, agreement,
obligation, representation, warranty or condition contained in (A) any contract, indenture,
mortgage, deed of trust, loan or credit agreement, note, lease, franchise, license, Permit or
any other agreement or instrument to which it is a party or by which it or any of its
properties may be bound, which such breach, violation or default could have a Material
Adverse Effect, and to the knowledge of the Offerors, no other party has asserted that the
Offerors or any of the Subsidiaries is in such violation, breach or default; provided,
however, that the foregoing shall not apply to defaults by borrowers from the Company
and the Subsidiaries or (B) except as disclosed in the Prospectus (or, if the Prospectus is
not in existence, the Preliminary Prospectus), any order, decree, judgment, rule or
regulation of any court, arbitrator, government, or governmental agency or
instrumentality, domestic or foreign, having jurisdiction over the Offerors or the
Subsidiaries or any of their respective properties the breach, violation or default of which
could have a Material Adverse Effect. | |
| (xiii) The execution, delivery and performance of this Agreement and the consummation of the transactions contemplated by this Agreement, the Trust Agreement, the Guarantee, the Indenture, the Expense Agreement, the Registration Statement and the Prospectus (or, if the Prospectus is not in existence, the most recent Preliminary Prospectus) do not and will not conflict with, result in the creation or imposition of any material lien, claim, charge, encumbrance or restriction upon any property or assets of the Offerors or the Subsidiaries or the Designated Preferred Securities pursuant to, constitute a breach or violation of, or constitute a default under, with or without notice or lapse of time or both, any of the terms, provisions or conditions of (A) the certificate of incorporation or by- laws or other governing documents of the Company or the Subsidiaries, (B) any contract, indenture, mortgage, deed of trust, loan or credit agreement, note, lease, franchise, license, Permit or any other agreement or instrument to which the Offerors or the Subsidiaries is a party or by which any of them or any of their respective properties may be bound or (C) any order, decree, judgment, rule or regulation of any court, arbitrator, government, or governmental agency or instrumentality, domestic or |
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| foreign, having jurisdiction over the Offerors or the Subsidiaries or any of their
respective properties which conflict, creation, imposition, breach, violation or default
could have either singly or in the aggregate a Material Adverse Effect. No authorization,
approval, consent or order of or filing, registration or qualification with, any person
(including, without limitation, any court, governmental body or authority) is required in
connection with the transactions contemplated by this Agreement, the Trust Agreement,
the Indenture, the Guarantee, the Expense Agreement, the Registration Statement and the
Prospectus (or such Preliminary Prospectus), except such as have been obtained under the
1933 Act and the Trust Indenture Act and from _______________________ relating to
the listing of the Designated Preferred Securities, and such as may be required under state
securities laws or Interpretations or Rules of the National Association of Securities
Dealers, Inc. ("NASD") in connection with the purchase and distribution of the
Designated Preferred Securities by the Underwriters. | |
| (xiv) The Company has all requisite power and authority and the Trust has all
requisite trust power and authority to enter into this Agreement and this Agreement has
been duly and validly authorized, executed and delivered by the Offerors and constitutes
the legal, valid and binding agreement of the Offerors, enforceable against the Offerors in
accordance with its terms, except as the enforcement thereof may be limited by and/or
subject to bankruptcy, insolvency, reorganization or similar laws affecting the rights of
creditors generally and subject to general principles of equity and except as any
indemnification or contribution provisions thereof may be limited under applicable
securities laws. Each of the Indenture, the Trust Agreement, the Guarantee and the
Expense Agreement has been duly authorized by the Company, and, when executed and
delivered by the Company on the Closing Date, each of said agreements will constitute a
valid and legally binding obligation of the Company and will be enforceable against the
Company in accordance with its terms, except as the enforcement thereof may be limited
by and/or subject to bankruptcy, insolvency, reorganization or similar laws affecting the
rights of creditors generally and subject to general principles of equity and except as any
indemnification or contribution provisions thereof may be limited under applicable
securities laws. Each of the Indenture, the Trust Agreement and the Guarantee has been
duly qualified under the Trust Indenture Act and will conform in all material respects to
the description thereof contained in the Prospectus. | |
| (xv) The Company and the Subsidiaries have good and marketable title in fee simple to all real property and good title to all personal property owned by them and material to their business, in each case free and clear of all security interests, liens, mortgages, pledges, encumbrances, restrictions, claims, equities and other defects except such as are referred to in the Prospectus (or, if the Prospectus is not in existence, the most recent Preliminary Prospectus) or such as do not have a Material Adverse Effect; and all of the leases material to the operations of the Company and the Subsidiaries under which the Company or the Subsidiaries hold real or personal property are valid, existing and enforceable leases and in full force and effect with such exceptions as are not material and do not materially interfere with the use made or proposed to be made of such real or personal property, and neither the Company nor any of the Subsidiaries is in default of any of the terms and provisions of any leases that would have a Material Adverse Effect. |
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(xvi) [__________], who have certified certain of the consolidated financial
statements of the Company and the Subsidiaries including the notes thereto, included or
incorporation by reference in the Registration Statement and Prospectus, are independent
public accountants with respect to the Company and the Subsidiaries, as required by the
1933 Act and the 1933 Act Regulations. | |
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(xvii) The consolidated financial statements, together with the related notes,
included in the Registration Statement and the Prospectus (and any amendment or
supplement thereto) with respect to the Company and the Subsidiaries present fairly in all
material respects the consolidated financial condition, results of operations, cash flows,
and changes in stockholders' equity of the Company, as of the dates indicated and for the
periods specified. Such financial statements have been prepared in conformity with
generally accepted accounting principles applied on a consistent basis throughout the
periods involved, and comply in all material respects with the 1933 Act and the 1933 Act
Regulations. | |
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(xviii) Since the respective dates as of which information is given in the
Registration Statement and the Prospectus (or, if the Prospectus is not in existence, the
most recent Preliminary Prospectus), except as otherwise stated therein: |
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(A) neither of the Offerors nor any of the Subsidiaries has sustained
any loss or interference with its business from fire, explosion, flood or other
calamity, whether or not covered by insurance, or from any labor dispute or court
or governmental action, order or decree which has a Material Adverse Effect; and | |
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(B) there has not been any material adverse change in, or any
development which is reasonably likely to have a Material Adverse Effect,
whether or not arising in the ordinary course of business. |
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(xix) Except as set forth in the Registration Statement and the Prospectus (or, if
the Prospectus is not in existence, the most recent Preliminary Prospectus), no charge,
investigation, action, suit or proceeding is pending or, to the knowledge of the Offerors,
threatened, against or affecting the Offerors or the Subsidiaries or any of their respective
properties before or by any court or any regulatory, administrative or governmental
official, commission, board, agency or other authority or body, or any arbitrator, wherein
an unfavorable decision, ruling or finding could reasonably be expected to have a
Material Adverse Effect or which is required to be disclosed in the Registration Statement
or the Prospectus (or such Preliminary Prospectus) and is not so disclosed. | |
| (xx) There are no contracts or other documents required to be filed as exhibits to the Registration Statement by the 1933 Act or the 1933 Act Regulations or the Trust Indenture Act (or any rules or regulations thereunder) which have not been filed as exhibits or incorporated by reference to the Registration Statement, or that are required to be summarized in the Prospectus (or, if the Prospectus is not in existence, the most recent Preliminary Prospectus) that are not so summarized. |
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(xxi) Neither of the Offerors has taken, directly or indirectly, any action
designed to result in or which has constituted or which might reasonably be expected to
cause or result in stabilization or manipulation of the price of any security of the Offerors
to facilitate the sale or resale of the Designated Preferred Securities in violation of the
Commission's rules and regulations, including, but not limited to, Regulation M, and
neither of the Offerors is aware of any such action taken or to be taken by any affiliate of
the Offerors. | |
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(xxii) The Offerors and the Subsidiaries own, or possess adequate rights to use,
all patents, copyrights, trademarks, service marks, trade names and other rights necessary
to conduct the businesses now conducted by them in all material respects or as described
in the Prospectus (or, if the Prospectus is not in existence, the most recent Preliminary
Prospectus), except where the failure to possess any such patents, copyrights, trademarks,
service marks, trade names or other rights would not have a Material Adverse Effect, and
neither the Company nor the Subsidiaries have received any notice of infringement or
conflict with asserted rights of others with respect to any patents, copyrights, trademarks,
service marks, trade names or other rights which, if the subject of an unfavorable
decision, ruling or finding, could have a Material Adverse Effect, and the Offerors do not
know of any basis for any such infringement or conflict which, if the subject of an
unfavorable decision, ruling or finding, could have a Material Adverse Effect. | |
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(xxiii) No labor dispute involving the Company or the Subsidiaries exists or, to
the knowledge of the Offerors, is imminent which could reasonably be expected to have a
Material Adverse Effect or which is required to be disclosed in the Prospectus (or, if the
Prospectus is not in existence, the most recent Preliminary Prospectus). Neither the
Company nor any of the Subsidiaries have received notice of any existing or threatened
labor dispute by the employees of any of its principal suppliers, customers or contractors
which could reasonably be expected to have a Material Adverse Effect. | |
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(xxiv) The Offerors and the Subsidiaries have timely and properly prepared and
filed, or have timely and properly filed extensions for, all necessary federal, state, local
and foreign tax returns which are required to be filed and have paid all taxes shown as
due thereon and have paid all other taxes and assessments to the extent that the same shall
have become due, except such as are being contested in good faith or where the failure to
so timely and properly prepare and file would not have a Material Adverse Effect. The
Offerors have no knowledge of any tax deficiency which has been or might be assessed
against the Offerors or the Subsidiaries which, if the subject of an unfavorable decision,
