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EXHIBIT 1.02
CRESCENT REAL ESTATE EQUITIES COMPANY
(a Texas real estate investment trust)
COMMON SHARES OF BENEFICIAL INTEREST
(Par Value $.01 Per Share)
U.S. TERMS AGREEMENT
Dated: October 8, 1997
To: CRESCENT REAL ESTATE EQUITIES COMPANY
000 Xxxx Xxxxxx
Xxxx Xxxxx, Xxxxx 00000
Attention:
Ladies and Gentlemen:
We (the "Representatives") understand that Crescent Real
Estate Equities Company (the "Company") proposes to issue and sell its Common
Shares of Beneficial Interest, $.01 par value per share (the "Common Shares")
(such Common Shares being hereinafter referred to as the "U.S. Underwritten
Securities"). Subject to the terms and conditions set forth or incorporated by
reference herein, the U.S. Underwriters named below (the "U.S. Underwriters")
offer to purchase, severally and not jointly, the respective numbers of Initial
U.S. Securities (as defined in the U.S. Purchase Agreement referred to below)
set forth below opposite their respective names, and a proportionate share of
U.S. Option Securities (as defined in the U.S. Purchase Agreement referred to
below) to the extent any are purchased, at the purchase price set forth below.
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NUMBER OF SHARES OF INITIAL
UNDERWRITER U.S. UNDERWRITTEN SECURITIES
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Xxxxxxx Lynch, Pierce, Xxxxxx & Xxxxx
Incorporated 1,812,500
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Xxxxxx Xxxxxxx & Co. Incorporated 1,812,500
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PaineWebber Incorporated 1,812,500
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Xxxxx Xxxxxx Inc. 1,812,500
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Bear, Xxxxxxx & Co. Inc. 100,000
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BT Alex. Xxxxx Incorporated 100,000
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Xxxxxxxxx, Lufkin & Xxxxxxxx Securities Corporation 100,000
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Xxxxxx Xxxx LLC 100,000
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Prudential Securities Incorporated 100,000
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Salomon Brothers Inc 100,000
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UBS Securities LLC 100,000
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Southwest Securities, Inc. 50,000
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Total 8,000,000 Shares
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The U.S. Underwritten Securities shall have the following terms:
Title of Securities: Common Shares of Beneficial Interest, par value $.01 per
share
Number of Shares: 8,000,000
Public offering price per share: $39.00
Purchase price per share: $37.01
Number of U.S. Option Securities, if any, that may be purchased by the U.S.
Underwriters: 1,200,000
Delayed Delivery Contracts: not authorized
Additional co-managers, if any: Xxxxxx Xxxxxxx & Co. Incorporated,
PaineWebber Incorporated and Xxxxx
Xxxxxx Inc.
Closing date and location: October 15, 0000, Xxxxx & Xxxxxxx X.X.X.,
Xxxxxxxx Square, 000 Xxxxxxxxxx Xxxxxx,
X.X., Xxxxxxxxxx, X.X. 00000-0000
All the provisions contained in the document attached as Annex
A hereto entitled "Crescent Real Estate Equities Company--Preferred Shares of
Beneficial Interest, Common Shares of Beneficial Interest, and Common Share
Warrants--U.S. Purchase Agreement" are hereby incorporated by reference in
their entirety herein and shall be deemed to be a part of this U.S. Terms
Agreement to the same extent as if such provisions had been set forth in full
herein. Terms defined in such document are used herein as therein defined.
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Please accept this offer no later than ten o'clock P.M. (New York City time) on
October 8, 1997 by signing a copy of this U.S. Terms Agreement in the space set
forth below and returning the signed copy to us.
Very truly yours
XXXXXXX LYNCH, PIERCE, XXXXXX & XXXXX
INCORPORATED
By: /s/ XXXXXXX X. XXXXXXXXX
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Xxxxxxx X. Xxxxxxxxx
Managing Director
Acting on behalf of itself and the
other named U.S. Underwriters.
Accepted:
By: CRESCENT REAL ESTATE EQUITIES COMPANY
By: /s/ XXXXXX X. XXXXXXX
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Name: Xxxxxx X. Xxxxxxx
Title: President and Chief Executive
Officer
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