M&T Capital Trust IV M&T Bank Corporation Underwriting Agreement
Exhibit 1.1
M&T Capital Trust IV
8.500% Enhanced Trust Preferred Securities
(liquidation amount $25 per security)
fully and unconditionally guaranteed on
a subordinated basis, by
(liquidation amount $25 per security)
fully and unconditionally guaranteed on
a subordinated basis, by
M&T Bank Corporation
| To | the Representatives named in Schedule I hereto of the several Underwriters named in Schedule II hereto |
Ladies and Gentlemen:
M&T Capital Trust IV, a statutory trust created under the laws of Delaware (the
“Trust”), and M&T Bank Corporation, a corporation organized under the laws of New York (the
“Guarantor”), as depositor of the Trust and as Guarantor under the Guarantee referred to
herein, propose to sell to the several underwriters named in Schedule II hereto (the
“Underwriters”), for whom you (the “Representatives”) are acting as
representatives, $350,000,000 of the Trust’s 8.500% Enhanced Trust Preferred Securities,
liquidation amount $25 per security, identified in Schedule I hereto (the “Trust Preferred
Securities”). The proceeds of the sale of the Trust Preferred Securities and of the common
securities (the “Trust Common Securities”) to be sold by the Trust to the Guarantor are to
be invested in $350,010,000 principal amount of the Guarantor’s 8.500% Junior Subordinated
Debentures due 2068 (the “Junior Subordinated Debentures”), to be issued under the
Indenture to be dated as of the Closing Date, between the Guarantor and The Bank of New York, as
trustee (the “Trustee”), as supplemented by the First Supplemental Indenture to be dated as
of the Closing Date (the “First Supplemental Indenture”) between the Guarantor and the
Trustee (together, the “Indenture”). To the extent there are no additional Underwriters
listed on Schedule I other than you, the term Representatives as used herein shall mean you, as
Underwriters, and the terms Representatives and Underwriters shall mean either the singular or
plural as the context requires. Any reference herein to the Registration Statement, the Base
Prospectus, any Preliminary Prospectus or the Final Prospectus shall be deemed to refer to and
include the documents incorporated by reference therein pursuant to Item 12 of Form S-3 which were
filed under the Exchange Act on or before the Effective Date of the Registration Statement or the
issue date of the Base Prospectus, any Preliminary
Prospectus or the Final 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 Final Prospectus shall be deemed to refer to and
include the filing of any document under the Exchange Act after the Effective Date of the
Registration Statement or the issue date of the Base Prospectus, any Preliminary Prospectus or the
Final Prospectus, as the case may be, deemed to be incorporated therein by reference. Certain
terms used herein are defined in Section 20 hereof.
1. Representations and Warranties. (A) Each of the Guarantor and the Trust jointly
and severally represents and warrants to, and agrees with, each Underwriter that:
(a) The Guarantor meets the requirements for use of Form S-3 under the Act and has
prepared and filed with the Commission a registration statement (the file number of which
is set forth in Schedule I hereto) on Form S-3, including a related Base Prospectus, for
registration under the Act of the offering and sale of the Trust Preferred Securities.
Such Registration Statement, including any amendments thereto filed prior to the Execution
Time, has become effective. The Guarantor may have filed with the Commission, as part of an
amendment to the Registration Statement or pursuant to Rule 424(b), one or more preliminary
prospectus supplements relating to the Trust Preferred Securities, each of which has
previously been furnished to you. The Guarantor will file with the Commission a final
prospectus supplement relating to the Trust Preferred Securities in accordance with
Rule 424(b). As filed, such final prospectus supplement shall contain all information
required by the Act and the rules thereunder, and, except to the extent the Representatives
shall agree in writing to a modification, shall be in all substantive respects in the form
furnished to you prior to the Execution Time or, to the extent not completed at the
Execution Time, shall contain only such specific additional information and other changes
(beyond that contained in the Base Prospectus and any Preliminary Prospectus) as the
Guarantor has advised you, prior to the Execution Time, will be included or made therein.
The Registration Statement, at the Execution Time, meets the requirements set forth in
Rule 415(a)(1)(x).
(b) On the Effective Date, the Registration Statement did, and when the Final
Prospectus is first filed in accordance with Rule 424(b) and on the Closing Date (as
defined in Section 3 hereof), the Final Prospectus (and any supplement thereto) will,
comply in all material respects with the applicable requirements of the Act, the Exchange
Act and the Trust Indenture Act and the respective rules thereunder; on each Effective Date
and at the Execution Time, the Registration Statement did not and will not contain any
untrue statement of a material fact or omit to state any material fact required to be
stated therein or necessary in order to make the statements therein not misleading; on the
Effective Date and on the Closing Date the Indenture did or will comply in all material
-2-
respects with the applicable requirements of the Trust Indenture Act and the rules
thereunder; and on the date of any filing pursuant to Rule 424(b) and on the Closing Date,
the Final Prospectus (together with any supplement thereto) will not include any untrue
statement of a material fact or omit to state a material fact necessary in order to make
the statements therein, in the light of the circumstances under which they were made, not
misleading; provided, however, that the Guarantor and the Trust make no
representations or warranties as to (i) that part of the Registration Statement which shall
constitute the Statement of Eligibility and Qualification (Form T-1) under the Trust
Indenture Act of the Trustee or (ii) the information contained in or omitted from the
Registration Statement or the Final Prospectus (or any supplement thereto) in reliance upon
and in conformity with information furnished in writing to the Guarantor by or on behalf of
any Underwriter through the Representatives specifically for inclusion in the Registration
Statement or the Final Prospectus (or any supplement thereto), it being understood and
agreed that the only such information furnished by or on behalf of any Underwriter consists
of the information described as such in Section 7 hereof.
(c) (i) The Disclosure Package and (ii) each electronic road show, if any, when taken
together as a whole with the Disclosure Package, as of the Execution Time, does not contain
an untrue statement of a material fact or omit to state a material fact necessary in order
to make the statements therein, in light of the circumstances under which they were made,
not misleading. The preceding sentence does not apply to statements in or omissions from
the Disclosure Package based upon and in conformity with written information furnished to
the Guarantor by any Underwriter through the Representatives expressly for inclusion
therein, it being understood and agreed that the only such information furnished by or on
behalf of any Underwriter consists of the information described as such in Section 7
hereof.
(d) (i) At the time of filing the Registration Statement, (ii) at the time of the most
recent amendment thereto for the purposes of complying with Section 10(a)(3) of the Act
(whether such amendment was by post-effective amendment, incorporated report filed pursuant
to Sections 13 or 15(d) of the Exchange Act or form of prospectus), (iii) at the time the
Guarantor or any person acting on its behalf (within the meaning, for this clause only, of
Rule 163(c)) made any offer relating to the Trust Preferred Securities in reliance on the
exemption in Rule 163, and (iv) at the Execution Time (with such date being used as the
determination date for purposes of this clause (iv)), the Guarantor was or is (as the case
may be) a “well-known seasoned issuer” as defined in Rule 405.
(e) (i) At the earliest time after the filing of the Registration Statement that the
Guarantor or another offering participant made a bona fide offer (within the meaning of
Rule 164(h)(2)) of the Trust Preferred Securities and (ii) as of the Execution Time (with
such date being used as the determination date for purposes
-3-
of this clause (ii)), the Guarantor was not and is not an Ineligible Issuer (as
defined in Rule 405), without taking account of any determination by the Commission
pursuant to Rule 405 that it is not necessary that the Guarantor be considered an
Ineligible Issuer.
(f) Each Issuer Free Writing Prospectus and the final term sheet prepared and filed
pursuant to Section 5(b) hereto does not include any information that conflicts with the
information contained in the Registration Statement, including any document incorporated
therein by reference and any prospectus supplement deemed to be a part thereof that has not
been superseded or modified. The foregoing sentence does not apply to statements in or
omissions from any Issuer Free Writing Prospectus based upon and in conformity with written
information furnished to the Guarantor by any Underwriter through the Representatives
specifically for use therein, it being understood and agreed that the only such information
furnished by or on behalf of any Underwriter consists of the information described as such
in Section 7 hereof.
(g) The Trust has been duly created and is validly existing as a statutory trust in
good standing under the laws of the State of Delaware and, at the Closing Date, will have
the power and authority (trust and other) to own its property and conduct its business as
described in the Registration Statement, the Disclosure Package and the Final Prospectus
and to execute and deliver and perform its obligations under the Other Trust Transaction
Agreements (as defined in paragraph (A)(h) of this Section 1).
(h) Except as set forth in the Preliminary Prospectus, the Trust has conducted and
will conduct no business other than the transactions contemplated by this Agreement and the
Amended and Restated Trust Agreement in substantially the form previously provided to you
and to be entered into at or before the Closing Date (as defined in Section 3 hereof) among
the Guarantor, as Depositor, The Bank of New York, N.A., as Property Trustee, BNYM
(Delaware), as Delaware Trustee, and the individuals named therein, as Administrative
Trustees (collectively, the “Trustees,” and such Amended and Restated Trust
Agreement, the “Trust Agreement”) and described in the Disclosure Package and the
Final Prospectus; the Trust is not, and at the Closing Date will not be, a party to or
bound by any agreement or instrument other than this Agreement, the Trust Agreement and the
Other Trust Transaction Agreements (as defined below); and the Trust has no liabilities or
obligations other than those arising out of the transactions contemplated by this Agreement
and the Other Trust Transaction Agreements and described in the Disclosure Package and the
Final Prospectus. “Other Trust Transaction Agreements” means the Certificate
Depository Agreement and the Expense Agreement.
(i) At the Closing Date, the Trust Preferred Securities will have been duly authorized
and, when issued, delivered and paid for pursuant to this
-4-
Agreement, will have been duly and validly issued and will be fully paid and
non-assessable beneficial interests in the Trust entitled to the benefits of the Trust
Agreement and the Trust Preferred Securities will conform in all material respects to the
description thereof in the Disclosure Package and the Final Prospectus.
