First Horizon National Corporation
December 15, 2010
Xxxxxxx, Xxxxx & Co.
X.X. Xxxxxx Securities LLC
Xxxxxx Xxxxxxx & Co. Incorporated
As the Representatives of the several Underwriters listed in Schedule A hereto
X.X. Xxxxxx Securities LLC
Xxxxxx Xxxxxxx & Co. Incorporated
As the Representatives of the several Underwriters listed in Schedule A hereto
c/o Goldman, Sachs & Co.
000 Xxxx Xxxxxx
Xxx Xxxx, Xxx Xxxx 00000
000 Xxxx Xxxxxx
Xxx Xxxx, Xxx Xxxx 00000
Ladies and Gentlemen:
First Horizon National Corporation, a Tennessee corporation (the “Company”), proposes
to issue and sell to the underwriters named in Schedule A annexed hereto (the
“Underwriters”), for whom you are acting as representatives (the
“Representatives”), an aggregate of $500,000,000 principal amount of its 5.375% Senior
Notes due 2015 (the “Securities”) of the Company. The Senior Notes will be issued under an
indenture substantially in the form filed as an exhibit to the Registration Statement (as defined
below), between the Company and The Bank of New York Mellon Trust Company, N.A., as trustee (the
“Trustee”).
The Company has prepared and filed, in accordance with the provisions of the Securities Act of
1933, as amended, and the rules and regulations thereunder (collectively, the “Act”), with
the Securities and Exchange Commission (the “Commission”) a registration statement on Form
S-3 (File No. 333-150448) under the Act and a Post-Effective Amendment No.1 thereto (together, the
“registration statement”), including a prospectus, which registration statement
incorporates by reference documents which the Company has filed, or will file, in accordance with
the provisions of the Securities Exchange Act of 1934, as amended, and the rules and regulations
thereunder (collectively, the “Exchange Act”). Such registration statement has become
effective under the Act.
Except where the context otherwise requires, “Registration Statement,” as used herein,
means the registration statement, as amended at the time of such registration statement’s
effectiveness for purposes of Section 11 of the Act (the “Effective Time”), including (i)
all documents filed as a part thereof or incorporated or deemed to be incorporated by reference
therein and (ii) any information contained or incorporated by reference in a prospectus filed with
the Commission pursuant to Rule 424(b) under the Act, to the extent such information is deemed,
pursuant to Rule 430B or Rule 430C under the Act, to be part of the registration statement at the
Effective Time, but excluding any Statement of Eligibility (Form T-1) under the Trust Indenture Act
of 1939, as amended (the “Trust Indenture Act”).
The Company has furnished to you, for use by the Underwriters and by dealers in connection
with the offering of the Securities, copies of one or more preliminary prospectus supplements, and
the documents incorporated by reference therein, relating to the Securities. Except where the
context otherwise requires, “Pre-Pricing Prospectus,” as used herein, means
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each such preliminary prospectus supplement, in the form so furnished, including any basic
prospectus (whether or not in preliminary form) furnished to you by the Company and attached to or
used with such preliminary prospectus supplement. Except where the context otherwise requires,
“Basic Prospectus,” as used herein, means any such basic prospectus and any basic
prospectus furnished to you by the Company and attached to or used with the Prospectus Supplement
(as defined below).
Except where the context otherwise requires, “Prospectus Supplement,” as used herein,
means the final prospectus supplement, relating to the Securities, filed by the Company with the
Commission pursuant to Rule 424(b) under the Act on or before the second business day after the
date hereof (or such earlier time as may be required under the Act), in the form furnished by the
Company to you for use by the Underwriters and by dealers in connection with the offering of the
Securities.
Except where the context otherwise requires, “Prospectus,” as used herein, means the
Prospectus Supplement together with the Basic Prospectus attached to or used with the Prospectus
Supplement.