ruling or finding, would have a Material Adverse Effect. | |
| (xxv) No relationship, direct or indirect, exists between or among the Company or the Subsidiaries, on the one hand, and the directors, officers, trustees, shareholders, customers or suppliers of the Company or the Subsidiaries, on the other hand, which is required to be described in the Registration Statement and the Prospectus (or, if the Prospectus is not in existence, the most recent Preliminary Prospectus) which is not described therein sufficiently to satisfy the requirements of the 1933 Act and the 1933 Act Regulations. |
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(xxvi) No person has the right to request or require the Offerors or the
Subsidiaries to register any securities for offering and sale under the 1933 Act by reason
of the filing of the Registration Statement with the Commission or the issuance and sale
of the Designated Preferred Securities. | |
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(xxvii) The Designated Preferred Securities have been approved for listing on the
_____________________ subject to official notice of issuance. | |
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(xxviii) Except as described in the Prospectus (or, if the Prospectus is not in
existence, the most recent Preliminary Prospectus), there are no contractual encumbrances
or restrictions or material legal restrictions required to be described therein, on the ability
of the Subsidiaries (A) to pay dividends or make any other distributions on its capital
stock or to pay any indebtedness owed to the Company, (B) to make any loans or
advances to, or investments in, the Company or (C) to transfer any of its property or
assets to the Company. | |
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(xxix) Neither of the Offerors is an "investment company," an entity "controlled"
by an "investment company" or an "investment adviser" within the meaning of the
Investment Company Act of 1940, as amended (the "Investment Company Act"). | |
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(xxx) The Offerors have not distributed and will not distribute prior to the
Closing Date or, if applicable, the Option Closing Date, any prospectus in connection
with the Offering, other than a Preliminary Prospectus, the Prospectus, the Registration
Statement and the other materials permitted by the 1933 Act and the 1933 Act
Regulations and reviewed by the Representative. | |
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(xxxi) The conditions for use of Form S-3, as set forth in the General Instructions
thereto, were satisfied at the time of the initial filing of the Registration Statement. | |
| (xxxii) The activities of the Offerors and the Subsidiaries are permitted under applicable federal and state banking laws and regulations. The Company has all necessary approvals, including the approval of the FDIC, the California Department of Financial Institutions (the "DFI"), as applicable, to own the capital stock of the Bank. The Bank is not a party or subject to any agreement or memorandum with, or directive or other order issued by, the FDIC, the DFI or other regulatory authority having jurisdiction over it (each, a "Regulator", and collectively, the "Regulators"), which imposes any restrictions or requirements not generally applicable to entities of the same type as the Bank. Neither the Company nor the Bank is subject to any order or other directive from any Regulator to make any material change in the method of conducting their respective businesses, and no such directive is pending or, to the knowledge of the Company, threatened by such Regulators. |
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(xxxiii) The Bank has and the other Subsidiaries have properly administered all
accounts for which they act as a fiduciary, including but not limited to accounts for which
they serve as a trustee, agent, custodian, personal representative, guardian, conservator or
investment advisor, in accordance with the terms of the governing documents and
applicable state and federal law and regulation and common law, except where the failure
to be in compliance could not, individually or in the aggregate, have a Material Adverse
Effect. None of the Bank, the other Subsidiaries or any of their respective directors,
officers or employees has committed any material breach of trust with respect to any such
fiduciary account, and the accountings for each such fiduciary account are true and
correct in all material respects and accurately reflect the assets of such fiduciary account
in all material respects. | |
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(xxxiv) Except as disclosed in the Prospectus, neither the Company nor any
Subsidiary has any unaccrued liability under any "pension plan," as defined in the
Employee Retirement Income Security Act of 1974, as amended ("ERISA"). | |
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(xxxv) Other than as contemplated by this Agreement and as disclosed in the
Registration Statement, the Company has not incurred any liability for any finder's or
broker's fee or agent's commission in connection with the execution and delivery of this
Agreement or the consummation of the transactions contemplated thereby. | |
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(xxxvi) No report or application filed by the Company or the Bank with any
Regulator, as of the date it was filed or amended, 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 when made or failed to comply in all
material respects with the applicable requirements of the Regulator. | |
| (xxxvii) Except to the extent that any of the following unlawful actions or violations would not have a Material Adverse Effect, none of the Offerors, the Subsidiaries or, to the knowledge of the Offerors, any other person associated with or acting on behalf of the Offerors or any of the Subsidiaries, including, without limitation, any director, officer, agent, or employee of any of the Subsidiaries or the Company has, directly or indirectly, while acting on behalf of such Offeror or Subsidiary (i) used any corporate funds for unlawful contributions, gifts, entertainment, or other unlawful expenses relating to political activity; (ii) made any unlawful contribution to any candidate for foreign or domestic office, or to any foreign or domestic government officials or employees or other person charged with similar public or quasi-public duties, other than payments required or permitted by the laws of the United States or any jurisdiction thereof or to foreign or domestic political parties or campaigns from corporate funds, or failed to disclose fully any contribution in violation of law; (iii) violated any provision of the Foreign Corrupt Practices Act of 1977, as amended; or (iv) made any other payment of funds or either or both of the Offerors or a Subsidiary or retained any funds which constitute a violation of any law, rule or regulation or which was or is required to be disclosed in the Registration Statement or the Prospectus pursuant to the requirements of the 1933 Act or the 1933 Act Regulations. |
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(xxxviii)
The employee benefit plans, including employee welfare benefit plans,
of the Company and each of the Subsidiaries (the "Employee Plans") have been operated
in material compliance with the applicable provisions of ERISA, the Internal Revenue
Code of 1986, as amended (the "Code"), all regulations, rulings and announcements
promulgated or issued thereunder and all other applicable governmental laws and
regulations (except to the extent such noncompliance would not, in the aggregate, have a
Material Adverse Effect). No reportable event under Section 4043(c) of ERISA has
occurred with respect to any Employee Plan of the Company or any of the Subsidiaries
for which the reporting requirements have not been waived by the Pension Benefit
Guaranty Corporation (except to the extent that the occurrence of such unwaived
reportable event would not have a Material Adverse Effect). No prohibited transaction
under Section 406 of ERISA, for which an exemption does not apply, has occurred with
respect to any Employee Plan of the Company or any of the Subsidiaries (except to the
extent that the occurrence of such non-exempt prohibited transaction would not have a
Material Adverse Effect). There are no pending or, to the knowledge of the Offerors,
threatened, claims by or on behalf of any Employee Plan, by any employee or beneficiary
covered under any such Employee Plan or by any governmental authority or otherwise
involving such Employee Plans or any of their respective fiduciaries (other than for
routine claims for benefits). All Employee Plans that are group health plans have been
operated in material compliance with the group health plan continuation coverage
requirements of Section 4980B of the Code. | |
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(xxxix) The Company and each of the Subsidiaries maintains a system of internal
accounting controls sufficient to provide reasonable assurance that (A) transactions are
executed in accordance with management's general or specific authorizations, (B)
transactions are recorded as necessary to permit preparation of financial statements in
conformity with generally accepted accounting principles and to maintain accountability
for assets, (C) access to assets is permitted only in accordance with management's general
or specific authorization, and (D) the recorded accounts for assets is compared with the
existing assets at reasonable intervals and appropriate action is taken with respect thereto. | |
| (xl) Except as described in the Registration Statement and the Prospectus (or, if the Prospectus is not in existence, the most recent Preliminary Prospectus), and to the knowledge of the Offerors and the Subsidiaries, there is no factual basis for any action, suit or other proceeding involving the Company or the Subsidiaries or any of their material assets for any failure of the Company or any of the Subsidiaries, or any predecessor thereof, to comply with any requirements of federal, state or local regulation relating to air, water, solid waste management, hazardous or toxic substances, or the protection of health or the environment; except where such action, suit or other proceeding could not have a Material Adverse Effect. Except as described in the Registration Statement and the Prospectus (or, if the Prospectus is not in existence, the most recent Preliminary Prospectus) or as would not have a Material Adverse Effect, none of the property owned or leased by the Company or any of the Subsidiaries is contaminated with any waste or hazardous substances, and neither the Company nor any of the Subsidiaries may be deemed an "owner or operator" of a "facility" or "vessel" which owns, possesses, transports, generates or disposes of a "hazardous substance" as those terms are defined in §9601 of the Comprehensive Environmental Response, Compensation and Liability Act of 1980, 42 U.S.C. §9601 et seq. |
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| (xli) The Company and the Subsidiaries maintain insurance covering in all material respects their properties, personnel and business. Such insurance insures against such losses and risks as, in the judgment of the executive officers of the Company, are adequate to protect in all material respects the Company and the Subsidiaries and their businesses. Neither the Company nor any of the Subsidiaries has received notice from any insurer or agent of such insurer that substantial capital improvements or other expenditures shall have to be made in order to continue such insurance. All such insurance is outstanding and duly in force on the date hereof and shall be outstanding and duly in force on the Closing Date and, if applicable, the Option Closing Date, with such exceptions as would not have a Material Adverse Effect. |
3. Offering by the Underwriters.
After the Registration Statement becomes effective or, if the Registration Statement is already effective, after this Agreement becomes effective, the Underwriters propose to offer the Firm Preferred Securities for sale to the public upon the terms and conditions set forth in the Prospectus. The Underwriters may from time to time thereafter reduce the public offering price and change the other selling terms, provided the proceeds to the Trust shall not be reduced as a result of such reduction or change. Because the NASD is expected to view the Preferred Securities as interests in a direct participation program, the offering of the Preferred Securities is being made in compliance with the applicable provisions of Rule 2810 of the NASD's conduct rules.