(j) At the Closing Date, the Trust Common Securities will have been duly authorized
and will have been duly and validly issued and will be fully paid and non-assessable
(subject to the fact that the holders of the Trust Preferred Securities and of the Trust
Common Securities may be obligated, pursuant to the Trust Agreement, to (i) provide
indemnity and/or security in connection with and pay taxes or governmental charges arising
from transfers or exchanges of Trust Preferred Security certificates and the issuance or
replacement of Trust Preferred Security certificates, and (ii) provide security and
indemnity in connection with requests of or directions to the Property Trustee, as defined
in the Trust Agreement, to exercise its rights and remedies under the Trust Agreement)
beneficial interests in the Trust entitled to the benefits of the Trust Agreement and the
Trust Common Securities will conform in all material respects to the description thereof
contained in the Disclosure Package and the Final Prospectus; the issuance of the Trust
Common Securities is not subject to preemptive or other similar rights; at the Closing
Date, all of the issued and outstanding Trust Common Securities will be directly owned by
the Guarantor, free and clear of all liens, encumbrances, equities or claims; and the Trust
Common Securities and the Trust Preferred Securities are the only beneficial interests in
the Trust authorized to be issued by the Trust.
(k) The holders of the Trust Preferred Securities will be entitled to the same
limitation on personal liability that is extended to stockholders of private corporations
for profit organized under the General Corporation Law of the State of Delaware.
(l) At the Closing Date, each Other Trust Transaction Agreement (collectively with
this Agreement, the “Trust Transaction Agreements”) will have been duly authorized,
executed and delivered by the Trust and will constitute a valid and legally binding
instrument of the Trust, enforceable in accordance with its terms, subject, as to
enforcement, to bankruptcy, insolvency, fraudulent transfer, reorganization, moratorium and
other laws of general applicability relating to or affecting creditors’ rights and to
general equity principles; and the Trust Transaction Agreements will conform in all
material respects to the descriptions thereof contained in the Disclosure Package and the
Final Prospectus.
(m) This Agreement has been duly authorized, executed and delivered by the Trust.
(n) At the Closing Date, the Trust will have all power and authority necessary to
execute and deliver the Trust Preferred Securities, the Trust Common
-5-
Securities and the Trust Transaction Agreements, and to perform its obligations
hereunder and thereunder; the issuance by the Trust of the Trust Preferred Securities and
the Trust Common Securities in accordance with the Trust Agreement, the purchase by the
Trust of the Junior Subordinated Debentures, and the execution and delivery by the Trust of
the Trust Transaction Agreements and the performance by it of its obligations thereunder
will not (i) conflict with or result in a material breach or violation of any of the terms
or provisions of, or constitute a default under, any of the Other Trust Transaction
Documents or (ii) result in any violation of any statute or any order, rule or regulation
of any court or governmental agency or body located in the United States having
jurisdiction over the Trust or any of its properties; and no consent, approval,
authorization, order, registration or qualification of or with any such court or
governmental agency or body is required for the issue and sale of the Trust Preferred
Securities and the Trust Common Securities by the Trust in accordance with the terms of the
Trust Agreement, the purchase by the Trust of the Junior Subordinated Debentures, or the
execution, delivery or performance by the Trust of any of the Other Trust Transaction
Agreements or the consummation by the Trust of the transactions contemplated hereby or
thereby, except such as have been obtained under the Act and such consents, approvals,
authorizations, registrations or qualifications as may be required under state securities
or Blue Sky laws in connection with the purchase and distribution of the Trust Preferred
Securities by the Underwriters.
(o) The Trust is not and, after giving effect to the offering and sale of the Trust
Preferred Securities and the application of the proceeds thereof as described in the
Disclosure Package and the Final Prospectus, will not be, an “investment company” or an
entity “controlled” by an “investment company,” as such terms are defined in the Investment
Company Act of 1940, as amended (the “Investment Company Act”).
(B) The Guarantor represents and warrants to, and agrees with, each Underwriter that:
(a) Each of the Guarantor and its Significant Subsidiaries (as defined in Rule 1-02(w)
of Regulation S-X of the Commission (“Significant Subsidiaries”)) is a corporation
duly organized, validly existing and in good standing under the laws of its jurisdiction of
incorporation. Each of the Guarantor and its Significant Subsidiaries has full power and
authority (corporate and other) to own its properties and conduct its business as presently
conducted as described in the Disclosure Package and the Final Prospectus and is duly
registered and qualified to conduct its business and is in good standing in each
jurisdiction or place in which the Guarantor or such Significant Subsidiary owns or leases
property or where the nature of its properties or the conduct of its business otherwise
requires such registration or qualification, except where the failure to be so registered
or qualified would not have a material adverse effect on the
-6-
business, consolidated financial condition or results of operations of the Guarantor.
(b) The Guarantor is duly registered as a bank holding company under the Bank Holding
Company Act of 1956, as amended.
(c) Manufacturers and Traders Trust Company, a banking corporation organized under the
laws of the State of New York (“M&T Bank”), is a direct subsidiary of the Guarantor
and is an insured depository institution under the provisions of the Federal Deposit
Insurance Act, as amended (the “FDI Act”). The deposit accounts at M&T Bank are
insured by the Federal Deposit Insurance Corporation (the “FDIC”) in accordance
with and to the extent provided in the FDI Act and the rules and regulations of the FDIC,
and no proceedings for the termination or revocation of such insurance are pending, or, to
the knowledge of the Guarantor, threatened.
(d) All the outstanding shares of capital stock of each Significant Subsidiary have
been duly and validly authorized and issued and are fully paid and nonassessable, and,
except as otherwise set forth in the Disclosure Package and the Final Prospectus, all
outstanding shares of capital stock of the Significant Subsidiaries (other than M&T Real
Estate Trust, a Maryland real estate investment trust (“M&T Real Estate”)) are
owned by the Guarantor either directly or through wholly-owned subsidiaries, free and clear
of any perfected security interest or any other security interests, liens or encumbrances,
other than such security interests, liens, and encumbrances which would not, individually
or in the aggregate, reasonably be expected to have a material adverse effect on the
business, consolidated financial condition or results of operations of the Guarantor. The
Guarantor owns all of the outstanding voting shares of capital stock and 88% of the shares
of the outstanding preferred stock of M&T Real Estate either directly or through
wholly-owned subsidiaries, free and clear of any perfected security interest or any other
security interests, liens or encumbrances, other than such security interests, liens, and
encumbrances which would not, individually or in the aggregate, reasonably be expected to
have a material adverse effect on the business, consolidated financial condition or results
of operations of the Guarantor.
(e) The Guarantor has an authorized capitalization as set forth in the Disclosure
Package and the Final Prospectus under the heading “Capitalization” and all the outstanding
shares of capital stock of the Guarantor have been duly and validly authorized and issued,
are fully paid and non-assessable.
(f) Each of the Administrative Trustees is an employee of or affiliated with the
Guarantor and, at the Closing Date, the Trust Agreement will have been duly executed and
delivered by each Administrative Trustee and will constitute a valid and legally binding
instrument of each Administrative Trustee, enforceable
-7-
in accordance with its terms, subject, as to enforcement, to bankruptcy, insolvency,
fraudulent transfer, reorganization, moratorium and other laws of general applicability
relating to or affecting creditors’ rights and to general equity principles (whether
considered as a proceeding at law or in equity).
(g) The Junior Subordinated Debentures have been duly authorized by the Guarantor,
and, when issued, delivered and paid for by the Underwriters at the Closing Date as
contemplated by the Preliminary Prospectus, will have been duly executed, authenticated,
issued and delivered and will constitute valid and legally binding obligations of the
Guarantor entitled to the benefits provided by the Indenture; the Indenture, the Trust
Agreement and the Guarantee Agreement (the Trust Agreement and the Guarantee Agreement,
collectively, the “Other Guarantor Transaction Agreements” and, together with this
Agreement, the Indenture and the Junior Subordinated Debentures, the “Guarantor
Transaction Agreements”) have been duly authorized by the Guarantor and, at the Closing
Date, the Indenture, the Guarantee Agreement and the Trust Agreement each will be duly
qualified under the Trust Indenture Act and will constitute a valid and legally binding
instrument of the Guarantor, enforceable in accordance with its terms, subject, as to
enforcement, to bankruptcy, insolvency, fraudulent transfer, reorganization, moratorium and
other laws of general applicability relating to or affecting creditors’ rights, the rights
of creditors of federally-insured depository institutions, the supervisory and enforcement
powers of applicable bank regulatory authorities and to general equity principles (whether
considered as a proceeding of law or in equity); and the Junior Subordinated Debentures,
the Indenture and the Other Guarantor Transaction Agreements will conform in all material
respects to the descriptions thereof in the Disclosure Package and the Final Prospectus.
(h) This Agreement has been duly authorized, executed and delivered by the Guarantor.
(i) The Guarantor is not and, after giving effect to the offering and sale of the
Trust Preferred Securities and the application of the proceeds thereof as described in the
Disclosure Package and the Final Prospectus will not be required to register under the
Investment Company Act of 1940, as amended.
(j) No consent, approval, authorization, filing with or order of any court or
governmental agency or body is required in connection with the transactions contemplated
herein, except such as have been obtained under the Act and the Trust Indenture Act and
such as may be required under the securities or blue sky laws of any jurisdiction in
connection with the purchase and distribution of the Trust Preferred Securities by the
Underwriters in the manner contemplated herein and in the Disclosure Package and the Final
Prospectus.
-8-
(k) The Guarantor has all the power and authority (corporate and other) necessary to
execute and deliver the Guarantor Transaction Agreements and to perform its obligations
thereunder; the execution and delivery of the Guarantor Transaction Agreements or the
consummation of the transactions contemplated thereby will not conflict with, result in a
breach or violation of, or imposition of any lien, charge or encumbrance upon any property
or assets of the Guarantor or its subsidiaries pursuant to (i) the charter or by-laws of
the Guarantor or any of its subsidiaries, (ii) any statute, law, rule, regulation, order,
judgment or decree applicable to the Guarantor or its subsidiaries, or (iii) the terms of
any indenture, lease, mortgage, note agreement, loan agreement or other agreement
obligation, condition, covenant or instrument by which the Guarantor or any of its
subsidiaries, or the property of any of them, is bound, except, in the case of clause (ii)
and (iii) above, where such violation, conflict, breach or imposition would not have a
material adverse effect upon the business, consolidated financial condition or results of
operations of the Guarantor.