“Permitted Free Writing Prospectuses,” as used herein, means the documents listed on
Schedule B attached hereto and each “road show” (as defined in Rule 433 under the Act), if
any, related to the offering of the Securities contemplated hereby that is a “written
communication” (as defined in Rule 405 under the Act). Each Underwriter represents, warrants, and
agrees that it has not and will not use, authorize use of, refer to, or participate in the planning
for use of any written communication that constitutes an offer to sell or the solicitation of an
offer to buy the Securities, other than (A) a Permitted Free Writing Prospectus, (B) such
communications which do not conflict with the Registration Statement, the Basic Prospectus, each
Pre-Pricing Prospectus or the Prospectus or which would constitute an underwriter “free writing
prospectus” (as defined in Rule 405 of the Act) that is not required to be filed by the
Underwriters with the Commission pursuant to Rule 433 under the Act, (C) any written communication
listed on Schedule B, or (D) any written communication prepared by such Underwriter and
approved in writing by the Company in advance.
“Covered Free Writing Prospectuses,” as used herein, means (i) each “issuer free
writing prospectus” (as defined in Rule 433(h)(1) under the Act), if any, relating to the
Securities, which is not a Permitted Free Writing Prospectus and (ii) each Permitted Free Writing
Prospectus.
“Pricing Disclosure Package,” as used herein, means the Pre-Pricing Prospectus, taken
together with the Final Term Sheet, dated December 15, 2010, substantially in the form of
Exhibit A hereto.
Any reference herein to the registration statement, the Registration Statement, any Basic
Prospectus, any Pre-Pricing Prospectus, the Prospectus Supplement, the Prospectus or any Permitted
Free Writing Prospectus shall be deemed to refer to and include the documents, if any, incorporated
by reference, or deemed to be incorporated by reference, therein (the “Incorporated
Documents”), including, unless the context otherwise requires, the documents, if any, filed as
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exhibits to such Incorporated Documents. Any reference herein to the terms “amend,”
“amendment” or “supplement” with respect to the Registration Statement, any Basic
Prospectus, any Pre-Pricing Prospectus, the Prospectus Supplement, the Prospectus or any Permitted
Free Writing Prospectus shall be deemed to refer to and include the filing of any document under
the Exchange Act on or after the initial effective date of the Registration Statement, or the date
of such Basic Prospectus, such Pre-Pricing Prospectus, the Prospectus Supplement, the Prospectus or
such Permitted Free Writing Prospectus, as the case may be, and deemed to be incorporated therein
by reference.
As used in this Agreement, “business day” shall mean a day on which the New York Stock
Exchange (the “NYSE”) is open for trading. The terms “herein,” “hereof,” “hereto,”
“hereinafter” and similar terms, as used in this Agreement, shall in each case refer to this
Agreement as a whole and not to any particular section, paragraph, sentence or other subdivision of
this Agreement. The term “or,” as used herein, is not exclusive.
The Company and the Underwriters agree as follows:
1. Sale and Purchase. Upon the basis of the representations and warranties and
subject to the terms and conditions herein set forth, the Company agrees to issue and sell to the
respective Underwriters and each of the Underwriters, severally and not jointly, agrees to purchase
from the Company the respective principal amount of Securities set forth opposite the name of such
Underwriter in Schedule A attached hereto, subject to adjustment in accordance with Section
8 hereof, in each case at a purchase price of $992.69 per $1,000 principal amount. The Company is
advised by you that the Underwriters intend (i) to make a public offering of their respective
portions of the Securities as soon after the effectiveness of this Agreement as in your judgment is
advisable and (ii) initially to offer the Securities upon the terms set forth in the Prospectus.
You may from time to time increase or decrease the public offering price after the initial public
offering to such extent as you may determine. Upon the authorization by the Company of the release
of the Securities, the several Underwriters agree to offer the Securities for sale in accordance
with the terms and conditions set forth in the Prospectus.
2. Payment and Delivery. Payment of the purchase price for the Securities shall be
made to the Company by Federal Funds wire transfer against delivery of the Securities to you
through the facilities of The Depository Trust Company (“DTC”) for the respective accounts
of the Underwriters. Such payment and delivery shall be made at 10:00 A.M., New York City time, on
December 20, 2010 (unless another time shall be agreed to by you and the Company or unless
postponed in accordance with the provisions of Section 8 hereof). The time at which such payment
and delivery are to be made is hereinafter sometimes called the “time of purchase”.