The Underwriters may reserve and sell such of the Designated Preferred Securities purchased by the Underwriters as the Underwriters may elect to dealers chosen by them (the "Selected Dealers") at the public offering price set forth in the Prospectus less the applicable Selected Dealers' concessions set forth therein, for re-offering by Selected Dealers to the public at the public offering price. The Underwriters may allow, and Selected Dealers may re-allow, a concession set forth in the Prospectus to certain other brokers and dealers.
4. Certain Covenants of the Offerors.
The Offerors jointly and severally covenant with the Underwriters as follows:
(a) The Offerors shall use their best efforts to cause the Registration Statement and any amendments thereto, if not effective at the time of execution of this Agreement, to become effective as promptly as possible. If the Registration Statement has become or becomes effective pursuant to Rule 430A and information has been omitted therefrom in reliance on Rule 430A, then, the Offerors will prepare and file in accordance with Rule 430A and Rule 424(b) copies of the Prospectus or, if required by Rule 430A, a post-effective amendment to the Registration Statement (including the Prospectus) containing all information so omitted and will provide evidence satisfactory to the Representative of such timely filing.
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(b) The Offerors shall notify you promptly, and, if requested by you, shall confirm such notice in writing:
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(i) when the Registration Statement, or any post-effective amendment to the
Registration Statement, has become effective, or when the Prospectus or any supplement
to the Prospectus or any amended Prospectus has been filed; | |
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(ii) of the receipt of any comments or requests from the Commission relating
to the Registration Statement or the Prospectus or any documents incorporated by
reference therein; | |
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(iii) of any request of the Commission to amend or supplement the Registration
Statement, any Preliminary Prospectus or the Prospectus or for additional information;
and | |
| (iv) of the issuance by the Commission or any state or other regulatory body of any stop order or other order suspending the effectiveness of the Registration Statement, preventing or suspending the use of any Preliminary Prospectus or the Prospectus, or suspending the qualification of any of the Designated Preferred Securities for offering or sale in any jurisdiction or the institution or threat of institution of any proceedings for any of such purposes. The Offerors shall use their best efforts to prevent the issuance of any such stop order or of any other such order and if any such order is issued, to cause such order to be withdrawn or lifted as soon as possible. |
(c) The Offerors shall furnish to the Underwriters, from time to time without charge, as soon as available, as many copies as the Underwriters may reasonably request of (i) the registration statement as originally filed and of all amendments thereto, in executed form, including exhibits, whether filed before or after the Registration Statement becomes effective, (ii) all exhibits and documents incorporated therein or filed therewith, (iii) all consents and certificates of experts in executed form, (iv) the Preliminary Prospectus and all amendments and supplements thereto, and (v) the Prospectus, and all amendments and supplements thereto.
(d) During the time when a prospectus is required to be delivered under the 1933 Act,
the Offerors shall comply with the 1933 Act and the 1933 Act Regulations and the 1934 Act and
the 1934 Act Regulations so as to permit the completion of the distribution of the Designated
Preferred Securities as contemplated herein and in the Trust Agreement and the Prospectus. The
Offerors shall not file any amendment to the registration statement as originally filed or to the
Registration Statement and shall not file any amendment thereto or make any amendment or
supplement to any Preliminary Prospectus or to the Prospectus of which you shall not previously
have been advised in writing and provided a copy a reasonable time prior to the proposed filings
thereof or to which you or counsel for the Underwriters shall reasonably object. If it is necessary,
in the Company's reasonable opinion or in the reasonable opinion of the Company's counsel to
amend or supplement the Registration Statement or the Prospectus in connection with the
distribution of the Designated Preferred Securities, the Offerors shall forthwith amend or
supplement the Registration Statement or the Prospectus, as the case may be, by preparing and
filing with the Commission (provided the Underwriters or counsel for the Underwriters does not
reasonably object), and furnishing to you such number
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of copies as you may reasonably request
of an amendment or amendments of, or a supplement or supplements to, the Registration
Statement or the Prospectus, as the case may be (in form and substance reasonably satisfactory to
you and counsel for the Underwriters). If any event shall occur as a result of which it is necessary
to amend or supplement the Prospectus to correct an untrue statement of a material fact or to
include a material fact necessary to make the statements therein, in light of the circumstances
under which they were made, not misleading, or if for any reason it is necessary at any time to
amend or supplement the Prospectus to comply with the 1933 Act and the 1933 Act Regulations,
the Offerors shall, subject to the second sentence of this subsection (d), forthwith at their cost and
expense amend or supplement the Prospectus by preparing and filing with the Commission, and
furnishing to you, such number of copies as you may reasonably request of an amendment or
amendments of, or a supplement or supplements to, the Prospectus (in form and substance
satisfactory to you and counsel for the Underwriters) so that, as so amended or supplemented, the
Prospectus shall not contain an untrue statement of a material fact or omit to state a material fact
necessary to make the statements therein, in light of the circumstances under which they were
made, not misleading.
(e) The Offerors shall cooperate with you and counsel for the Underwriters in order to qualify the Designated Preferred Securities for offering and sale under the securities or blue sky laws of such jurisdictions as you may reasonably request and shall continue such qualifications in effect so long as may be advisable for distribution of the Designated Preferred Securities; provided, however, that the Offerors shall not be required to qualify to do business as a foreign corporation or file a general consent to service of process in any jurisdiction in connection with the foregoing. The Offerors shall file such statements and reports as may be required by the laws of each jurisdiction in which the Designated Preferred Securities and the Shares have been qualified as above. The Offerors will notify you promptly of, and confirm in writing, the suspension of qualification of the Designated Preferred Securities or any threat thereof of which they are aware in any jurisdiction.
(f) The Offerors shall use their best efforts to permit the Preferred Securities to be eligible for clearance and settlement through the facilities of DTC.
(g) The Offerors shall make generally available to their security holders in the manner contemplated by Rule 158 of the 1933 Act Regulations and furnish to you as soon as practicable, but in any event not later than 16 months after the Effective Date, a consolidated earnings statement of the Offerors in reasonable detail, covering a period of at least 12 consecutive months beginning after the effective date of the Registration Statement, conforming with the requirements of Section 11(a) of the 1933 Act and Rule 158.
(h) The Offerors shall use the net proceeds from the sale of the Designated Preferred Securities to be sold by the Trust hereunder in the manner specified in the Prospectus under the caption "Use of Proceeds."
(i) For one year from the Effective Date, the Offerors shall furnish to the Representative copies of all reports and communications (financial or otherwise) furnished by the Offerors to the holders of the Designated Preferred Securities as a class, copies of all reports and financial statements filed with or furnished to the Commission (other than portions for which confidential treatment has been obtained from the Commission) or with any national securities exchange or ___________________________ or other self- regulatory organization.
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(j) (i) Without the prior written consent of the Representative, which consent shall not be unreasonably withheld, for a period of 30 days from the date of this Agreement, the Offerors shall not, directly or indirectly, offer for sale, sell or agree to sell or otherwise dispose of any Designated Preferred Securities, any other beneficial interests in the assets of the Trust or any securities of the Trust or the Company that are substantially similar to the Designated Preferred Securities, including any guarantee of such beneficial interests or substantially similar securities, or securities convertible into or exchangeable for or that represent the right to receive any such beneficial interest or substantially similar securities, except for the registration of the Designated Preferred Securities and the sales to the Underwriters pursuant to this Agreement.
(k) The Offerors shall use their best efforts to cause the Designated Preferred Securities to become listed on ___________________________, or in lieu thereof a national securities exchange, and to remain so quoted, provided this shall not prevent the Company from redeeming the Designated Preferred Securities pursuant to the terms of the Trust Agreement. If the Designated Preferred Securities are exchanged for Debentures, the Company shall use its best efforts to have the Debentures promptly listed on ________________________ or other organization on which the Designated Preferred Securities are then listed, and to have the Debentures promptly registered under the 1934 Act.
(l) Subsequent to the date of this Agreement and through the date which is the later of (i) the day following the date on which the Underwriters' option to purchase the Option Preferred Securities shall expire or (ii) the day following the Option Closing Date with respect to any Option Preferred Securities that the Underwriters shall elect to purchase, except as described in the Prospectus, neither the Offerors nor any of the Subsidiaries shall take any action (or refrain from taking any action) which will result in the Offerors or the Subsidiaries incurring any material liability or obligation, direct or contingent, or enter into any material transaction, except in the ordinary course of business, or take or refrain from taking any action which will cause or result in any material adverse change in the financial position, capital stock, or any material increase in long-term debt, obligations under capital leases or short-term borrowings of the Offerors and the Subsidiaries on a consolidated basis.
(m) The Offerors shall not take, directly or indirectly, any action designed to result in or which constitutes or which might reasonably be expected to cause or result in stabilization or manipulation of the price of any security of the Offerors in connection with the sale or resale of the Designated Preferred Securities in violation of the Commission's rules and regulations, including, but not limited to, Regulation M, and the Offerors are not aware of any such action taken or to be taken by any affiliate of the Offerors.