(l) Except as set forth or contemplated in the Disclosure Package and the Final
Prospectus (exclusive of any amendment or supplement thereto), since the date of the latest
financial statements included or incorporated by reference in the in the Disclosure Package
and the Final Prospectus, there has not been any material adverse change in the business,
financial condition or results of operations of the Guarantor and its subsidiaries on a
consolidated basis.
(m) Other than as set forth or contemplated in the Disclosure Package or the Final
Prospectus (exclusive of any amendment or supplement thereto), there are no legal or
governmental proceedings pending to which the Guarantor or any of its subsidiaries is a
party or of which any property of the Guarantor or any of its subsidiaries is the subject
which, if determined adversely to the Guarantor or any of its subsidiaries, would be
reasonably likely individually or in the aggregate, to have a material adverse effect on
the business, consolidated financial position or results of operations of the Guarantor and
its subsidiaries; and, to the best of the Guarantor’s knowledge, no such proceedings are
threatened or contemplated by any governmental authorities or threatened by others.
Neither the Guarantor nor any of its Significant Subsidiaries is party to or otherwise the
subject of any consent decree, memorandum of understanding, written commitment or other
written supervisory agreement with the Board of Governors of the Federal Reserve System or
any other U.S. federal or state authority or agency charged with the supervision or
insurance of depository institutions or their holding companies that is required by the Act
or Exchange Act to be disclosed in the Disclosure Package or the Final Prospectus
(exclusive of any amendment or supplement thereto).
(n) The consolidated historical financial statements and schedules of the Guarantor
and its consolidated subsidiaries included or incorporated by reference in the Disclosure
Package and the Final Prospectus fairly present, in
-9-
conformity with U.S. generally accepted accounting principles consistently applied
throughout the periods involved (except as otherwise expressly stated therein and except
that the unaudited consolidated financial information of the Guarantor as of, and for the
year ended December 31, 2007 included in the Disclosure Package and the Final Prospectus,
exclude the statement of cash flows, statement of changes in stockholders’ equity, notes to
financial statements and other disclosures that would be required under U.S. generally
accepted accounting principles), and will so fairly present, the financial condition of the
Guarantor and its subsidiaries on a consolidated basis as of the dates indicated, and the
results of operations of the Guarantor and its subsidiaries on a consolidated basis for the
periods therein specified.
(o) The statements set forth in the Preliminary Prospectus and the Final Prospectus
under the captions “The Trust,” “Description of the Capital Securities,” “Description of
the Junior Subordinated Debentures,” “Description of the Guarantee,” “Relationship among
Capital Securities, Junior Subordinated Debentures and Guarantee” and “Replacement Capital
Covenant,” insofar as they are descriptions of contracts, agreements or other legal
documents or describe Federal statutes, rules and regulations, and under the caption
“Underwriting,” insofar as they purport to describe the provisions of the documents
referred to therein, constitute an accurate summary of the matters set forth therein in all
material respects; the statements set forth in the Preliminary Prospectus and the Final
Prospectus under the caption “Certain U.S. Federal Income Tax Considerations” and “ERISA
Considerations,” insofar as they purport to constitute a summary of matters of U.S. federal
income tax law or the U.S. Employee Retirement Income Security Act of 1974, as amended, and
regulations or legal conclusions with respect thereto, constitute an accurate summary of
the matters set forth therein in all material respects.
(p) Neither the Guarantor nor any Significant Subsidiary is in violation or default of
(i) any provision of its charter or bylaws; (ii) the terms of any indenture, contract,
lease, mortgage, deed of trust, note agreement, loan agreement or other agreement,
obligation, condition, covenant or instrument to which it is a party or bound or to which
its property is subject, or (iii) any statute, law, rule, regulation, judgment, order or
decree of any court, regulatory body, administrative agency, governmental body, arbitrator
or other authority having jurisdiction over the Guarantor or such Significant Subsidiary or
any of its properties, as applicable, except in the case of (ii) and (iii), where such
violation, conflict or breach would not have a material adverse effect upon the business,
consolidated financial condition or results of operations of the Guarantor.
(q) The Guarantor is not subject to any order of the Federal Reserve Board which, as
of the date hereof, prohibits the payment of dividends by any of its subsidiaries.
-10-
(r) PricewaterhouseCoopers LLP who have certified certain financial statements of the
Guarantor and its consolidated subsidiaries are independent public accountants with respect
to the Guarantor within the meaning of the Act and the applicable published rules and
regulations thereunder.
(s) There is and has been no failure on the part of the Guarantor or any of the
Guarantor’s directors or officers, in their capacities as such, to comply with any
provision of the Xxxxxxxx-Xxxxx Act of 2002 and the rules and regulations promulgated in
connection therewith, including Section 402 related to loans and Sections 302 and 906
related to certifications.
(t) The operations of the Guarantor and M&T Bank are and have been conducted at all
times in compliance in all material respects with applicable financial recordkeeping and
reporting requirements and the money laundering statutes and the rules and regulations
thereunder and any related or similar rules, regulations or guidelines, issued,
administered or enforced by any governmental agency (collectively, the “Money
Laundering Laws”) and no material action, suit or proceeding by or before any court or
governmental agency, authority or body or any arbitrator involving the Guarantor or M&T
Bank with respect to the Money Laundering Laws is pending, or to the knowledge of the
Guarantor, threatened.
(u) Neither the Guarantor or M&T Bank nor, to the knowledge of the Guarantor or M&T
Bank, any director, officer, agent, employee or affiliate (as defined in Rule 501(b) of
Regulation D under the Act, an “Affiliate”) of the Guarantor or M&T Bank is
currently subject to any U.S. sanctions administered by the Office of Foreign Assets
Control of the U.S. Department of the Treasury (“OFAC”); and the Guarantor will not
directly or indirectly use the proceeds of the offering of the Trust Preferred Securities
hereunder, or lend, contribute or otherwise make available such proceeds to any subsidiary,
joint venture partner or other person or entity, for the purpose of financing the
activities of any person currently subject to any U.S. sanctions administered by OFAC.
(v) Neither the Guarantor or M&T Bank nor, to the knowledge of the Guarantor or M&T
Bank, any director, officer, agent, employee or Affiliate of the Guarantor or M&T Bank is
aware of or has taken any action, directly or indirectly, that would result in a violation
by such persons of the Foreign Corrupt Practices Act of 1977, as amended, and the rules and
regulations thereunder (the “FCPA”), including, without limitation, making use of
the mails or any means or instrumentality of interstate commerce corruptly in furtherance
of an offer, payment, promise to pay or authorization of the payment of any money, or other
property, gift, promise to give, or authorization of the giving of anything of value to any
“foreign official” (as such term is defined in the FCPA) or any foreign political party or
official thereof or any candidate for foreign political office, in contravention of the
FCPA. The Guarantor and M&T Bank and, to the
-11-
knowledge of the Guarantor, its Affiliates have conducted their businesses in
compliance in all material respects with the FCPA and have instituted and maintain policies
and procedures designed to ensure, and which are reasonably expected to continue to ensure,
continued compliance therewith.
(w) The Guarantor has established and maintains disclosure controls and procedures (as
such term is defined in Rule 13a-15 and 15d-15 under the Exchange Act), that (A) are
designed to ensure that material information relating to the Guarantor, including M&T Bank
and its other consolidated subsidiaries, is made known to the Guarantor’s Chief Executive
Officer and its Chief Financial Officer by others within those entities, particularly
during the periods in which the filings made by the Guarantor with the Commission which it
may make under Sections 13(a), 13(c) or 15(d) of the Exchange Act are being prepared,
(B) have been evaluated for effectiveness as of the Guarantor’s most recently completed
fiscal quarter and (C) are effective to perform the functions for which they were
established.
(x) The Guarantor has established and maintains internal control over financial
reporting (as such term is defined in Rules 13a-15 and 15d-15 under the Exchange Act) that
(A) provide reasonable assurance regarding the reliability of financial reporting and the
preparation of financial statements for external purposes in accordance with generally
accepted accounting principles in the United States and (B) have been evaluated by the
management of the Guarantor (including the Guarantor’s Chief Executive Officer and Chief
Financial Officer) for effectiveness as of the end of the Guarantor’s fiscal year ended
December 31, 2006. The management of the Guarantor (including the Guarantor’s Chief
Executive Officer and Chief Financial Officer) has evaluated any change that has materially
affected, or is reasonably likely to affect, the Guarantor’s internal control over
financial reporting as of the end of the Guarantor’s recently completed fiscal quarter. In
addition, not later than the date of the filing with the Commission of the Guarantor’s most
recent Annual Report on Form 10-K or Quarterly Report on Form 10-Q, as the case may be,
each of the Guarantor’s Chief Executive Officer and Chief Financial Officer, has disclosed,
based on their most recent evaluation of internal control over financial reporting, to the
Guarantor’s accountants and the audit committee of the board of directors of the Guarantor
(A) all significant deficiencies and material weaknesses in the design or operation of
internal control over financial reporting which are reasonably likely to adversely affect
the Guarantor’s ability to record, process, summarize and report financial information and
(B) any fraud, whether or not material, that involves management or other employees who
have a significant role in the Guarantor’s internal control over financial reporting. The
Guarantor’s internal controls over financial reporting are effective as of the Guarantor’s
most recently completed fiscal quarter and the Guarantor is not aware of any material
weakness in its internal control over financial reporting.
-12-
Any certificate signed by any officer of the Guarantor and delivered to the Representatives or
counsel for the Underwriters in connection with the offering of the Trust Preferred Securities
shall be deemed a representation and warranty by the Guarantor, as to matters covered thereby, to
each Underwriter.
2. Purchase and Sale. Subject to the terms and conditions and in reliance upon the
representations and warranties herein set forth the Guarantor and the Trust agree that the Trust
will sell to each Underwriter, and each Underwriter agrees, severally and not jointly, to purchase
from the Trust, at the purchase price set forth in Schedule I hereto the number of the Trust
Preferred Securities set forth opposite such Underwriter’s name in Schedule II hereto.
As compensation to the Underwriters for their commitments hereunder, and in view of the fact
that the proceeds from the sale of the Trust Preferred Securities will be used by the Trust to
purchase the Junior Subordinated Debentures, the Guarantor on the Closing Date will pay by wire
transfer of immediately available funds to UBS Securities LLC, for the accounts of the several
Underwriters, the amount per Trust Preferred Security set forth in Schedule I in respect of the
Trust Preferred Securities to be delivered by the Trust hereunder on the Closing Date.