Electronic transfer of the Securities shall be made to you at the time of purchase through DTC in
such names and in such denominations as the Representatives shall specify.
Deliveries of the documents described in Section 6 hereof with respect to the purchase of the
Securities shall be made at the offices of Xxxxxxxx & Xxxxxxxx LLP at 000 Xxxxx Xxxxxx, Xxx Xxxx,
XX 00000, at 9:00 A.M., New York City time, on the date of the closing of the purchase of the
Securities.
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3. Representations and Warranties of the Company. The Company represents and warrants
to and agrees with each of the Underwriters that:
(a) the Registration Statement has heretofore become effective under the Act; no stop
order of the Commission preventing or suspending the use of any Basic Prospectus, any
Pre-Pricing Prospectus, the Prospectus Supplement, the Prospectus or any Permitted Free
Writing Prospectus, or the effectiveness of the Registration Statement, has been issued, and
no proceedings for such purpose have been instituted or, to the Company’s knowledge, are
contemplated by the Commission;
(b) the Registration Statement complied when it became effective, complies as of the
date hereof and, as amended or supplemented, at the time of purchase, in all material
respects, with the requirements of the Act and the Trust Indenture Act; the conditions to
the use of Form S-3 in connection with the offering and sale of the Securities as
contemplated hereby have been satisfied; the Registration Statement constitutes an
“automatic shelf registration statement” (as defined in Rule 405 under the Act); the Company
has not received, from the Commission, a notice, pursuant to Rule 401(g)(2), of objection to
the use of the automatic shelf registration statement form; as of the determination date
applicable to the Registration Statement (and any amendment thereto), the Company was a
“well-known seasoned issuer” as defined in Rule 405 under the Act; the Registration
Statement meets, and the offering and sale of the Securities as contemplated hereby complies
with, the requirements of Rule 415 under the Act (including, without limitation, Rule
415(a)(5) under the Act); the Registration Statement did not, as of the Effective Time,
contain an untrue statement of a material fact or omit to state a material fact required to
be stated therein or necessary to make the statements therein not misleading; each
Pre-Pricing Prospectus complied, as of its date and at the time it was filed with the
Commission, and complies, as of the date hereof, in all material respects with the
requirements of the Act; as of the date such Pre-Pricing Prospectus was filed with the
Commission, as of the date of the Pre-Pricing Prospectus and at the time of purchase, the
Pre-Pricing Prospectus, as then amended or supplemented, did not and will not include an
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, and at 4:21 P.M., New York City time, on December 15, 2010 (the “Applicable
Time”), the Pricing Disclosure Package did not include an 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; each Basic
Prospectus complied or will comply, as of its date and the date it was or will be filed with
the Commission, in all material respects, with the requirements of the Act; as of the date
of the Basic Prospectus, the date the Basic Prospectus was filed with the Commission and at
the time of purchase the Basic Prospectus, as then amended or supplemented (including with
the Prospectus Supplement), did not and will not include an 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, and at the
Applicable Time, the Basic Prospectus, as then amended or supplemented (including with the
Pre-Pricing Prospectus), together with the Pricing Disclosure Package, did not include an
untrue statement of a material fact or omit to state
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a material fact necessary in order to make the statements therein, in the light of the
circumstances under which they were made, not misleading; each of the Prospectus Supplement
and the Prospectus will comply, as of the date that it is filed with the Commission, the
date of the Prospectus Supplement, and, as amended or supplemented, at the time of purchase,
in all material respects, with the requirements of the Act (in the case of the Prospectus,
including, without limitation, Section 10(a) of the Act); at the date of the Prospectus
Supplement, the date the Prospectus Supplement is filed with the Commission, at the time of
purchase, the Prospectus Supplement or the Prospectus, as then amended or supplemented, did