(n) Prior to the Closing Date (and, if applicable, the Option Closing Date), the Offerors will not issue any press release or other communication directly or indirectly or hold any press conference with respect to the offering of the Designated Preferred Securities without your prior consent, which consent shall not be unreasonably withheld.
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(o) The Offerors shall comply with all registration, filing and reporting requirements of the 1934 Act for so long as the Preferred Securities or the Debentures shall remain outstanding.
5. Payment of Expenses.
Whether or not this Agreement is terminated or the sale of the Designated Preferred Securities to the Underwriters is consummated, the Company covenants and agrees that it will pay or cause to be paid (directly or by reimbursement) all costs and expenses incident to the performance of the obligations of the Offerors under this Agreement, including:
(a) the preparation, printing, filing, delivery and shipping of the initial registration statement, each Preliminary Prospectus, the Registration Statement and the Prospectus and any amendments or supplements thereto, and the printing, delivery and shipping of this Agreement and any other underwriting documents (including, without limitation, selected dealers agreements);
(b) all fees, expenses and disbursements of the Offerors' counsel and accountants;
(c) all fees and expenses incurred in connection with the qualification of the Designated Preferred Securities, Debentures and the Guarantee under the securities or blue sky laws of such jurisdictions as you may request, including all filing fees and fees and disbursements of counsel for the Underwriters in connection therewith;
(d) all fees and expenses incurred in connection with filings made with the NASD;
(e) any applicable fees and other expenses incurred in connection with the listing of the Designated Preferred Securities and, if applicable, the Guarantee and the Debentures on the ___________________________;
(f) the cost of furnishing to you copies of the Registration Statement, any Preliminary Prospectus and the Prospectus and all amendments or supplements thereto;
(g) the costs and charges of any transfer agent or registrar and the fees and disbursements of counsel for any transfer agent or registrar;
(h) all costs and expenses (including stock transfer taxes) incurred in connection with the printing, issuance and delivery of the Designated Preferred Securities to the Underwriters;
(i) all expenses incident to the preparation, execution and delivery of the Trust Agreement, the Indenture, the Guarantee and the Expense Agreement; and
(j) all other costs and expenses incident to the performance of the obligations of the Company hereunder and under the Trust Agreement that are not otherwise specifically provided for in this Section 5.
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If the sale of Designated Preferred Securities contemplated by this Agreement is not completed due to termination pursuant to the terms hereof (other than pursuant to Section 9 hereof), the Company will pay you your reasonable out-of-pocket expenses in connection herewith or in contemplation of the performance of your obligations hereunder, including without limitation travel expenses, reasonable fees, expenses and disbursements of counsel or other out-of-pocket expenses incurred by you in connection with any discussion of the Offering or the contents of the Registration Statement, any investigation of the Offerors and the Subsidiaries, or any preparation for the marketing, purchase, sale or delivery of the Designated Preferred Securities up to $_________, in each case following presentation of reasonably detailed invoices therefor.
If the sale of Designated Preferred Securities contemplated by this Agreement is completed, the Company shall not be responsible for payment of fees or disbursements of counsel for the Underwriters other than in accordance with paragraph (c) above, or for the reimbursement of any expenses of the Underwriters.
6. Conditions of the Underwriters' Obligations.
The obligations of the Underwriters to purchase and pay for the Firm Preferred Securities and, following exercise, if any, of the option granted by the Offerors in Section 1 of this Agreement, the Option Preferred Securities, are subject to the accuracy of the representations and warranties and compliance with the agreements of the Offerors herein as of the date hereof and as of the Closing Date (or in the case of the Option Preferred Securities, if any, as of the Option Closing Date), to the accuracy of the written statements of the Offerors made pursuant to the provisions hereof, to the performance by the Offerors of their covenants and obligations hereunder and to the following additional conditions:
(a) If the Registration Statement or any amendment thereto filed prior to the Closing Date has not been declared effective prior to the time of execution hereof, the Registration Statement shall become effective not later than 10:00 a.m., _______, _______ time, on the first business day following the time of execution of this Agreement, or at such later time and date as you may agree to in writing. If required, the Prospectus and any amendment or supplement thereto shall have been timely filed in accordance with Rule 424(b) and Rule 430A under the 1933 Act and Section 4(a) hereof. No stop order suspending the effectiveness of the Registration Statement or any amendment or supplement thereto shall have been issued under the 1933 Act or any applicable state securities laws and no proceedings for that purpose shall have been instituted or shall be pending, or, to the knowledge of the Offerors or the Representative, shall be contemplated by the Commission or any state authority. Any request on the part of the Commission or any state authority for additional information (to be included in the Registration Statement or Prospectus or otherwise) shall have been disclosed to you and complied with to your satisfaction and to the satisfaction of counsel for the Underwriters.
(b) No Underwriter shall have advised the Company at or before the Closing Date (and, if applicable, the Option Closing Date) that the Registration Statement or any post-effective amendment thereto, or the Prospectus or any amendment or supplement thereto, contains an untrue statement of a fact which, in your opinion, is material or omits to state a fact which, in your opinion, is material and is required to be stated therein or is necessary to make statements therein (in the case of the Prospectus or any amendment or supplement thereto, in light of the circumstances under which they were made) not misleading.
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(c) All corporate proceedings and other legal matters incident to the authorization, form and validity of this Agreement, the Trust Agreement, and the Designated Preferred Securities, and the authorization and form of the Registration Statement and Prospectus, other than financial statements and other financial data, and all other legal matters relating to this Agreement and the transactions contemplated hereby or by the Trust Agreement shall be satisfactory in all material respects to counsel for the Underwriters, and the Offerors and the Subsidiaries shall have furnished to such counsel all documents and information relating thereto that they may reasonably request to enable them to pass upon such matters.
(d) Silver, Xxxxxxxx & Xxxx, L.L.P., counsel for the Offerors, shall have furnished to you their signed opinion, dated the Closing Date or the Option Closing Date, as the case may be, in form and substance satisfactory to counsel for the Underwriters, to the effect that:
| (i) The Company has been duly incorporated and is validly existing and in
good standing under the laws of the State of Delaware. Each of the Subsidiaries is validly
existing and in active status or good standing, as applicable, under the laws of its
jurisdiction of incorporation or organization, as the case may be. Each of the Company
and Imperial Capital Bank has full power (corporate or otherwise) and authority to own or
lease its properties and to conduct its business as such business is described in the
Prospectus. | |
| (ii) The capital stock, the Debentures and Guarantee of the Company and the
equity securities of the Trust conform to the descriptions thereof contained in the
Prospectus in all material respects. The capital stock of the Company authorized as of
__________ __, 20__ is as set forth under the caption "Capitalization" in the Prospectus.
The form of certificates to evidence the Designated Preferred Securities has been
approved by the Trust and is in due and proper form and complies with all applicable
requirements. To the best of such counsel's knowledge, there are no outstanding rights,
options or warrants to purchase, no other outstanding securities convertible into or
exchangeable for, and no commitments, plans or arrangements to issue, any shares of
capital stock of the Company or equity securities of the Trust, except as described in the
Prospectus and except for stock options granted to current or former directors, offices and
employees of the Company or the Subsidiaries. | |
| (iii) The issuance, sale and delivery of the Designated Preferred Securities and
Debentures in accordance with the terms and conditions of this Agreement and the
Indenture have been duly authorized by all necessary actions of the Offerors. All of the
Designated Preferred Securities have been duly and validly authorized and, when
delivered and paid for in accordance with this Agreement, will be duly and validly issued,
fully paid and nonassessable, and will conform in all material respects to the description
thereof in the Registration Statement, the Prospectus and will conform with the
description thereof in the Trust Agreement. The Designated Preferred Securities have
been approved for listing on the _______________________ subject to official notice of
issuance. |
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| (iv) The Offerors have all requisite corporate and trust power to enter into and
perform their obligations under this Agreement, and this Agreement has been duly and
validly authorized, executed and delivered by the Offerors and constitutes the legal, valid
and binding obligations of the Offerors enforceable in accordance with its terms, except
as the enforcement hereof or thereof may be limited by general principles of equity and by
bankruptcy or other laws relating to or affecting creditors' rights generally, and except as
the indemnification and contribution provisions hereof may be limited under applicable
laws and certain remedies may not be available in the case of a non-material breach. | |
| (v) Each of the Indenture, the Trust Agreement and the Guarantee has been
duly qualified under the Trust Indenture Act, has been duly authorized, executed and
delivered by the Company, and is a valid and legally binding obligation of the Company
enforceable against the Company in accordance with its terms, subject to the effect of
bankruptcy, insolvency, reorganization, receivership, moratorium and other laws affecting
the rights and remedies of creditors generally and of general principles of equity. | |
| (vi) The Debentures have been duly authorized, executed, and delivered by the
Company and are legal, valid and binding obligations of the Company enforceable against
the Company in accordance with their terms, subject to the effect of bankruptcy,
insolvency, reorganization, receivership, moratorium and other laws affecting the rights
and remedies of creditors generally and of general principles of equity. The holders of the
Debentures are entitled to the benefits of the Indenture pertaining to holders of
Debentures. | |
| (vii) The Expense Agreement has been duly authorized, executed and delivered
by the Company, and is a valid and legally binding obligation of the Company
enforceable against the Company in accordance with its terms, subject to the effect of
bankruptcy, insolvency, reorganization, receivership, moratorium and other laws affecting
the rights and remedies of creditors generally and of general principles of equity. | |
| (viii) To the best knowledge of such counsel, neither of the Offerors nor any of
the Subsidiaries is in breach or violation of, or default under, with or without notice or
lapse of time or both, its corporate charter, certificate of incorporation, by-laws or
governing document (including without limitation, the Trust Agreement). The execution,
delivery and performance of this Agreement and the consummation of the transactions
contemplated by this Agreement, the Trust Agreement, the Indenture, the Guarantee or