3. Delivery and Payment. Delivery of and payment for the Trust Preferred Securities
shall be made on the date and at the time specified in Schedule I hereto or at such time on such
later date not more than three Business Days after the foregoing date as the Representatives shall
designate, which date and time may be postponed by agreement between the Representatives and the
Guarantor or as provided in Section 9 hereof (such date and time of delivery and payment for the
Trust Preferred Securities being herein called the “Closing Date”).
Delivery of the Trust Preferred Securities shall be made to the Representatives for the
respective accounts of the several Underwriters against payment by the several Underwriters through
the Representatives of the purchase price thereof to or upon the order of the Guarantor by wire
transfer payable in same-day funds to an account specified by the Guarantor. Delivery of the Trust
Preferred Securities shall be made through the facilities of The Depository Trust Company unless
the Representatives shall otherwise instruct.
4. Offering by Underwriters. It is understood that the several Underwriters propose
to offer the Trust Preferred Securities for sale to the public as set forth in the Final
Prospectus.
5. Agreements. The Trust and the Guarantor jointly and severally agree with the
several Underwriters that:
(a) Prior to the termination of the offering of the Trust Preferred Securities, the
Guarantor will not file any amendment of the Registration Statement or supplement
(including the Final Prospectus or any Preliminary
-13-
Prospectus) to the Base Prospectus or any Rule 462(b) Registration Statement unless
the Guarantor has furnished you a copy for your review prior to filing and will not file
any such proposed amendment or supplement to which you reasonably object. The Guarantor
will cause the Final Prospectus, properly completed, and any supplement thereto to be filed
in a form approved by the Representatives with the Commission pursuant to the applicable
paragraph of Rule 424(b) within the time period prescribed and will provide evidence
satisfactory to the Representatives of such timely filing. The Guarantor or the Trust will
promptly advise the Representatives (i) when the Final Prospectus, and any supplement
thereto, shall have been filed (if required) with the Commission pursuant to Rule 424(b) or
when any Rule 462(b) Registration Statement shall have been filed with the Commission,
(ii) when, prior to termination of the offering of the Trust Preferred Securities, any
amendment to the Registration Statement shall have been filed or become effective, (iii) of
any request by the Commission or its staff for any amendment of the Registration Statement,
or any Rule 462(b) Registration Statement, or for any supplement to the Final Prospectus or
for any additional information, (iv) of the issuance by the Commission of any stop order
suspending the effectiveness of the Registration Statement or of any notice objecting to
its use or the institution or threatening of any proceeding for that purpose and (v) of the
receipt by either the Guarantor or the Trust of any notification with respect to the
suspension of the qualification of the Trust Preferred Securities for sale in any
jurisdiction or the institution or threatening of any proceeding for such purpose. Each of
the Guarantor and the Trust will use its reasonable best efforts to prevent the issuance of
any such stop order or the occurrence of any such suspension or objection to the use of the
Registration Statement and, upon such issuance, occurrence or notice of objection, to
obtain as soon as possible the withdrawal of such stop order or relief from such occurrence
or objection, including, if necessary, by filing an amendment to the Registration Statement
or a new registration statement and using its reasonable best efforts to have such
amendment or new registration statement declared effective as soon as practicable.
(b) To prepare a final term sheet, containing solely a description of final terms of
the Trust Preferred Securities and the offering thereof, in the form approved by you and
attached as Schedule IV hereto and to file such term sheet pursuant to Rule 433(d) within
the time required by such Rule.
(c) Before amending or supplementing the Disclosure Package or the Final Prospectus,
to furnish the Representatives with a copy of each such proposed amendment or supplement
and not to make any such proposed amendment or supplement of which the Representatives
reasonably disapprove promptly after reasonable notice thereof.
(d) If, at any time prior to the filing of the Final Prospectus pursuant to
Rule 424(b), any event occurs as a result of which the Disclosure Package would
-14-
include any untrue statement of a material fact or omit to state any material fact
necessary to make the statements therein in the light of the circumstances under which they
were made or the circumstances then prevailing not misleading, the Guarantor will
(i) notify promptly the Representatives so that any use of the Disclosure Package may cease
until it is amended or supplemented; (ii) amend or supplement the Disclosure Package to
correct such statement or omission; and (iii) supply any amendment or supplement to you in
such quantities as you may reasonably request.
(e) If, at any time when a prospectus relating to the Trust Preferred Securities is
required to be delivered under the Act (including in circumstances where such requirement
may be satisfied pursuant to Rule 172), any event occurs as a result of which the Final
Prospectus as then supplemented would include any untrue statement of a material fact or
omit to state any material fact necessary to make the statements therein in the light of
the circumstances under which they were made at such time not misleading, or if it shall be
necessary to amend the Registration Statement, file a new registration statement or
supplement the Final Prospectus to comply with the Act or the Exchange Act or the
respective rules thereunder, including in connection with use or delivery of the Final
Prospectus, the Guarantor promptly will (i) notify the Representatives of any such event,
(ii) prepare and file with the Commission, subject to the second sentence of paragraph (a)
of this Section 5, an amendment or supplement or new registration statement which will
correct such statement or omission or effect such compliance, (iii) use its reasonable best
efforts to have any amendment to the Registration Statement or new registration statement
declared effective as soon as practicable in order to avoid any disruption in use of the
Final Prospectus and (iv) supply any supplemented Final Prospectus to you in such
quantities as you may reasonably request.
(f) As soon as practicable, the Guarantor will make generally available to its
security holders and to the Representatives an earnings statement or statements of the
Guarantor and its subsidiaries which will satisfy the provisions of Section 11(a) of the
Act and Rule 158.
(g) The Guarantor will furnish to the Representatives and counsel for the
Underwriters, without charge, signed copies of the Registration Statement (including
exhibits thereto) and to each other Underwriter a copy of the Registration Statement
(without exhibits thereto) and, so long as delivery of a prospectus by an Underwriter or
dealer may be required by the Act (including in circumstances where such requirement may be
satisfied pursuant to Rule 172), as many copies of each Preliminary Prospectus, the Final
Prospectus and each Issuer Free Writing Prospectus and any supplement thereto as the
Representatives may reasonably request. The Guarantor will pay the expenses of printing or
other production of all documents relating to the offering.
-15-
(h) The Guarantor will arrange, if necessary, for the qualification of the Trust
Preferred Securities for sale under the laws of such jurisdictions as the Representatives
may designate and will maintain such qualifications in effect so long as required for the
distribution of the Trust Preferred Securities; provided, that, in connection therewith
neither the Guarantor nor the Trust shall be required to qualify as a foreign corporation
or to file a general consent to service of process in any jurisdiction or to subject itself
to taxation for doing business in any jurisdiction or to obtain any business license or
authorization under any applicable laws or to take any action that would subject it to
general or unlimited service of process in any jurisdiction in which it is not now subject,
and provided further that the expense of maintaining any such qualification more than one
year from the Execution Time shall be at the expense of the Underwriters.
(i) The Guarantor agrees that, unless it has or shall have obtained the prior written
consent of the Representatives, and each Underwriter, severally and not jointly, agrees
with the Guarantor that, unless it has or shall have obtained, as the case may be, the
prior written consent of the Guarantor, it has not made and will not make any offer
relating to the Trust Preferred Securities that would constitute an Issuer Free Writing
Prospectus or that would otherwise constitute a “free writing prospectus” (as defined in
Rule 405) required to be filed by the Guarantor with the Commission or retained by the
Guarantor under Rule 433, other than a free writing prospectus containing the information
contained in the final term sheet prepared and filed pursuant to Section 5(b) hereto;
provided that the prior written consent of the parties hereto shall be deemed to have been
given in respect of the Free Writing Prospectuses included in Schedule III hereto and any
electronic road show, if used. Any such free writing prospectus consented to by the
Representatives or the Guarantor is hereinafter referred to as a “Permitted Free Writing
Prospectus.” The Guarantor agrees that (x) it has treated and will treat, as the case may
be, each Permitted Free Writing Prospectus as an Issuer Free Writing Prospectus and (y) it
has complied and will comply, as the case may be, with the requirements of Rules 164 and
433 applicable to any Permitted Free Writing Prospectus, including in respect of timely
filing with the Commission, legending and record keeping.
(j) The Guarantor will not, without the prior written consent of the Representatives,
offer, sell, contract to sell, pledge, or otherwise dispose of (or enter into any
transaction which is designed to, or might reasonably be expected to, result in the
disposition (whether by actual disposition or effective economic disposition due to cash
settlement or otherwise) by the Guarantor or any affiliate of the Guarantor or any person
in privity with the Guarantor or any affiliate of the Guarantor), directly or indirectly,
including the filing (or participation in the filing) of a registration statement with the
Commission in respect of, or establish or increase a put equivalent position or liquidate
or decrease a call equivalent position within the meaning of Section 16 of the Exchange
Act, any Trust Preferred Securities (other than the Trust Preferred Securities offered
hereby), any
-16-
other beneficial interests in the assets of the Trust (other than the Trust Common
Securities) or any Junior Subordinated Debentures, any securities (including any security
issued by another trust or other limited purpose vehicle) that are substantially similar to
the Trust Preferred Securities, the Junior Subordinated Debentures, the Guarantee, or any
securities that are convertible into or exchangeable for or that represent the right to
receive any such substantially similar securities of either the Trust, a similar trust or
the Guarantor, or publicly announce an intention to effect any such transaction, until the
Business Day set forth on Schedule I hereto.
(k) The Guarantor will not take, directly or indirectly, any action designed to or
that would constitute or that might reasonably be expected to cause or result in, under the
Exchange Act or otherwise, stabilization or manipulation of the price of any security of
the Guarantor to facilitate the sale or resale of the Trust Preferred Securities.