not include an 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; each Permitted Free Writing Prospectus, as
supplemented by and taken together with the Pricing Disclosure Package, as of the Applicable
Time, did not include an 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
Company makes no representation or warranty in this Section 3(b) with respect to any
statement contained in the Registration Statement, any Pre-Pricing Prospectus, the
Prospectus or any Permitted Free Writing Prospectus in reliance upon and in conformity with
information concerning an Underwriter and furnished in writing by or on behalf of such
Underwriter through you to the Company expressly for use in the Registration Statement, such
Pre-Pricing Prospectus, the Prospectus or such Permitted Free Writing Prospectus; each
Incorporated Document, at the time such document was filed, or will be filed, with the
Commission or at the time such document became or becomes effective, as applicable, complied
or will comply, in all material respects, with the requirements of the Exchange Act and did
not or will not, as applicable, include an 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; and each Covered Free Writing
Prospectus does not conflict with the information contained in the Registration Statement,
the Pre-Pricing Prospectus or the Prospectus;
(c) the statements set forth in the Registration Statement, any Pre-Pricing Prospectus
and the Prospectus under the caption “Description of Notes” and “Description of Debt
Securities”, insofar as they purport to constitute a summary of the terms of the Securities
or the Indenture, under the caption “U.S. Federal Income and Estate Tax Consequences to
Non-U.S. Holders”, and under the caption “Underwriting”, insofar as they purport to describe
the provisions of the laws and documents referred to therein, are accurately, complete and
fairly presented in all material respects;
(d) prior to the execution of this Agreement, the Company has not, directly or
indirectly, offered or sold any Securities by means of any “prospectus” (within the meaning
of the Act) or used any “prospectus” (within the meaning of the Act) in connection with the
offer or sale of the Securities, in each case other than the Pre-Pricing Prospectuses and
the Permitted Free Writing Prospectuses, if any; the Company has not, directly or
indirectly, prepared, used or referred to any Permitted Free Writing Prospectus relating to
the Securities except in compliance with Rule 163 or with Rules 164 and 433
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under the Act; assuming that such Permitted Free Writing Prospectus is so sent or given
after the Registration Statement was filed with the Commission (and after such Permitted
Free Writing Prospectus was, if required pursuant to Rule 433(d) under the Act, filed with
the Commission), the sending or giving, by any Underwriter, of any Permitted Free Writing
Prospectus will satisfy the provisions of Rule 164 and Rule 433; the conditions set forth in
one or more of subclauses (i) through (iv), inclusive, of Rule 433(b)(1) under the Act are
satisfied, and the registration statement relating to the offering of the Securities
contemplated hereby, as initially filed with the Commission, includes a prospectus that,
other than by reason of Rule 433 or Rule 431 under the Act, satisfies the requirements of
Section 10 of the Act; the Company is not disqualified, by reason of subsection (f) or (g)
of Rule 164 under the Act, from using, in connection with the offer and sale of the
Securities, “free writing prospectuses” (as defined in Rule 405 under the Act) pursuant to
Rules 164 and 433 under the Act; the Company is not an “ineligible issuer” (as defined in
Rule 405 under the Act) as of the eligibility determination date for purposes of Rules 164
and 433 under the Act with respect to the offering of the Securities contemplated by the
Registration Statement, without taking into account any determination by the Commission
pursuant to Rule 405 under the Act that it is not necessary under the circumstances that the
Company be considered an “ineligible issuer”; the parties hereto agree and understand that
the content of any and all “road shows” (as defined in Rule 433 under the Act) related to
the offering of the Securities contemplated hereby is solely the property of the Company;
(e) the Company has an authorized and outstanding capitalization as set forth in the
Pre-Pricing Prospectus and the Prospectus; all of the issued and outstanding shares of
capital stock of the Company have been duly authorized and validly issued and are fully paid
and non-assessable.