the other agreements contemplated hereby or thereby do not and will not conflict with,
result in the creation or imposition of any material lien, claim, charge, encumbrance or
restriction upon any property or assets of the Offerors or the |
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Subsidiaries or the
Designated Preferred Securities pursuant to, or constitute a breach or violation of, or
constitute a default under, with or without notice or lapse of time or both, any of the
terms, provisions or conditions of the charter, certificate of incorporation, by-laws or
other governing document (including without limitation, the Trust Agreement) of the
Offerors or the Subsidiaries, or to the best of such counsel's knowledge, any material
contract, indenture, mortgage, deed of trust, loan or credit agreement, note, lease,
franchise, license or any other agreement or instrument to which either Offeror or the
Subsidiaries is a party or by which any of them or any of their respective properties may
be bound or any order, decree, judgment, franchise, license, material Permit, rule or
regulation of any court, arbitrator, government, or governmental agency or
instrumentality, domestic or foreign, known to such counsel having jurisdiction over the
Offerors or the Subsidiaries or any of their respective properties which, in each case, is
material to the Offerors and the Subsidiaries on a consolidated basis. | |
|
(ix) To the best of such counsel's knowledge, holders of securities of the
Offerors either do not have any right that, if exercised, would require the Offerors to
cause such securities to be included in the Registration Statement or have waived such
right. To the best of such counsel's knowledge, neither the Company nor any of the
Subsidiaries is a party to any agreement or other instrument which grants rights for or
relating to the registration of any securities of the Offerors to be included in the
Registration Statement. | |
|
(x) To the best of such counsel's knowledge, no action, suit or proceeding is
pending or threatened against or affecting the Offerors or the Subsidiaries or any of their
properties, before or by any court or governmental official, commission, board or other
administrative agency, authority or body, or any arbitrator, wherein an unfavorable
decision, ruling or finding could reasonably be expected to have a material adverse effect
on the consummation of this Agreement or the issuance and sale of the Designated
Preferred Securities as contemplated herein or which is required to be disclosed in the
Registration Statement or the Prospectus and is not so disclosed. | |
|
(xi) No authorization, approval, consent or order of or filing, registration or
qualification with, any person (including without limitation, any court, governmental
body or authority) is required in connection with the transactions contemplated by this
Agreement, the Trust Agreement, the Registration Statement and the Prospectus, except
such as have been obtained under the 1933 Act, the Trust Indenture Act and the
_____________________ with respect to listing the Designated Preferred Securities on
the _______________________, and except such as may be required under state
securities laws or Interpretations or Rules of the NASD in connection with the purchase
and distribution of the Designated Preferred Securities by the Underwriters, as to which
such counsel need express no opinion. | |
|
(xii) Each of the Registration Statement, the Prospectus and any amendments or
supplements thereto (other than the exhibits, financial statements or other financial data
included therein or omitted therefrom and Underwriters' Information, as to which such
counsel need express no opinion) comply as to form in all material respects with the
requirements of the 1933 Act and the 1933 Act Regulations as of their respective dates of
effectiveness or filing. | |
|
(xiii) To the best of such counsel's knowledge, there are no contracts,
agreements, leases or other documents of a character required to be disclosed in the
Registration Statement or the Prospectus or to be filed as exhibits to the Registration
Statement that are not so disclosed or filed. | |
|
(xiv) The statements under the captions "Risk Factors", "Description of the
Trust", "Description of the Preferred Securities", "Description of the Debentures",
"Description of the Guarantee", "Relationship Among the Preferred Securities, the
Debentures and the Guarantee", "Federal Income Tax Consequences", and "ERISA
Considerations", insofar as such statements constitute a description of legal or regulatory
matters, documents or instruments referred to therein, are accurate descriptions of the
matters purported to be summarized therein in all material respects and fairly present the
information called for with respect to such legal or regulatory matters, documents and
instruments. | |
|
(xv) Such counsel has been advised by the staff of the Commission that the
Registration Statement has become effective under the 1933 Act; any required filing of
the Prospectus pursuant to Rule 424(b) has been made within the time period required by
Rule 424(b); to the best of such counsel's knowledge, no stop order suspending the
effectiveness of the Registration Statement has been issued and no proceedings for a stop
order are pending or threatened by the Commission. | |
|
(xvi) Except as disclosed in the Prospectus or restricted by law or regulation, to
such counsel's knowledge there are no contractual encumbrances, restrictions or
requirements, or material legal restrictions or requirements required to be disclosed on the
ability of the Subsidiaries (A) to pay dividends or make any other distributions on its
capital stock or to pay indebtedness owed to the Offerors, (B) to make any loans or
advances to, or investments in, the Offerors or (C) to transfer any of its property or assets
to the Offerors. Except as described in the Prospectus (or, if the Prospectus is not in
existence, in the most recent Preliminary Prospectus), to the knowledge of such counsel,
there are no restrictions, encumbrances or requirements affecting the payment of
dividends or the making of any other distributions on any of the capital stock of the
Company required to be described in the Prospectus (or, if the Prospectus is not in
existence, in the most recent Preliminary Prospectus). |
In giving the above opinion, such counsel may state that, insofar as such opinion involves factual matters, they have relied upon certificates of officers of the Offerors including, without limitation, certificates as to the identity of any and all material contracts, indentures, mortgages, deeds of trust, loans or credit agreements, notes, leases, franchises, licenses or other agreements or instruments, and all material permits, easements, consents, licenses, franchises and government regulatory authorizations, for purposes of paragraphs (viii), (ix), (xiii), and (xvi) hereof, and certificates of public officials. In giving such opinion, such counsel may rely upon the opinion of Xxxxxxxx, Xxxxxx & Finger, special Delaware counsel to the Offerors as to certain matters relating to the Trust and the Designated Preferred Securities which are governed by Delaware law.
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Such counsel shall also confirm that, in connection with the preparation of the Registration Statement and Prospectus, such counsel has participated in conferences with officers and representatives of the Offerors and with their independent public accountants and with you and your counsel, at which conferences such counsel made inquiries of such officers, representatives and accountants and discussed in detail the contents of the Registration Statement and the Prospectus and such counsel has no reason to believe (A) that the Registration Statement or any amendment thereto (except for the financial statements and related schedules and statistical data and exhibits, included therein or omitted therefrom or Underwriters' Information, as to which such counsel need express no opinion), at the time the Registration Statement or any such amendment became effective, 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 (B) that the Prospectus or any amendment or supplement thereto (except for the financial statements and related schedules and statistical data and exhibits, included therein or omitted therefrom or Underwriters' Information, as to which such counsel need express no opinion), at the time the Registration Statement became effective (or, if the term "Prospectus" refers to the prospectus first filed pursuant to Rule 424(b) of the 1933 Act Regulations, at the time the Prospectus was issued), at the time any such amended or supplemented Prospectus was issued, at the Closing Date and, if applicable, the Option Closing Date, contained or contains any untrue statement of a material fact or omitted or omits to state any material fact required to be stated therein or necessary to make the statements therein, in light of the circumstances under which they were made, not misleading or (C) that there is any amendment to the Registration Statement required to be filed that has not already been filed.
(e) Xxxxxxxx, Xxxxxx & Finger, P.A., special Delaware counsel to the Offerors, shall have furnished to you their signed opinion, dated as of Closing Date or the Option Closing Date, as the case may be, in form and substance satisfactory to such counsel, to the effect that:
| (i) The Trust has been duly created and is validly existing in good standing as
a statutory trust under the Delaware Statutory Trust Act and, under the Trust Agreement
and the Delaware Statutory Trust Act, has the trust power and authority to conduct its
business as described in the Prospectus. | |
| (ii) The Trust has all requisite trust power to enter into and perform its
obligations under this Agreement. The Trust Agreement is a legal, valid and binding
agreement of the Company, as sponsor, and the Trustees, and is enforceable against the
Company, as sponsor, and the Trustees, in accordance with its terms. | |
|
(iii) Under the Trust Agreement and the Delaware Statutory Trust Act, this
Agreement and its execution and delivery by the Trust, and the performance by the Trust
of its obligations thereunder, have been authorized by all requisite trust action on the part
of the Trust. | |
|
(iv) The issuance, sale and delivery of the Designated Preferred Securities in
accordance with the Trust Agreement have been duly authorized by all necessary action
of the Trust. The Designated Preferred Securities have been duly and validly authorized
by the Trust Agreement, and when issued and sold in accordance with the Trust
Agreement, the Designated Preferred |
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|
Securities will be, subject to the qualifications set
forth in paragraph (v) below, fully paid and nonassessable beneficial interest in the assets
of the Trust and entitled to the benefits of the Trust Agreement. The form of certificate to
evidence the Designated Preferred Securities has been approved by the Trust and is in due
and proper form and complies with all applicable requirements of the Delaware Statutory
Trust Act. | |
|
(v) Holders of Designated Preferred Securities, as beneficial owners of the
Trust, will be entitled to the same limitation of personal liability extended to shareholders
of private, for-profit corporations organized under the General Corporation Law of the
State of Delaware. Such opinion may note that the holders of Designated Preferred
Securities may be obligated to make payments as set forth in the Trust Agreement. | |
|
(vi) Under the Delaware Statutory Trust Act and the Trust Agreement, the
issuance of the Designated Preferred Securities is not subject to preemptive rights or other
similar rights. | |
| (vii) The issuance and sale by the Trust of the Designated Preferred Securities and the Common Securities, the execution, delivery and performance by the Trust of this Agreement, and the consummation of the transactions contemplated by this Agreement, do not violate (a) the Trust Agreement, or (b) any applicable Delaware law, rule or regulation. |
Such opinion may state that it is limited to the laws of the State of Delaware and that the opinion expressed in paragraph (ii) above is subject to the effect upon the Trust Agreement of (i) bankruptcy, insolvency, moratorium, receivership, reorganization, liquidation, fraudulent conveyance and other similar laws relating to or affecting the rights and remedies of creditors generally, (ii) principles of equity, including applicable law relating to fiduciary duties (regardless of whether considered and applied in a proceeding in equity or at law), and (iii) the effect of applicable public policy on the enforceability of provisions relating to indemnification or contribution.