(l) The Guarantor agrees to pay each of its and the Trust’s obligations under this
Agreement, and will pay or cause to be paid, the costs and expenses relating to the
following matters: (i) the preparation, printing or reproduction and filing with the
Commission of the Registration Statement (including financial statements and exhibits
thereto), each Preliminary Prospectus, the Final Prospectus and each Issuer Free Writing
Prospectus, and each amendment or supplement to any of them; (ii) the printing (or
reproduction) and delivery (including postage, air freight charges and charges for counting
and packaging) of such copies of the Registration Statement, each Preliminary Prospectus,
the Final Prospectus and each Issuer Free Writing Prospectus, and all amendments or
supplements to any of them, as may, in each case, be reasonably requested for use in
connection with the offering and sale of the Trust Preferred Securities; (iii) the
preparation, printing, authentication, issuance and delivery of certificates for the Trust
Preferred Securities, including any stamp or transfer taxes in connection with the original
issuance and sale of the Trust Preferred Securities; (iv) the printing (or reproduction)
and delivery of this Agreement, any blue sky memorandum and all other agreements or
documents printed (or reproduced) and delivered in connection with the offering of the
Trust Preferred Securities and the Junior Subordinated Debentures; (v) the registration of
the Trust Preferred Securities under the Exchange Act; (vi) any registration or
qualification of the Trust Preferred Securities and the Junior Subordinated Debentures for
offer and sale under the securities or blue sky laws of the several states (including
filing fees and the reasonable fees and expenses of counsel for the Underwriters relating
to such registration and qualification); (vii) any filings required to be made with the
Financial Industry Regulatory Authority, Inc. (including filing fees and the reasonable
fees and expenses of counsel for the Underwriters relating to such filings); (viii) the
transportation and other expenses incurred by or on behalf of Guarantor representatives
(other than the Underwriters) in connection with presentations to prospective purchasers of
the Trust Preferred Securities; (ix) the
-17-
fees and expenses of the Guarantor’s accountants and the fees and expenses of counsel
(including local and special counsel) for the Guarantor; (x) all fees and expenses in
connection with listing the Trust Preferred Securities on the New York Stock Exchange (the
“NYSE”); and (xi) all other costs and expenses incident to the performance by the
Guarantor of its obligations hereunder which are not otherwise specifically provided for in
this Section 5. It is understood, however, that, except as provided in this Section 5 and
Sections 7 and 11 hereof, the Underwriters will pay all of their own costs and expenses,
including the fees, disbursements and expenses of their counsel and transfer taxes on the
resale of any of the Trust Preferred Securities by them.
(m) To use the net proceeds received from the sale of the Trust Preferred Securities
or Junior Subordinated Debentures as the case may be, in the manner specified in the
Preliminary Prospectus under the caption “Use of Proceeds.”
(n) The Guarantor will issue the Guarantee concurrently with the issue and sale of the
Trust Preferred Securities as contemplated herein.
6. Conditions to the Obligations of the Underwriters. The obligations of the
Underwriters to purchase the Trust Preferred Securities to be delivered on the Closing Date shall
be subject to the accuracy of the representations and warranties on the part of the Guarantor and
the Trust contained herein as of the Execution Time and the Closing Date, to the accuracy of the
statements of the Guarantor and the Trust made in any certificates pursuant to the provisions
hereof, to the performance by each of the Guarantor and the Trust of their obligations hereunder
and to the following additional conditions:
(a) The Final Prospectus, and any supplement thereto, have been filed in the manner
and within the time period required by Rule 424(b); the final term sheet contemplated by
Section 5(b) hereto, and any other material required to be filed by the Guarantor and the
Trust pursuant to Rule 433(d) under the Act, shall have been filed with the Commission
within the applicable time periods prescribed for such filings by Rule 433; and no stop
order suspending the effectiveness of the Registration Statement or any notice objecting to
its use shall have been issued and no proceedings for that purpose shall have been
instituted or threatened.
(b) The Guarantor shall have furnished to the Representatives an opinion of Cleary,
Gottlieb, Xxxxx & Xxxxxxxx LLP, counsel to the Guarantor and the Trust, dated the Closing
Date and addressed to the Representatives, in form and substance set forth on Exhibit A
hereto.
(c) The Guarantor shall have furnished to the Representatives an opinion of Xxxx X.
Xxxxxxx, Esq., Senior Vice President and General Counsel
-18-
of the Guarantor and the Trust, dated the Closing Date and addressed to the
Representatives, in form and substance set forth on Exhibit B hereto.
(d) The Guarantor shall have furnished to the Representatives an opinion of Xxxxxxxx,
Xxxxxx & Finger, P.A., special Delaware counsel to the Guarantor and the Trust, dated the
Closing Date and addressed to the Representatives in form and substance set forth on
Exhibit C hereto.
(e) The Representatives shall have received from Xxxxxxxx & Xxxxxxxx LLP, counsel for
the Underwriters, such opinion or opinions, dated the Closing Date and addressed to the
Representatives, in form and substance satisfactory to the Representatives, with respect to
the validity of the Trust Preferred Securities, the Indenture, the Registration Statement,
the Disclosure Package, the Final Prospectus and such other matters as the Representatives
may reasonably request, and the Guarantor shall have furnished to such counsel such
documents as they reasonably request to enable them to pass upon such matters.
(f) (i) The Guarantor shall have furnished to the Representatives a certificate of the
Guarantor, signed by any of the Chairman of the Board, a Vice Chairman of the Board, the
President or any Executive or Senior Vice President and the principal financial or
accounting officer of the Guarantor, dated the Closing Date, to the effect that the signers
of such certificate have carefully examined the Registration Statement, the Disclosure
Package, the Final Prospectus and any supplements or amendments thereto, as well as each
electronic road show, if used, in connection with the offering of the Trust Preferred
Securities, and this Agreement and that, to the best of his or her knowledge, after
reasonable investigation:
(A) The representations and warranties of the Guarantor in this Agreement are
true and correct on and as of the Closing Date with the same effect as if made on
the Closing Date and the Guarantor has complied with all the agreements and
satisfied all the conditions on its part to be performed or satisfied at or prior
to the Closing Date;
(B) No stop order suspending the effectiveness of the Registration Statement
or any notice objecting to its use has been issued and no proceedings for that
purpose have been instituted or, to the Guarantor’s knowledge, threatened; and
(C) Except as set forth in or contemplated in the Disclosure Package and the
Final Prospectus (exclusive of any supplement thereto), since the date of the most
recent financial statements included or incorporated by reference in the Disclosure
Package and the Final Prospectus (exclusive of any supplement thereto), there has
been no
-19-
material adverse change in the business, financial condition, or results of
operations of the Guarantor and its subsidiaries on a consolidated basis.
(ii) The Trust shall have furnished to the Representatives a certificate of the Trust,
signed by the Administrative Trustees, dated the Closing Date, to the effect that the
signers of such certificate have carefully examined the Registration Statement, the
Disclosure Package, the Final Prospectus and any supplements or amendments thereto, as well
as each electronic road show, if used, in connection with the offering of the Trust
Preferred Securities, and this Agreement and that, to the best of his or her knowledge,
after reasonable investigation:
(A) The representations and warranties of the Trust in this Agreement are true
and correct on and as of the Closing Date with the same effect as if made on the
Closing Date and the Trust has complied with all the agreements and satisfied all
the conditions on its part to be performed or satisfied at or prior to the Closing
Date;
(B) The Trust has performed all obligations and satisfied all conditions on
its part to be performed or satisfied pursuant to the Underwriting Agreement; and
(C) No stop order suspending the effectiveness of the Registration Statement
or any notice objecting to its use has been issued and no proceedings for that
purpose have been instituted or, to the Trust’s knowledge, threatened.
(g) On the date of this Agreement and on the Closing Date, PricewaterhouseCoopers LLP
shall have furnished to the Representatives, at the request of the Guarantor, letters,
dated the respective dates of delivery thereof and addressed to the Underwriters, in form
and substance reasonably satisfactory to the Representatives and PricewaterhouseCoopers
LLP, containing statements and information of the type customarily included in accountants’
“comfort letters” to underwriters with respect to the financial statements and certain
financial information contained or incorporated by reference in the Registration Statement,
the Disclosure Package and the Final Prospectus; provided that the “cut-off” date for each
such letter shall be no more than five calendar days prior to the date thereof.
(h) Subsequent to the Execution Time or, if earlier, the dates as of which information
is given in the Registration Statement (exclusive of any amendment thereof) and the Final
Prospectus (exclusive of any amendment or supplement thereto), there shall not have been
(i) any change specified in the letter or letters referred to in paragraph (f) of this
Section 6 or (ii) any adverse change, or any development involving a prospective adverse
change, in or affecting the business, properties, results of operations or financial
condition of
-20-
the Guarantor and its subsidiaries on a consolidated basis, whether or not arising
from transactions in the ordinary course of business, except as set forth in or
contemplated in the Disclosure Package and the Final Prospectus (exclusive of any amendment
or supplement thereto) the effect of which, in any case referred to in clause (i) or (ii)
above, makes it impractical or inadvisable to proceed with the offering or delivery of the
Trust Preferred Securities as contemplated by the Registration Statement (exclusive of any
amendment thereof), the Disclosure Package and the Final Prospectus (exclusive of any
amendment or supplement thereto).
(i) The Trust Preferred Securities shall have been rated “A3” by Xxxxx’x Investors
Service, “BBB” by Standard & Poor’s, a division of The McGraw Hill Companies, Inc., and
“BBB+” by Fitch Ratings, or otherwise rated by at least two “nationally recognized
statistical rating organizations” (as defined for purposes of Rule 436(g) under the Act) in
one of its four highest categories.
(j) No downgrading in the rating accorded Guarantor’s debt securities or preferred
stock by any “nationally recognized statistical rating organization” shall have occurred,
and there shall not have been any public announcement that any such organization has under
surveillance or review their ratings of the Guarantor’s` debt securities or preferred stock
(other than an announcement with positive implications of a possible upgrading, and no
implications of a possible downgrading, of such rating), if, in any such case, the effect
thereof in the reasonable judgment of the Representatives makes it impracticable or
inadvisable to proceed with the purchase of the Trust Preferred Securities.
(k) Prior to the Closing Date, the Guarantor and the Trust shall have furnished to the
Representatives such further information, documents and certificates as the Representatives
may reasonably request.
(l) The Trust Preferred Securities shall have been approved for listing on the NYSE,
subject only to notice of issuance, at or prior to the Execution Time.
(m) The Guarantor shall have furnished to the Representatives an opinion of Xxxxxxxx,
Xxxxxx & Finger, P.A., special Delaware counsel to BNYM (Delaware), dated the Closing Date
and addressed to the Representatives in form and substance set forth on Exhibit D hereto.