(f) the Company has been duly incorporated and is validly existing as a corporation in
good standing under the laws of the State of Tennessee, with full corporate power and
authority to own, lease and operate its properties and conduct its business as described in
the Registration Statement, the Pre-Pricing Prospectuses, the Prospectus and the Permitted
Free Writing Prospectuses, if any, to execute and deliver this Agreement and to issue, sell
and deliver the Securities as contemplated herein; and the Company is duly qualified to do
business as a foreign corporation and is in good standing in each jurisdiction where the
ownership or leasing of its properties or the conduct of its business requires such
qualification, except where the failure to be so qualified and in good standing would not,
individually or in the aggregate, have a material adverse effect on the business,
properties, financial condition, results of operations or prospects of the Company and its
subsidiaries taken as a whole (a “Material Adverse Effect”);
(g) the Company is registered as a bank holding company and qualified as a financial
holding company under the Bank Holding Company Act of 1956, as amended (the “BHC”);
and each of the Company and the Bank (defined below) are in substantial compliance with, and
conduct their respective businesses in substantial conformity with, all applicable laws and
governmental regulations governing bank holding companies, banks and subsidiaries of bank
holding companies, respectively, except failures to
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comply or be in conformity with such laws and regulations that could not reasonably be
expected to result in a Material Adverse Effect;
(h) First Tennessee Bank National Association (the “Bank”) has been duly
organized and is validly existing as a national banking association under the laws of the
United States; the Bank is an insured bank under the applicable provisions of the Federal
Deposit Act, as amended, and no proceeding for the termination or revocation of such
insurance is pending or, to the knowledge of the Company, threatened against the Bank; the
Bank has no subsidiaries that are depositary institutions with deposits insured under the
provisions of the Federal Deposit Insurance Act, as amended; except as disclosed in the
Registration Statement, any Pre-Pricing Prospectus or the Prospectus, the Company owns
directly or indirectly all of the outstanding capital stock of each subsidiary of the
Company having total assets equal to or exceeding 10% of the total assets of the Company and
its subsidiaries on a consolidated basis (each, a “Significant Subsidiary”) subject
to no security interest, other encumbrance or adverse claims; other than the capital stock
of the subsidiaries, the Company does not own, directly or indirectly, more than 5% of the
voting stock of any corporation, firm, partnership, joint venture, association or other
entity, other than investments made by the Company in the ordinary course of business that
aggregate less than 2% of the Company’s total assets at September 30, 2010; each Significant
Subsidiary has been duly constituted and is validly existing as a corporation, limited
liability company, national banking association or banking trust, as applicable, in good
standing under the laws of the jurisdiction of its incorporation or formation, as
applicable, with full corporate power and authority to own, lease and operate its properties
and to conduct its business as described in the Registration Statement, the Pre-Pricing
Prospectuses, the Prospectus and the Permitted Free Writing Prospectuses, if any; each
Significant Subsidiary is duly qualified to do business as a foreign corporation, limited
liability company or business trust, as applicable, and is in good standing in each
jurisdiction where the ownership or leasing of its properties or the conduct of its business
requires such qualification, except where the failure to be so qualified and in good
standing would not, individually or in the aggregate, have a Material Adverse Effect;
(i) the Securities have been duly authorized, and, when the Securities are issued and
delivered pursuant to this Agreement, such Securities will have been duly executed,
authenticated, issued and delivered and will constitute valid and legally binding
obligations of the Company entitled to the benefits provided by the Indenture, subject to
bankruptcy, insolvency, fraudulent transfer, moratorium and other similar laws relating to
or affecting creditors’ rights generally and to general principles of equity; such Indenture
has been qualified under the Trust Indenture Act and, at the time of purchase of the
Securities, such Indenture will consitute a valid and legally binding obligation of the
Company enforceable in accordance with its terms, subject to bankruptcy, insolvency,
fraudulent transfer, moratorium and other similar laws relating to or affecting creditors’
rights generally and to general principles of equity;
(j) this Agreement has been duly authorized, executed and delivered by the Company;
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(k) neither the Company nor any of its Significant Subsidiaries is in breach or
violation of or in default under (nor has any event occurred which, with notice, lapse of
time or both, would result in any breach or violation of, constitute a default under or give
the holder of any indebtedness of the Company or any of its Significant Subsidiaries (or a