(f) ____________________________________, counsel for the Underwriters, shall have furnished you their signed opinion, dated the Closing Date or the Option Closing Date, as the case may be, with respect to the sufficiency of all corporate procedures and other legal matters relating to this Agreement, the validity of the Designated Preferred Securities, the Registration Statement, the Prospectus and such other related matters as you may reasonably request and there shall have been furnished to such counsel such documents and other information as they may request to enable them to pass on such matters. In giving such opinion, ____________________________________ may rely as to matters of fact upon statements and certifications of officers of the Offerors and of other appropriate persons and may rely as to matters of law, other than law of the United States and the State of ________, and upon the opinions of Silver, Xxxxxxxx & Xxxx, L.L.P. and Xxxxxxxx, Xxxxxx & Finger, P.A. described herein.
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(g) On the date of this Agreement and on the Closing Date (and, if applicable, any Option Closing Date), the Representative shall have received from [_________] a letter, dated the date of this Agreement and the Closing Date (and, if applicable, the Option Closing Date), respectively, in form and substance satisfactory to the Representative, confirming that they are independent public accountants with respect to the Company and the Subsidiaries, within the meaning of the 1933 Act and the 1933 Act Regulations, and stating in effect that:
|
(i) In their opinion, the consolidated financial statements of the Company
audited by them and included or incorporated by reference in the Registration Statement
comply as to form in all material respects with the applicable accounting requirements of
the 1933 Act, the 1934 Act, the 1933 Act Regulations and the 1934 Act Regulations. | |
|
(ii) On the basis of the procedures specified by the American Institute of
Certified Public Accountants as described in SAS No. 71, "Interim Financial
Information," inquiries of officials of the Company responsible for financial and
accounting matters, and such other inquiries and procedures as may be specified in such
letter, which procedures do not constitute an audit in accordance with U.S. generally
accepted auditing standards, nothing came to their attention that caused them to believe
that, if applicable, the unaudited interim consolidated financial statements of the
Company included or incorporated by reference in the Registration Statement do not
comply as to form in all material respects with the applicable accounting requirements of
the 1933 Act, the 1934 Act, the 1933 Act Regulations and the 1934 Act Regulations or
are not in conformity with U.S. generally accepted accounting principles applied on a
basis substantially consistent, except as noted in the Registration Statement, with the
basis for the audited consolidated financial statements of the Company included in the
Registration Statement. | |
|
(iii) On the basis of limited procedures, not constituting an audit in accordance
with U.S. generally accepted auditing standards, consisting of a reading of the unaudited
interim financial statements and other information referred to below, a reading of the
latest available unaudited condensed consolidated financial statements of the Company,
inspection of the minute books of the Company since the date of the latest audited
financial statements of the Company included or incorporated by reference in the
Registration Statement, inquiries of officials of the Company responsible for financial
and accounting matters and such other inquiries and procedures as may be specified in
such letter, nothing came to their attention that caused them to believe that: |
| (A) as of a specified date not more than five days prior to the date of such letter, there have been any changes in the consolidated capital stock of the Company, any increase in the consolidated debt of the Company or allowance for loan losses, or any decreases in the consolidated total assets, loans, investments, deposits or shareholders' equity of the Company or any changes, decreases or increases in other items specified by the Representative, in each case as compared with amounts shown in the latest consolidated statement of financial condition of the Company included or incorporated by reference in the Registration Statement except in each case for changes, increases or decreases which the Registration Statement specifically discloses, have occurred or may occur or which are described in such letter; and |
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(B) for the period from the date of the latest consolidated financial
statements included or incorporated by reference in the Registration Statement to
the specified date referred to in Clause (iii)(A), there were any decreases in the
consolidated interest income, net interest income or net income of the Company
or in the per share amount of net income of the Company or changes, decreases or
increases in other items specified by the Representative as compared with the
comparable period of the preceding year and with any other period of
corresponding length specified by the Underwriters, except in each case for
increases or decreases which the Registration Statement discloses have occurred
or may occur, or which are described in such letter. |
| (iv) In addition to the audit referred to in their report included or incorporated by reference in the Registration Statement and the limited procedures, inspection of minute books, inquiries and other procedures referred to in paragraphs (ii) and (iii) above, they have carried out certain specified procedures, not constituting an audit in accordance with U.S. generally accepted auditing standards, with respect to certain amounts, percentages and financial information specified by the Representative which are derived from the general accounting records and consolidated financial statements of the Company which appear in the Registration Statement specified by the Representative in the Registration Statement, and have compared such amounts, percentages and financial information with the accounting records and the material derived from such records and consolidated financial statements of the Company have found them to be in agreement. |
In the event that the letter to be delivered on the date hereof, on the Closing Date (and, if applicable, any Option Closing Date) referred to above set forth any such changes, decreases or increases as specified in Clauses (iii)(A) or (iii)(B) above, or any exceptions from such agreement specified in Clause (iv) above, it shall be a further condition to the obligations of the Underwriters that the Representative shall have determined, after discussions with officers of the Company responsible for financial and accounting matters, that such changes, decreases, increases or exceptions as are set forth in such letters do not (x) reflect a material adverse change in the items specified in Clause (iii)(A) above as compared with the amounts shown in the latest consolidated statement of financial condition of the Company included or incorporated by reference in the Registration Statement, (y) reflect a material adverse change in the items specified in Clause (iii)(B) above as compared with the corresponding periods of the prior year or other period specified by the Representative, or (z) reflect a material adverse change in items specified in Clause (iv) above from the amounts shown in the Preliminary Prospectus distributed by the Underwriters in connection with the offering contemplated hereby or from the amounts shown in the Prospectus.
(h) At the Closing Date and, if applicable, the Option Closing Date, you shall have
received certificates of the chief executive officer and the chief financial and accounting officer
of the Company, which certificates shall be deemed to be made on behalf of the Company dated
as of the Closing Date and, if applicable, the Option Closing Date, evidencing satisfaction of the
conditions of Section 6(a) and stating
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that (i) the representations and warranties of the Company
set forth in Section 2 hereof are accurate as of the Closing Date and, if applicable, the Option
Closing Date, and that the Offerors have complied with all agreements and satisfied all
conditions on their part to be performed or satisfied at or prior to such Closing Date and, if
applicable, the Option Closing Date; (ii) since the respective dates as of which information is
given in the Registration Statement and the Prospectus, there has not been any material adverse
change in the business, financial condition or results of operations of the Company and the
Subsidiaries on a consolidated basis; (iii) since such dates there has not been any material
transaction entered into by the Offerors or the Subsidiaries other than transactions in the ordinary
course of business; and (iv) they have carefully examined the Registration Statement and the
Prospectus as amended or supplemented and nothing has come to their attention that would lead
them to believe that either the Registration Statement or the Prospectus, or any amendment or
supplement thereto as of their respective effective or issue dates, contained, and the Prospectus as
amended or supplemented at such Closing Date (and, if applicable, the Option Closing Date),
contains any untrue statement of a material fact, or omits to state a material fact required to be
stated therein or necessary in order to make the statements therein (in the case of the Prospectus,
in light of the circumstances under which they were made) not misleading; and (v) covering such
other matters as you may reasonably request. The officers' certificate of the Company shall
further state that no stop order affecting the Registration Statement is in effect or, to their
knowledge, threatened.
(i) At the Closing Date and, if applicable, the Option Closing Date, you shall have received a certificate of an authorized representative of the Trust to the effect that to the best of his or her knowledge based upon a reasonable investigation, the representations and warranties of the Trust in this Agreement are true and correct as though made on and as of the Closing Date (and, if applicable, the Option Closing Date); the Trust has complied with all the agreements and satisfied all the conditions required by this Agreement to be performed or satisfied by the Trust on or prior to the Closing Date, and since the most recent date as of which information is given in the Prospectus, except as contemplated by the Prospectus, the Trust has not incurred any material liabilities or obligations, direct or contingent, or entered into any material transactions not in the ordinary course of business and there has not been any material adverse change in the condition (financial or otherwise) of the Trust.
(j) On the Closing Date, you shall have received duly executed counterparts of the Trust Agreement, the Guarantee, the Indenture and the Expense Agreement.
(k) The NASD, upon review of the terms of the public offering of the Designated Preferred Securities shall not have objected to the Underwriters' participation in such offering.
(l) Prior to the Closing Date and, if applicable, the Option Closing Date, the Offerors shall have furnished to you and counsel for the Underwriters all such other documents, certificates and opinions as they have reasonably requested.