(n) The Guarantor shall have furnished to the Representatives an opinion of Xxxxx,
Xxxxxx & Xxxxxx, LLP, counsel to The Bank of New York, as Indenture Trustee under the
Indenture, as Guarantee Trustee under the Guarantee Agreement, and as Property Trustee
under the Trust Agreement, dated the Closing Date and addressed to the Representatives in
form and substance set forth on Exhibit E hereto.
-21-
(o) On the date of this Agreement and on the Closing Date, Xxxx Xxxxx, Chief Financial
Officer of the Guarantor, shall have furnished to the Representatives, at the request of
the Guarantor, certificates, dated the respective dates of delivery thereof and addressed
to the Underwriters, in form and substance of Exhibit F hereto.
If any of the conditions specified in this Section 6 shall not have been fulfilled in all
material respects when and as provided in this Agreement, or if any of the opinions and
certificates mentioned above or elsewhere in this Agreement shall not be in all material respects
reasonably satisfactory in form and substance to the Representatives, this Agreement and all
obligations of the Underwriters hereunder may be canceled at any time by the Representatives.
Notice of such cancellation shall be given to the Guarantor in writing or by telephone or facsimile
confirmed in writing.
The documents required to be delivered by this Section 6 shall be delivered at the office of
Xxxxxxxx & Xxxxxxxx LLP, counsel for the Underwriters, at 000 Xxxxx Xxxxxx, Xxx Xxxx, XX 00000, on
the Closing Date.
7. Indemnification and Contribution.
(a) The Guarantor and the Trust will, jointly and severally, indemnify and hold
harmless each Underwriter against any and all losses, claims, damages or liabilities, joint
or several, to which such Underwriter may become subject under the Act, the Exchange Act or
other U.S. federal or state statutory law or regulation, at common law or otherwise,
insofar as such losses, claims, damages or liabilities (or actions in respect thereof)
arise out of or are based upon any untrue statement or alleged untrue statement of a
material fact contained in the Registration Statement as originally filed or in any
amendment thereof, or in the Base Prospectus, any Preliminary Prospectus or any other
preliminary prospectus supplement relating to the Trust Preferred Securities, the Final
Prospectus, or any Issuer Free Writing Prospectus or the information contained in the final
term sheet required to be prepared and filed pursuant to Section 5(b) hereto, or in any
amendment thereof or supplement thereto, or arise out of or are based upon the omission or
alleged omission to state therein a material fact required to be stated therein or
necessary to make the statements therein, in light of the circumstances under which they
were made, not misleading, and will reimburse each Underwriter, as incurred, for any legal
or other expenses reasonably incurred by such Underwriter in connection with investigating
or defending any such loss, claim, damage, liability or action; provided,
however, that neither the Guarantor nor the Trust shall be liable in any such case
to the extent that any such loss, claim, damage or liability arises out of or is based upon
any such untrue statement or alleged untrue statement or omission or alleged omission made
in the Registration Statement as originally filed or in any amendment thereof, the Base
Prospectus, any Preliminary Prospectus or any other preliminary prospectus supplement
relating to the Trust Preferred Securities, the Final Prospectus, or any
-22-
Issuer Free Writing Prospectus or the information contained in the final term sheet
required to be prepared and filed pursuant to Section 5(b) hereto in reliance upon and in
conformity with written information furnished to the Guarantor by or on behalf of any
Underwriter through the Representatives expressly for inclusion in the Registration
Statement as originally filed or in any amendment thereof, the Base Prospectus, any
Preliminary Prospectus or any other preliminary prospectus supplement relating to the Trust
Preferred Securities, the Final Prospectus, or any Issuer Free Writing Prospectus or the
information contained in the final term sheet required to be prepared and filed pursuant to
Section 5(b) hereto.
(b) Each Underwriter severally and not jointly agrees to indemnify and hold harmless
each of the Guarantor and the Trust against any and all losses, claims, damages or
liabilities to which the Guarantor or the Trust may become subject under the Act, the
Exchange Act or other U.S. federal or state statutory law or regulation, at common law or
otherwise, insofar as such losses, claims, damages or liabilities (or actions in respect
thereof) arise out of or are based upon an untrue statement or alleged untrue statement of
a material fact contained in the Registration Statement as originally filed or in any
amendment thereof, the Base Prospectus, any Preliminary Prospectus or any other preliminary
prospectus supplement relating to the Trust Preferred Securities, the Final Prospectus, or
any Issuer Free Writing Prospectus or the information contained in the final term sheet
required to be prepared and filed pursuant to Section 5(b) hereto, or arise out of or are
based upon the omission or alleged omission to state therein a material fact required to be
stated therein or necessary to make the statements therein, in light of the circumstances
under which they were made, not misleading, but only with reference to written information
relating to such Underwriter furnished to the Guarantor by or on behalf of such Underwriter
through the Representatives expressly for inclusion in the Registration Statement as
originally filed or in any amendment thereof, the Base Prospectus, any Preliminary
Prospectus or any other preliminary prospectus supplement relating to the Trust Preferred
Securities, the Final Prospectus, or any Issuer Free Writing Prospectus or the information
contained in the final term sheet required to be prepared and filed pursuant to
Section 5(b) hereto. The Guarantor and the Trust acknowledge that the statements set forth
(i) in the last paragraph of the cover page regarding delivery of the Trust Preferred
Securities and, under the heading “Underwriting”, (ii) the list of Underwriters and their
respective participation in the sale of the Trust Preferred Securities, and (iii) the
sentences related to concessions and reallowances in any Preliminary Prospectus and the
Final Prospectus constitute the only information furnished in writing by or on behalf of
the several Underwriters for inclusion in any Preliminary Prospectus, the Final Prospectus
or any Issuer Free Writing Prospectus.
(c) Promptly after receipt by an indemnified party under subsection (a) or (b) of this
Section 7 of notice of the commencement of any action, such indemnified party shall, if a
claim in respect thereof is to be made against the
-23-
indemnifying party under such subsection, notify the indemnifying party in writing of
the commencement thereof; but the failure so to notify the indemnifying party (i) will not
relieve it from liability under paragraph (a) or (b) above unless and to the extent it did
not otherwise learn of such action and such failure results in the forfeiture by the
indemnifying party of substantial rights and defenses and (ii) shall not, in any event,
relieve the indemnifying party from any obligations to any indemnified party other than the
indemnification obligation provided in paragraph (a) or (b) above. The indemnifying party
shall be entitled to appoint counsel of the indemnifying party’s choice at the indemnifying
party’s expense to represent the indemnified party in any action for which indemnification
is sought (in which case the indemnifying party shall not thereafter be responsible for the
fees and expenses of any separate counsel retained by the indemnified party or parties
except as set forth below); provided, however, that such counsel shall be
reasonably satisfactory to the indemnified party. Notwithstanding the indemnifying party’s
election to appoint counsel to represent the indemnified party in an action, the
indemnified party shall have the right to employ separate counsel (including local
counsel), and the indemnifying party shall bear the reasonable fees, costs and expenses of
such separate counsel if (i) the use of counsel chosen by the indemnifying party to
represent the indemnified party would present such counsel with a conflict of interest,
(ii) the actual or potential defendants in, or targets of, any such action include both the
indemnified party and the indemnifying party and the indemnified party shall have
reasonably concluded that there may be legal defenses available to it and/or other
indemnified parties which are different from or additional to those available to the
indemnifying party, (iii) the indemnifying party shall not have employed counsel reasonably
satisfactory to the indemnified party to represent the indemnified party within a
reasonable time after notice of the institution of such action or (iv) the indemnifying
party shall authorize the indemnified party to employ separate counsel at the expense of
the indemnifying party. In no event shall the indemnifying party be liable for fees and
expenses of more than one counsel (in addition to any local counsel) separate from their
own counsel for all indemnified parties in connection with any one action or separate but
similar or related actions in the same jurisdiction arising out of the same general
allegations or circumstances. The Indemnifying Person shall not be liable for any
settlement of any proceeding effected without its written consent (which consent shall not
be unreasonably withheld), but if settled with such consent or if there be a final judgment
for the plaintiff, the Indemnifying Person agrees to indemnify each Indemnified Person from
and against any loss or liability by reason of such settlement or judgment.
Notwithstanding the foregoing sentence, if at any time an Indemnified Person shall have
requested that an Indemnifying Person reimburse the Indemnified Person as contemplated by
this paragraph, the Indemnifying Person shall be liable for any settlement of any
proceeding effected without its written consent if (i) such settlement is entered into more
than 30 days after receipt by the Indemnifying Person of such request and (ii) the
Indemnifying Person shall not have reimbursed the Indemnified Person in accordance with
such
-24-
request prior to the date of such settlement. An indemnifying party will not, without
the prior written consent of the indemnified parties, settle or compromise or consent to
the entry of any judgment with respect to any pending or threatened claim, action, suit or
proceeding in respect of which indemnification or contribution may be sought hereunder
(whether or not the indemnified parties are actual or potential parties to such claim or
action) unless such settlement, compromise or consent includes an unconditional release of
each indemnified party from all liability arising out of such claim, action, suit or
proceeding.