person acting on such holder’s behalf) the right to require the repurchase, redemption or
repayment of all or a part of such indebtedness under) (A) its charter or bylaws (or other
organizational documents), or (B) any indenture, mortgage, deed of trust, bank loan or
credit agreement or other evidence of indebtedness, or any license, lease, contract or other
agreement or instrument to which it is a party or by which it or any of its properties may
be bound or affected, or (C) any federal, state, local or foreign law, regulation or rule,
or (D) any rule or regulation of any self-regulatory organization or other non-governmental
regulatory authority (including, without limitation, the rules and regulations of The New
York Stock Exchange (“NYSE”), or (E) any decree, judgment or order applicable to it
or any of its properties, except in the case of (B), (C), (D) and (E) for such breach,
violation, default or requirement which would not, individually or in the aggregate, have a
Material Adverse Effect;
(l) the execution, delivery and performance of this Agreement and the Indenture and,
the issuance and sale of the Securities and the consummation of the transactions
contemplated hereby will not conflict with, result in any breach or violation of or
constitute a default under (nor constitute any event which, with notice, lapse of time or
both, would result in any breach or violation of, constitute a default under or give the
holder of any indebtedness (or a person acting on such holder’s behalf) the right to require
the repurchase, redemption or repayment of all or a part of such indebtedness under) (or
result in the creation or imposition of a lien, charge or encumbrance on any property or
assets of the Company or any subsidiary pursuant to) (A) the charter or bylaws (or other
organizational documents) of the Company or any of its Significant Subsidiaries, or (B) any
indenture, mortgage, deed of trust, bank loan or credit agreement or other evidence of
indebtedness, or any license, lease, contract or other agreement or instrument to which the
Company or any of its Significant Subsidiaries is a party or by which any of them or any of
their respective properties may be bound or affected, or (C) any federal, state, local or
foreign law, regulation or rule, or (D) any rule or regulation of any self-regulatory
organization or other non-governmental regulatory authority (including, without limitation,
the rules and regulations of the NYSE), or (E) any decree, judgment or order applicable to
the Company or any of its Significant Subsidiaries or any of their respective properties,
except in the case of (B), (C), (D) and (E) such breach, violation, default or requirement
would not, individually or in the aggregate, have a Material Adverse Effect;
(m) no approval, authorization, consent or order of or filing with any federal, state,
local or foreign governmental or regulatory commission, board, body, authority or agency, or
of or with any self-regulatory organization or other non-governmental regulatory authority
(including, without limitation, the NYSE), or approval of the shareholders of the Company,
is required in connection with the issuance and sale of the Securities or the consummation
by the Company of the transactions contemplated hereby,
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other than (i) registration of the Securities under the Act, which has been effected,
(ii) any necessary qualification under the securities or blue sky laws of the various
jurisdictions in which the Securities are being offered by the Underwriters, (iii) under the
Conduct Rules of the Financial Industry Regulatory Authority, Inc. (“FINRA”), (iv)
the qualification of the Indenture under the Trust Indenture Act, which has been effected,
or (v) those previously obtained or made;
(n) each of the Company and its Significant Subsidiaries has all necessary licenses,
authorizations, consents and approvals and has made all necessary filings required under any
applicable law, regulation or rule, and has obtained all necessary licenses, authorizations,
consents and approvals from other persons, in order to conduct their respective businesses,
except when the failure to have such license, authorization, consent or approval, or to make
any such filings, or obtain any such license, authorization, consent or approval would not,
individually or in the aggregate, have a Material Adverse Effect; neither the Company nor
any of its Significant Subsidiaries is in violation of, or in default under, or has received
notice of any proceedings relating to revocation or modification of, any such license,
authorization, consent or approval or any federal, state, local or foreign law, regulation
or rule or any decree, order or judgment applicable to the Company or any of its Significant
Subsidiaries, except where such violation, default, revocation or modification would not,
individually or in the aggregate, have a Material Adverse Effect;
(o) there are no legal or governmental proceedings pending or, to the Company’s
knowledge, threatened to which the Company or any of its Significant Subsidiaries or any of
their respective directors or officers is or would be a party or of which any of their
respective properties is or would be subject at law or in equity, except as described in the
Registration Statement (excluding the exhibits thereto), each Pre-Pricing Prospectus and the
Prospectus or any such action, suit, claim, investigation or proceeding that is not