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All opinions, certificates, letters and other documents shall be in compliance with the provisions hereof only if they are reasonably satisfactory in form and substance to you. The Offerors shall furnish you with conformed copies of such opinions, certificates, letters and other documents as you shall reasonably request.
If any of the conditions referred to in this Section 6 shall not have been fulfilled when and as required by this Agreement, this Agreement and all of the Underwriters' obligations hereunder may be terminated by you on notice to the Company at, or at any time before, the Closing Date or the Option Closing Date, as applicable. Any such termination shall be without liability of the Underwriters to the Offerors.
7. Indemnification and Contribution.
(a) The Offerors jointly and severally agree to indemnify and hold harmless each Underwriter, each of its directors, officers and agents, and each person, if any, who controls any Underwriter within the meaning of the 1933 Act, against any and all losses, claims, damages, liabilities and expenses (including reasonable costs of investigation and reasonable attorneys fees and expenses), joint or several, arising out of or based upon (i) any untrue statement or alleged untrue statement of a material fact made by the Company or the Trust contained in the registration statement as originally filed or the Registration Statement, any Preliminary Prospectus or the Prospectus, or in any amendment or supplement thereto or (ii) any omission or alleged omission to state a material fact in the registration statement as originally filed or the Registration Statement, any Preliminary Prospectus or the Prospectus, or in any amendment or supplement thereto required to be stated therein or necessary to make the statements therein not misleading, and against any and all losses, claims, damages, liabilities and expenses (including reasonable costs of investigation and attorneys fees), joint or several, arising out of or based upon any untrue statement or alleged untrue statement of a material fact contained in any Preliminary Prospectus or the Prospectus, or in any amendment or supplement thereto, or arising out of or based upon any omission or alleged omission to state therein a material fact required to be stated therein or necessary to make the statements therein, in the light of the circumstances under which they were made, not misleading; and shall reimburse each such indemnified party for any reasonable legal or other expenses as incurred, but in no event less frequently than 30 days after each invoice is submitted, incurred by them in connection with investigating or defending against or appearing as a third-party witness in connection with any such loss, claim, damage, liability or action; provided, however, that the Offerors shall not be liable in any such case to the extent, but only to the extent, that any such losses, claims, damages, liabilities and expenses arise out of or are based upon any untrue statement or omission or allegation thereof that has been made therein or omitted therefrom in reliance upon and in conformity with the "Underwriters' Information" provided, that the indemnification contained in this paragraph with respect to any Preliminary Prospectus shall not inure to the benefit of any Underwriter (or of any person controlling any Underwriter) to the extent any such losses, claims, damages, liabilities or expenses directly results from the fact that such Underwriter sold Designated Preferred Securities to a person to whom there was not sent or given, at or prior to the written confirmation of such sale, a copy of the Prospectus (as amended or supplemented if any amendments or supplements thereto shall have been furnished to you in sufficient time to distribute same with or prior to the written confirmation of the sale involved), if required by law, and if such loss, claim, damage, liability or expense would not have arisen but for the failure to give or send such person such document. The foregoing indemnity agreement is in addition to any liability the Company or the Trust may otherwise have to any such indemnified party.
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(b) Each Underwriter, severally and not jointly, agrees to indemnify and hold harmless each Offeror, each of the Company's directors, each of the Company's officers who signed the Registration Statement, each of the Administrative Trustees of the Trust and each person, if any, who controls an Offeror within the meaning of the 1933 Act, to the same extent as required by the foregoing indemnity from the Company to each Underwriter, but only with respect to the Underwriters' Information. The foregoing indemnity agreement is in addition to any liability which any Underwriter may otherwise have to any such indemnified party.
(c) If any action or claim shall be brought or asserted against any indemnified party or any person controlling an indemnified party in respect of which indemnity may be sought from the indemnifying party, such indemnified party or controlling person shall promptly notify the indemnifying party in writing, and the indemnifying party shall assume the defense thereof, including the employment of counsel reasonably satisfactory to the indemnified party and the payment of all expenses; provided, however, that the failure so to notify the indemnifying party shall not relieve it from any liability which it may have to an indemnified party otherwise than under such paragraph, and further, shall only relieve it from liability under such paragraph to the extent prejudiced thereby. Any indemnified party or any such controlling person shall have the right to employ separate counsel in any such action and to participate in the defense thereof, but the fees and expenses of such counsel shall be at the expense of such indemnified party or such controlling person unless (i) the employment thereof has been specifically authorized by the indemnifying party in writing, (ii) the indemnifying party has failed to assume the defense or to employ counsel reasonably satisfactory to the indemnified party or (iii) the named parties to any such action (including any impleaded parties) include both such indemnified party or such controlling person and the indemnifying party and such indemnified party or such controlling person shall have been advised by such counsel that there may be one or more legal defenses available to it that are different from or in addition to those available to the indemnifying party (in which case, if such indemnified party or controlling person notifies the indemnifying party in writing that it elects to employ separate counsel at the expense of the indemnifying party, the indemnifying party shall not have the right to assume the defense of such action on behalf of such indemnified party or such controlling person) it being understood, however, that the indemnifying party shall not, in connection with any one such action or separate but substantially similar or related actions in the same jurisdiction arising out of the same general allegations or circumstances, be liable for the reasonable fees and expenses of more than one separate firm of attorneys at any time and for all such indemnified party and controlling persons, which firm shall be designated in writing by the indemnified party (and, if such indemnified parties are Underwriters, by you, as Representative). Each indemnified party and each controlling person, as a condition of such indemnity, shall use reasonable efforts to cooperate with the indemnifying party in the defense of any such action or claim. The indemnifying party shall not be liable for any settlement of any such action effected without its written consent, but if there shall be a final judgment for the plaintiff in any such action, the indemnifying party agrees to indemnify and hold harmless any indemnified party and any such controlling person from and against any loss, claim, damage, liability or expense by reason of such settlement or judgment.
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An indemnifying party shall not, without the prior written consent of each indemnified party, settle, compromise or consent to the entry of any judgment in any pending or threatened claim, action, suit or proceeding in respect of which indemnity may be sought hereunder (whether or not such indemnified party or any person who controls such indemnified party within the meaning of the 1933 Act is a party to such claim, action, suit or proceeding), unless such settlement, compromise or consent includes a release of each such indemnified party reasonably satisfactory to each such indemnified party and each such controlling person from all liability arising out of such claim, action, suit or proceeding or unless the indemnifying party shall confirm in a written agreement with each indemnified party, that notwithstanding any federal, state or common law, such settlement, compromise or consent shall not alter the right of any indemnified party or controlling person to indemnification or contribution as provided in this Agreement.
(d) If the indemnification provided for in this Section 7 is unavailable or insufficient
to hold harmless an indemnified party under paragraphs (a), (b) or (c) hereof in respect of any
losses, claims, damages, liabilities or expenses referred to therein, then each indemnifying party,
in lieu of indemnifying such indemnified party, shall contribute to the amount paid or payable by
such indemnified party as a result of such losses, claims, damages, liabilities or expenses (i) in
such proportion as is appropriate to reflect the relative benefits received by the Offerors on the
one hand and the Underwriters on the other from the offering of the Designated Preferred
Securities or (ii) if the allocation provided by clause (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 (i)
above but also the relative fault of the Offerors on the one hand and the Underwriters on the
other in connection with the statements or omissions that resulted in such losses, claims,
damages, liabilities or expenses, as well as any other relevant equitable considerations. The
relative benefits received by the Offerors on the one hand and the Underwriters on the other shall
be deemed to be in the same proportion as the total net proceeds from the offering of the
Designated Preferred Securities (before deducting expenses) received by the Offerors bear to the
total underwriting discounts, commissions and compensation received by the Underwriters, in
each case as set forth in the table on the cover page of the Prospectus. The relative fault of the
Offerors on the one hand and of the Underwriters on the other shall be determined by reference
to, among other things, whether the untrue or alleged untrue statement of a material fact or the
omission or alleged omission to state a material fact relates to information supplied by the
Offerors or by the Underwriters and the parties' relative intent, knowledge, access to information
and opportunity to correct or prevent such untrue statement or omission. The Offerors and the
Underwriters agree that it would not be just and equitable if contribution pursuant to this
paragraph (d) were determined by pro rata allocation or by any other method of allocation that
does not take into account the equitable considerations referred to herein. The amount paid or
payable by an indemnified party as a result of the losses, claims, damages, liabilities and
expenses referred to in the first sentence of this paragraph (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 paragraph (d), no Underwriter shall be required to
contribute any amount in excess of the amount by which the total price at which the Designated
Preferred Securities underwritten by such Underwriter and distributed to the public were offered
to the public exceeds the amount of any damages that such Underwriters has otherwise been
required to pay by reason of such untrue or alleged untrue statement or
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omission or alleged
omission. No person guilty of fraudulent misrepresentation (within the meaning of Section 11(f)
of the 0000 Xxx) shall be entitled to contribution from any person who was not guilty of such
fraudulent misrepresentation.
For purposes of this paragraph (d), each person who controls an Underwriter within the meaning of the 1933 Act shall have the same rights to contribution as such Underwriter, and each person who controls an Offeror within the meaning of the 1933 Act, each officer and trustee of an Offeror who shall have signed the Registration Statement and each director of an Offeror shall have the same rights to contribution as the Offerors subject in each case to the preceding sentence. The obligations of the Offerors under this paragraph (d) shall be in addition to any liability which the Offerors may otherwise have and the obligations of the Underwriters under this paragraph (d) shall be in addition to any liability that the Underwriters may otherwise have.