(d) If the indemnification provided for in this Section 7 is unavailable or
insufficient to hold harmless an indemnified party for any reason, then the Guarantor and
the Trust and the Underwriters severally shall contribute to the aggregate amount paid or
payable by such indemnified party as a result of any losses, claims, damages or liabilities
(or actions in respect thereof) in such proportion as is appropriate to reflect the
relative benefits received by the Guarantor and the Trust on the one hand and by the
Underwriters on the other from the offering of the Trust Preferred Securities to which such
loss, claim, damage or liability (or action in respect thereof) relates. If, however, the
allocation provided by the immediately preceding sentence is unavailable for any reason,
then the Guarantor and the Trust and the Underwriters severally shall contribute in such
proportion as is appropriate to reflect not only such relative benefits but also the
relative fault of the Guarantor and the Trust on the one hand and of the Underwriters on
the other in connection with the statements or omissions which resulted in such losses,
claims, damages or liabilities (or actions in respect thereof), as well as any other
relevant equitable considerations. The relative benefits received by the Guarantor and the
Trust 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 such offering (before deducting expenses)
received by the Guarantor and the Trust bear to the total underwriting discounts and
commissions received by the Underwriters, in each case, as set forth on the cover page of
the Final Prospectus. The relative fault shall be determined by reference to, among other
things, whether any untrue or any alleged untrue statement of a material fact or the
omission or alleged omission to state a material fact relates to information supplied by
the Gurantor or the Trust on the one hand or the Underwriters on the other, the intent of
the parties, and their relative knowledge, access to information and opportunity to correct
or prevent such untrue statement or omission. The Guarantor and the Trust on the one hand
and the Underwriters on the other agree that it would not be just and equitable if
contribution pursuant to this subsection (d) were determined by pro rata allocation (even
if the Underwriters were treated as one entity for such purpose) or by any other method of
allocation which does not take account of the equitable considerations referred to above in
this subsection (d). The amount paid or payable by an indemnified party as a result of the
losses, claims, damages or liabilities (or actions in respect thereof) referred to above in
this subsection (d) shall be deemed to include any legal or other expenses reasonably
incurred by such indemnified party in connection with
-25-
investigating or defending the same. Notwithstanding the provisions of this
subsection (d), (i) in no case shall any Underwriter (except as may be provided in any
agreement among underwriters relating to the offering of the Trust Preferred Securities) be
responsible for any amount in excess of the underwriting discount or commission applicable
to the Trust Preferred Securities purchased by such Underwriter hereunder and (ii) no
person guilty of fraudulent misrepresentation (within the meaning of Section 11(f) of the
Act) shall be entitled to contribution from any person who was not guilty of such
fraudulent misrepresentation. The obligations of the Underwriters in this subsection (d)
to contribute are several in proportion to their respective purchase obligations with
respect to the Trust Preferred Securities and not joint. For purposes of this Section 7(d),
each person who controls an Underwriter within the meaning of either the Act or the
Exchange Act and each director, officer, employee and agent of an Underwriter shall have
the same rights to contribution as such Underwriter, and each person who controls the
Guarantor or the Trust within the meaning of either the Act or the Exchange Act, each
officer of the Guarantor or the Trust who shall have signed the Registration Statement and
each director of the Guarantor or the Trust shall have the same rights to contribution as
the Guarantor or the Trust, subject in each case to the applicable terms and conditions of
this subsection (d).
(e) The obligations of the Guarantor and the Trust under this Section 7 shall be in
addition to any liability which the Guarantor or the Trust may otherwise have and shall
extend, upon the same terms and conditions, to each director, officer, employee, Affiliate
and agent of each Underwriter and to each person who controls any Underwriter within the
meaning of either the Act or the Exchange Act; and the obligations of the Underwriters
under this Section 7 shall be in addition to any liability that any Underwriter may
otherwise have and shall extend, upon the same terms and conditions, to each director,
officer, employee, Affiliate and agent of the Guarantor or the Trust and to each person who
controls the Guarantor or the Trust within the meaning of either the Act or the Exchange
Act.
(f) The indemnity and contribution agreements contained in this Section 7 and the
representations and warranties of the Guarantor or the Trust and the Underwriters in this
Agreement shall remain operative and in full force and effect regardless of (i) any
termination of this Agreement, (ii) any investigation made by or on behalf of an
Underwriter or any person controlling such Underwriter, or by or on behalf of the Guarantor
or the Trust, its directors or officers, any authorized representative of the Guarantor or
the Trust or any person controlling the Guarantor or the Trust, and (iii) acceptance of and
payment for any of the Trust Preferred Securities.
8. Termination. This Agreement shall be subject to termination in the absolute
discretion of the Representatives, by notice given to the Guarantor prior to delivery of and
payment for the Trust Preferred Securities, if at any time prior to such
-26-
delivery and payment (i) trading in the Guarantor’s Common Stock shall have been suspended by
the Commission or the New York Stock Exchange or trading in securities generally on the New York
Stock Exchange shall have been suspended or limited or minimum prices shall have been established
on such exchange, (ii) a banking moratorium shall have been declared either by U.S. federal or New
York State authorities or (iii) there shall have occurred any outbreak or escalation of
hostilities, declaration by the United States of a national emergency or war, or other calamity or
crisis the effect of which on financial markets is such as to make it, in the sole judgment of the
Representatives, impractical or inadvisable to proceed with the offering or delivery of the Trust
Preferred Securities as contemplated by any Preliminary Prospectus or the Final Prospectus
(exclusive of any amendment or supplement thereto).
9. Default by an Underwriter. If any one or more Underwriter shall fail to purchase
and pay for any of the Trust Preferred Securities agreed to be purchased by such Underwriter or
Underwriters hereunder and such failure to purchase shall constitute a default in the performance
of its or their obligations under this Agreement, the remaining Underwriters shall be obligated
severally to take up and pay for the Trust Preferred Securities (in the respective proportions
which the principal amount of Trust Preferred Securities set forth opposite their names on
Schedule II hereto bears to the aggregate principal amount of Trust Preferred Securities set forth
opposite the names of all remaining Underwriters) which the defaulting Underwriter or Underwriters
agreed but failed to purchase; provided, however, that in the event that the aggregate principal
amount of Securities which the defaulting Underwriter or Underwriters agreed but failed to purchase
exceeds 10% of the aggregate principal amount of the Trust Preferred Securities set forth on
Schedule II hereto, the remaining non-defaulting Underwriters shall have the right to purchase all,
but shall not be under any obligation to purchase any, of the Trust Preferred Securities, and if
such non-defaulting Underwriters do not purchase all of the Trust Preferred Securities, then this
Agreement shall thereupon terminate, without liability on the part of any non-defaulting
Underwriter or the Guarantor or the Trust, except for the expenses to be borne by the Guarantor or
the Trust and the Underwriters as provided in Section 5 hereof and the indemnity and contribution
agreements in Section 7 hereof; but nothing herein shall relieve a defaulting Underwriter from
liability for its default. In the event of a default by any Underwriter as set forth in this
Section 9, the Closing Date shall be postponed for such period, not exceeding five Business Days,
as the Representatives shall determine in order that the required changes in the Registration
Statement and the Final Prospectus or in any other documents or arrangements may be effected.
10. Representations, Warranties and Indemnities to Survive. The respective
agreements, indemnities, representations, warranties, and other statements of the Guarantor or the
Trust and of the several Underwriters set forth in or made by or on behalf of them, respectively,
pursuant to this Agreement shall remain in full force and effect, regardless of any investigation
(or any statement as to the results thereof) made by or on behalf of any Underwriter, or any
officer or director or controlling person of any Underwriter, or the Guarantor or the Trust, or any
officer or director or controlling person
-27-
of the Guarantor or the Trust, and shall survive delivery of and payment for the Trust
Preferred Securities. The provisions of Sections 7 and 11 hereof shall survive the termination or
cancellation of this Agreement.
11. Effect of Termination; Reimbursement of Expenses. If this Agreement shall be
terminated pursuant to Section 9 hereof, the Guarantor and the Trust shall not then be under any
liability to any Underwriter with respect to the Trust Preferred Securities, except as provided in
Section 5 and Section 7 hereof; but if for any other reason the Trust Preferred Securities are not
delivered by or on behalf of the Guarantor and the Trust as provided herein, the Guarantor will
reimburse the Underwriters severally through the Representatives for all out-of-pocket expenses,
including fees and disbursements of counsel, reasonably incurred by the Underwriters in making
preparations for the purchase, resale and delivery of such Trust Preferred Securities, but the
Guarantor shall then be under no further liability to any Underwriter with respect to such Trust
Preferred Securities except as provided in Sections 5 and Section 7 hereof.
12. Notices. In all dealings hereunder, the Representatives of the Underwriters shall
act on behalf of each such Underwriter, and the parties hereto shall be entitled to act and rely
upon any statement, request, notice or agreement on behalf of any Underwriter made or given by the
Representatives.
All statements, requests, notices and agreements and other communications hereunder shall be
in writing and effective only on receipt, and, if sent to the Representatives, shall be mailed,
delivered or telefaxed to (i) Citigroup Global Markets Inc., Attention: General Counsel (fax no.:
(000) 000-0000), 000 Xxxxxxxxx Xxxxxx, Xxx Xxxx, Xxx Xxxx, 00000, and (ii) UBS Securities LLC,
Attention: Fixed Income Syndicate (fax no.: (000) 000-0000), 000 Xxxxxxxxxx Xxxxxxxxx, Xxxxxxxx,
Xxxxxxxxxxx 00000; or, if sent to the Guarantor or the Trust, will be mailed, delivered or
telefaxed to M&T Bank Corporation, Attention: Xxxx X. Xxxxxxx, Esq., (fax no.: (000) 000-0000),
Xxx X&X Xxxxx, Xxxxxxx, Xxx Xxxx 00000.
13. Successors. This Agreement will inure to the benefit of and be binding upon the
parties hereto and their respective successors and the officers, directors, employees, agents and
controlling persons referred to in Section 7 hereof, and no other person will have any right or
obligation hereunder. No purchaser of any of the Trust Preferred Securities from any Underwriter
shall be deemed a successor by reason merely of such purchase.
14. No Fiduciary Duty. The Guarantor and the Trust hereby acknowledge that (a) the
purchase and sale of the Trust Preferred Securities pursuant to this Agreement is an arm’s-length
commercial transaction between the Guarantor and the Trust, on the one hand, and the Underwriters
and any affiliate through which it may be acting, on the other, (b) the Underwriters are acting as
principal and not as an agent or fiduciary of the Guarantor and the Trust and (c) the Guarantor and
the Trust’s engagement of the Underwriters in connection with the offering and the process leading
-28-
up to the offering is as independent contractors and not in any other capacity. Furthermore,
the Guarantor and the Trust agree that they are solely responsible for making their own judgments
in connection with the offering (irrespective of whether any of the Underwriters has advised or is
currently advising the Guarantor and the Trust on related or other matters). The Guarantor and the
Trust agree that they will not claim that the Underwriters have rendered advisory services of any
nature or respect, or owe an agency, fiduciary or similar duty to the Guarantor or the Trust, in
connection with such transaction or the process leading thereto.
15. Integration. This Agreement supersedes all prior agreements and understandings
(whether written or oral) between the Guarantor and the Trust and the Underwriters, or any of them,
with respect to the subject matter hereof.
16. Governing Law. This Agreement shall be governed by and construed in accordance
with the laws of the State of New York applicable to contracts made and to be performed within the
State of New York.
17. Waiver of Jury Trial. The Guarantor and the Trust hereby irrevocably waive, to
the fullest extent permitted by applicable law, any and all right to trial by jury in any legal
proceeding arising out of or relating to this Agreement or the transactions contemplated hereby.
18. Counterparts. This Agreement may be signed in one or more counterparts, each of
which shall constitute an original and all of which together shall constitute one and the same
agreement.
19. Headings. The section headings used herein are for convenience only and shall not
affect the construction hereof.
20. Definitions. The terms that follow, when used in this Agreement, shall have the
meanings indicated.
“Act” shall mean the Securities Act of 1933, as amended and the rules and regulations
of the Commission promulgated thereunder.
“Base Prospectus” shall mean the base prospectus referred to in paragraph 1(a) above
contained in the Registration Statement at the Execution Time.
“Business Day” shall mean any day other than a Saturday, a Sunday or a legal holiday
or a day on which banking institutions or trust companies are authorized or obligated by
law to close in New York City.
“Commission” shall mean the Securities and Exchange Commission.
-29-
“Disclosure Package” shall mean (i) the Base Prospectus, (ii) the Preliminary
Prospectus used most recently prior to the Execution Time, (iii) the Issuer Free Writing
Prospectuses, if any, identified in Schedule III hereto, (iv) the final term sheet prepared
and filed pursuant to Section 5(b) hereto, if any, and (v) any other Free Writing
Prospectus that the parties hereto shall hereafter expressly agree in writing to treat as
part of the Disclosure Package.
“Effective Date” shall mean each date and time that the Registration Statement and any
post-effective amendment or amendments thereto and any Rule 462(b) Registration Statement
became or becomes effective.
“Exchange Act” shall mean the Securities Exchange Act of 1934, as amended, and the
rules and regulations of the Commission promulgated thereunder.
“Execution Time” shall mean the date and time that this Agreement is executed and
delivered by the parties hereto.
“Final Prospectus” shall mean the prospectus supplement relating to the Trust
Preferred Securities that was first filed pursuant to Rule 424(b) after the Execution Time,
together with the Base Prospectus.
“Free Writing Prospectus” shall mean a free writing prospectus, as defined in
Rule 405.
“Issuer Free Writing Prospectus” shall mean an issuer free writing prospectus, as
defined in Rule 433.
“Preliminary Prospectus” shall mean any preliminary prospectus supplement to the Base
Prospectus referred to in paragraph 1(a) above which is used prior to the filing of the
Final Prospectus, together with the Base Prospectus.
“Registration Statement” shall mean the registration statement referred to in
paragraph 1(a) above, including exhibits and financial statements and any prospectus
supplement relating to the Trust Preferred Securities that is filed with the Commission
pursuant to Rule 424(b) and deemed part of such registration statement pursuant to
Rule 430B, as amended on each Effective Date 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.
“Rule 158”, “Rule 163”, “Rule 164”, “Rule 172”, “Rule 405”, “Rule 415”, “Rule 424”,
“Rule 430B”, Rule 433” and “Rule 462” refer to such rules under the Act.
-30-
“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 1(a) hereof.
“Trust Indenture Act” shall mean the Trust Indenture Act of 1939, as amended and the
rules and regulations of the Commission promulgated thereunder.
“Well-Known Seasoned Issuer” shall mean a well-known seasoned issuer, as defined in
Rule 405.
[Remainder of Page Intentionally Left Blank]
-31-
If the foregoing is in accordance with your understanding of our agreement, please sign and
return to us the enclosed duplicate hereof, whereupon this letter and your acceptance shall
represent a binding agreement among the Guarantor, the Trust and the several Underwriters.
| Very truly yours, M&T BANK CORPORATION |
||||
| By: | /s/ Xxxx Xxx Gupta | |||
| Name: | Xxxx X. Xxxxx | |||
| Title: | Group Vice President | |||
| M&T CAPITAL TRUST IV |
||||
| By: | M&T BANK CORPORATION, | |||
| as Depositor | ||||
| By: | /s/ Xxxx Xxx Gupta | |||
| Name: | Xxxx X. Xxxxx | |||
| Title: | Group Vice President | |||
-32-
| The foregoing Agreement is hereby confirmed and accepted as of the date specified in Schedule I hereto. |
||||||
| CITIGROUP GLOBAL MARKETS INC. | ||||||
| By: | /s/ Xxxx XxXxxxxxx | |||||
| Name: | Xxxx X. XxXxxxxxx, Xx. | |||||
| Title: | Managing Director | |||||
| UBS SECURITIES LLC | ||||||
| By: | /s/ Xxxx Xxxxxxx | |||||
| Name: | Xxxx Xxxxxxx | |||||
| Title: | Executive Director | |||||
| UBS Investment Bank | ||||||
| By: | /s/ D Tsapralis | |||||
| Name: | Xxxxxxxxx Xxxxxxxxx | |||||
| Title: | Director | |||||
| Debt Capital Markets | ||||||
| For themselves and the other several Underwriters, if any, named in Schedule II to the foregoing Agreement. |
||||||
SCHEDULE I
Underwriting Agreement dated: January 24, 2008
Registration Statement: No. 333-122147, No. 000-000000-00
Representative(s): Citigroup Global Markets Inc. and UBS Securities LLC
Title, Purchase Price and Description of Securities:
| Title: 8.500% Enhanced Trust Preferred Securities | ||||||
| Principal amount: $350,000,000 | ||||||
| Purchase price by Underwriters | ||||||
| (include accrued interest or | ||||||
| amortization, if any): | Retail: $25.00 per Capital Security | |||||
| Institutional: $25.00 per Capital Security | ||||||
| Compensation to Underwriters: | Retail: $0.7875 per Capital Security | |||||
| Institutional: $0.50 per Capital Security | ||||||
| Sinking fund provisions: | None. | |||||
| Redemption provisions: | The Capital Securities may be redeemed (i) at 100% of their liquidation amount on or after January 31, 2013 or prior to such date after the occurrence of a “tax event,” “capital treatment event,” or “investment company event,” as described in the Final Prospectus, or (ii) at a make-whole redemption price after the occurrence of a “rating agency event,” as described in the Final Prospectus, in each case plus accrued and unpaid distributions through the date of redemption. | |||||
| Closing Date, Time and Location: | January 31, 2008 at 9:30 a.m. at | |||||
| Xxxxxxxx & Xxxxxxxx LLP | ||||||
| 000 Xxxxx Xxxxxx | ||||||
| Xxx Xxxx, XX 00000. | ||||||
| Type of Offering: | Non-delayed | |||||
| Date referred to in Section 5(j): | Closing Date | |||||
SCHEDULE II
| Number of Trust Preferred | ||||
| Underwriters | Securities to be Purchased | |||
Citigroup Global Markets Inc. |
2,294,250 | |||
UBS Securities LLC |
2,294,250 | |||
Xxxxxxx Lynch, Pierce, Xxxxxx & Xxxxx Incorporated |
2,294,250 | |||
Xxxxxx Xxxxxxx & Co. Incorporated |
2,294,250 | |||
Wachovia Capital Markets, LLC |
2,294,250 | |||
Credit Suisse Securities (USA) LLC |
280,000 | |||
Xxxxx, Xxxxxxxx & Xxxxx, Inc. |
280,000 | |||
Xxxxxx Brothers Inc. |
280,000 | |||
RBC Xxxx Xxxxxxxx Inc. |
280,000 | |||
Sandler X’Xxxxx & Partners, L.P. |
280,000 | |||
Banc of America Securities LLC |
52,500 | |||
Bear, Xxxxxxx & Co. Inc. |
52,500 | |||
Xxxxxxx Xxxxxx & Co., Inc. |
52,500 | |||
Fidelity Capital Markets, a division of National Financial Services LLC |
52,500 | |||
H&R Block Financial Advisors, Inc. |
52,500 | |||
Xxxxxx Xxxxxxxxxx Xxxxx LLC |
52,500 | |||
Xxxxxxxxxxx & Co. Inc. |
52,500 | |||
Xxxxxxx Xxxxx & Associates, Inc. |
52,500 | |||
Xxxxxx X. Xxxxx & Co. Incorporated |
52,500 | |||
Xxxxxx, Xxxxxxxx & Company, Incorporated |
52,500 | |||
Xxxxx Fargo Securities, LLC |
52,500 | |||
X.X. Xxxxxxx and Company |
26,250 | |||
City Securities Corporation |
26,250 | |||
Xxxxxxx, Xxxxxx & Co. |
26,250 | |||
X.X. Xxxxxxxx & Co. |
26,250 | |||
Xxxxxxxxx & Company LLC |
26,250 | |||
Xxxxxx, Xxxxx Xxxxx, Incorporated |
26,250 | |||
Fixed Income Securities, LP |
26,250 | |||
HSBC Securities (USA) Inc. |
26,250 | |||
X.X. Xxxxxxx & Co. |
26,250 | |||
Xxxxxxxxx & Company, Inc. |
26,250 | |||
KeyBanc Capital Markets Inc. |
26,250 | |||
Mesirow Financial, Inc. |
26,250 | |||
Xxxxxx Xxxxxx & Company, Inc. |
26,250 | |||
Pershing LLC |
26,250 | |||
Xxxxx Xxxxxxx & Co. |
26,250 | |||
Xxxxxx X. Xxxxxxx & Co., Inc. |
26,250 | |||
Sterne, Agee & Xxxxx, Inc. |
26,250 | |||
| Number of Trust Preferred | ||||
| Underwriters | Securities to be Purchased | |||
Stone & Xxxxxxxxx LLC |
26,250 | |||
TD Ameritrade, Inc. |
26,250 | |||
Wedbush Xxxxxx Securities Inc. |
26,250 | |||
Xxxxxxx Xxxxx & Company, L.L.C |
26,250 | |||
Total |
14,000,000 | |||
SCHEDULE III
Schedule of Free Writing Prospectuses included in the Disclosure Package
Final Terms and Conditions, dated January 24, 2008, for $350,000,000 aggregate principal
amount of 8.500% Enhanced Trust Preferred Securities, filed with the Commission pursuant to Rule
433 under the Act.