(e) The indemnity and contribution agreements contained in this Section 7 shall remain operative and in full force and effect, regardless of (i) any investigation made by or on behalf of any Underwriter or any person controlling an Underwriter or by or on behalf of the Offerors, or such directors, trustees or officers (or any person controlling an Offeror), (ii) acceptance of any Designated Preferred Securities and payment therefor hereunder and (iii) any termination of this Agreement. A successor of any Underwriter or of an Offeror, such directors, trustees or officers (or of any person controlling an Underwriter or an Offeror) shall be entitled to the benefits of the indemnity, contribution and reimbursement agreements contained in this Section 7.
(f) The Company agrees to indemnify the Trust against any and all losses, claims, damages or liabilities that may become due from the Trust under this Section 7.
8. Termination.
You shall have the right to terminate this Agreement at any time at or prior to the Closing Date or, with respect to the Underwriters' obligation to purchase the Option Preferred Securities, at any time at or prior to the Option Closing Date, without liability on the part of the Underwriters to the Offerors, if:
(a) Either Offeror shall have failed, refused, or been unable to perform any agreement on its part to be performed under this Agreement, or any of the conditions referred to in Section 6 shall not have been fulfilled, when and as required by this Agreement;
(b) Either of the Offerors or any of the Subsidiaries shall have sustained any material loss or interference with its business from fire, explosion, flood or other calamity, whether or not covered by insurance, or from any labor dispute or court or governmental action, order or decree which in the reasonable judgment of the Representative materially impairs the investment quality of the Designated Preferred Securities;
(c) There has been since the respective dates as of which information is given in the Registration Statement or the Prospectus, any materially adverse change in, or any development which is reasonably likely to have a Material Adverse Effect, whether or not arising in the ordinary course of business;
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(d) There has occurred any outbreak or escalation of hostilities or other calamity or crisis (including, without limitation, an act of terrorism) or material change in general economic, political or financial conditions, or internal conditions, the effect of which on the financial markets of the United States is such as to make it, in your reasonable judgment, impracticable to market the Designated Preferred Securities or enforce contracts for the sale of the Designated Preferred Securities; or
(e) Trading generally on the New York Stock Exchange, the American Stock Exchange or The Nasdaq Stock Market's National Market shall have been suspended, or minimum or maximum prices for trading shall have been fixed, or maximum ranges for prices for securities shall have been required, by any of said exchanges or market system or by the Commission or any other governmental authority.
If this Agreement shall be terminated pursuant to this Section 8, the Offerors shall not then be under any liability to the Underwriters except as provided in Sections 5 and 7 hereof.
9. Default of Underwriters.
If any Underwriter or Underwriters shall default in its or their obligations to purchase Designated Preferred Securities hereunder, the other Underwriters shall be obligated severally, in proportion to their respective commitments hereunder, to purchase the Designated Preferred Securities which such defaulting Underwriter or Underwriters agreed but failed to purchase; provided, however, that the non-defaulting Underwriters shall be under no obligation to purchase such Designated Preferred Securities if the aggregate number of Designated Preferred Securities to be purchased by such non-defaulting Underwriters shall exceed 110% of the aggregate underwriting commitments set forth in Schedule I hereto, and provided further, that no non-defaulting Underwriter shall be obligated to purchase Designated Preferred Securities to the extent that the number of such Designated Preferred Securities is more than 110% of such Underwriter's underwriting commitment set forth in Schedule I hereto.
In the event that the non-defaulting Underwriters are not obligated under the above paragraph to purchase the Designated Preferred Securities which the defaulting Underwriter or Underwriters agreed but failed to purchase, the Representative may in its discretion arrange for one or more of the Underwriters or for another party or parties to purchase such Designated Preferred Securities on the terms contained herein. If within one business day after such default the Representative does not arrange for the purchase of such Designated Preferred Securities, then the Company shall be entitled to a further period of one business day within which to procure another party or parties satisfactory to the Representative to purchase such Designated Preferred Securities on such terms.
In the event that the Representative or the Company do not arrange for the purchase of any Designated Preferred Securities to which a default relates as provided above, this Agreement shall be terminated.
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If the remaining Underwriters or substituted underwriters are required hereby or agree to take up all or a part of the Designated Preferred Securities of a defaulting Underwriter or Underwriters as provided in this Section 9, (i) you shall have the right to postpone the Closing Date for a period of not more than five full business days, in order to effect any changes that, in the opinion of counsel for the Underwriters or the Company, may thereby be made necessary in the Registration Statement or the Prospectus, or in any other documents or agreements, and the Company agrees promptly to file any amendments to the Registration Statement or supplements to the Prospectus which, in its opinion, may thereby be made necessary and (ii) the respective numbers of Designated Preferred Securities to be purchased by the remaining Underwriters or substituted underwriters shall be taken as the basis of their underwriting obligation for all purposes of this Agreement. Nothing herein contained shall relieve any defaulting Underwriter of any liability it may have for damages occasioned by its default hereunder. Any termination of this Agreement pursuant to this Section 9 shall be without liability on the part of any non-defaulting Underwriter or the Company, except for expenses to be paid or reimbursed pursuant to Section 5 and except for the provisions of Section 7.
10. Effective Date of Agreement.
If the Registration Statement is not effective at the time of execution of this Agreement, this Agreement shall become effective on the Effective Date at the time the Commission declares the Registration Statement effective. The Company shall immediately notify the Underwriters when the Registration Statement becomes effective.
If the Registration Statement is effective at the time of execution of this Agreement, this Agreement shall become effective at the earlier of 11:00 a.m. _______, _______ time, on the first full business day following the day on which this Agreement is executed, or at such earlier time as the Representative shall release the Designated Preferred Securities for initial public offering. The Representative shall notify the Offerors immediately after it has taken any action which causes this Agreement to become effective.
Until such time as this Agreement shall have become effective, it may be terminated by the Offerors, by notifying you or by you, as Representative of the several Underwriters, by notifying either Offeror, except that the provisions of Sections 5 and 7 shall at all times be effective.
11. Representations, Warranties and Agreements to Survive Delivery.
The representations, warranties, indemnities, agreements and other statements of the Offerors and their officers and trustees set forth in or made pursuant to this Agreement and the agreements of the Underwriters contained in Section 7 hereof shall remain operative and in full force and effect regardless of any investigation made by or on behalf of the Offerors or controlling persons of either Offeror, or by or on behalf of the Underwriters or controlling persons of the Underwriters and shall terminate upon termination or cancellation of this Agreement.
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12. Notices.
Except as otherwise provided in this Agreement, all notices and other communications hereunder shall be in writing and shall be deemed to have been duly given if delivered by hand, mailed by registered or certified mail, return receipt requested, or transmitted by any standard form of telecommunication and confirmed. Notices to Offerors shall be sent to 000 Xxxxxxxx Xxxxxx, Xxxxx 000, Xx Xxxxx, Xxxxxxxxxx 00000, Attention: Xxxxxxx X. Xxxxx (with a copy to Silver, Xxxxxxxx & Taff, L.L.P., 0000 Xxxxxxxxx Xxxxxx, X.X., Xxxxxxxxxx, X.X. 00000, Attention: Xxxx X. Xxxxxxxxxx, Esq.) and notices to the Underwriters shall be sent to [_________, ____________], Attention: [_________] (with a copy to [_________, ___________], Attention: [_________]). In all dealings with the Company under this Agreement, [_________] shall act as representative of and on behalf of the several Underwriters, and the Company shall be entitled to act and rely upon any statement, request, notice or agreement on behalf of the Underwriters, made or given by ___________________________ on behalf of the Underwriters, as if the same shall have been made or given in writing by the Underwriters.
13. Parties.
The Agreement herein set forth is made solely for the benefit of the Underwriters and the Offerors and, to the extent expressed, directors, trustees and officers of the Offerors, any person controlling the Offerors or the Underwriters, and their respective successors and assigns. No other person shall acquire or have any right under or by virtue of this Agreement. The term "successors and assigns" shall not include any purchaser, in his status as such purchaser, from the Underwriters of the Designated Preferred Securities.
14. Governing Law.
This Agreement shall be governed by the laws of the State of New York, without giving effect to the choice of law or conflicts of law principles thereof.
15. Authority.
Any certificate signed by an authorized officer of the Company or the Trust and delivered to the Representative or to counsel for the Underwriters pursuant to this Agreement shall be deemed a representation and warranty by the Company or the Trust to the Underwriters as to the matters covered thereby.
16. Counterparts.
This Agreement may be executed by facsimile and in one or more counterparts, and when a counterpart has been executed by each party hereto all such counterparts taken together shall constitute one and the same Agreement.
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If the foregoing is in accordance with the your understanding of our agreement, please sign and return to us a counterpart hereof, whereupon this shall become a binding agreement between the Company, the Trust and you in accordance with its terms.
| Very truly yours, | ||
| ITLA CAPITAL CORPORATION | ||
| By: | | |
| Name: | | |
| Title: | | |
| ITLA CAPITAL STATUTORY TRUST __ |
||
| By: | | |
| Name: | | |
| Title: | | |
CONFIRMED AND ACCEPTED,
as of [__________], 20__.
[_______________________]
| By: | | |
| Name: | | |
| Title: | For itself and as Representative of the several Underwriters named in Schedule I hereto. |
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SCHEDULE I
Underwriter Number of Securities
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EXHIBIT A
LIST OF SUBSIDIARIES
END