reasonably likely, individually or in the aggregate, to have a Material Adverse Effect; the
Company and each of its subsidiaries is in compliance with all laws administered by and
regulations applicable to it of the Board of Governors of the Federal Reserve System, the
Federal Deposit Insurance Corporation and the Office of the Comptroller of the Currency
(each a “Banking Regulator”) and of any other federal or state agency or authority
with jurisdiction over it except where failure to so comply would not result in a Material
Adverse Effect. Neither the Company nor any of its subsidiaries is a party to or otherwise
subject to any consent decree, memorandum of understanding, written commitment or other
supervisory agreement with any Banking Regulator or any other federal or state agency or
authority, nor has the Company or any of its subsidiaries been advised by any Banking
Regulator or any other federal or state agency or authority that it is contemplating issuing
or requesting any of the foregoing except where being a party to or subject to such consent
decree, memorandum of understanding, written commitment or other supervisory agreement would
not result in a Material Adverse Effect;
(p) KPMG LLP, whose report on the consolidated financial statements of the Company and
the subsidiaries included or incorporated by reference in the Registration
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Statement, the Pre-Pricing Prospectuses and the Prospectus, are independent registered
public accountants as required by the Act and by the rules of the Public Company Accounting
Oversight Board;
(q) the financial statements included or incorporated by reference in the Registration
Statement, the Pre-Pricing Prospectuses, the Prospectus and the Permitted Free Writing
Prospectuses, if any, together with the related notes and schedules, present fairly in all
material respects the consolidated financial position of the Company and the subsidiaries as
of the dates indicated and the consolidated results of operations, cash flows and changes in
shareholders’ equity of the Company and the subsidiaries for the periods specified and have
been prepared in compliance in all material respects with the requirements of the Act and
Exchange Act and in conformity in all material respects with U.S. generally accepted
accounting principles applied on a consistent basis during the periods involved; the other
financial and statistical data contained or incorporated by reference in the Registration
Statement, the Pre-Pricing Prospectuses, the Prospectus and the Permitted Free Writing
Prospectuses, if any, are accurately and fairly presented in all material respects and to
the extent appropriate are prepared on a basis consistent with the financial statements and
books and records of the Company; there are no financial statements (historical or pro
forma) that are required to be included or incorporated by reference in the Registration
Statement, any Pre-Pricing Prospectus or the Prospectus that are not included or
incorporated by reference as required; the Company and the subsidiaries do not have any
known material liabilities or obligations, direct or contingent (including any off-balance
sheet obligations), not described and required to be described in the Registration Statement
(excluding the exhibits thereto), each Pre-Pricing Prospectus and the Prospectus; except as
disclosed in the Registration Statement (excluding the exhibits thereto), each Pre-Pricing
Prospectus and the Prospectus, no stock option granted under any stock option plan of the
Company or any subsidiary (each, a “Stock Plan”) involved any “back-dating,”
“forward-dating” or similar practice with respect to the effective date of such grant and,
except as would not, individually or in the aggregate, have a Material Adverse Effect; in
all material respects all disclosures contained or incorporated by reference in the
Registration Statement, the Pre-Pricing Prospectuses, the Prospectus and the Permitted Free
Writing Prospectuses, if any, regarding “non-GAAP financial measures” (as such term is
defined by the rules and regulations of the Commission) comply with Regulation G of the
Exchange Act and Item 10 of Regulation S-K under the Act, to the extent applicable;
(r) subsequent to the respective dates as of which information is given in the
Registration Statement, the Pre-Pricing Prospectuses, the Prospectus and the Permitted Free
Writing Prospectuses, if any, in each case excluding any amendments or supplements to the
foregoing made after the execution of this Agreement, there has not been (i) any material
adverse change, or any development involving a prospective material adverse change, in the
business, properties, management, financial condition or results of operations of the
Company and the subsidiaries taken as a whole, (ii) any transaction, except as set forth or
contemplated in the Registration Statement (excluding the exhibits thereto), each
Pre-Pricing Prospectus and the Prospectus, which is material to the Company and the
subsidiaries taken as a whole, (iii) except as set forth or
- 10 -
contemplated in the Registration Statement (excluding exhibits), each Pre-Pricing
Prospectus and Prospectus, any obligation or liability, direct or contingent (including any
off-balance sheet obligations), incurred by the Company or any Significant Subsidiary, which
is material to the Company and the subsidiaries taken as a whole, (iv) except as set forth
or contemplated in the Registration Statement (excluding exhibits), each Pre-Pricing
Prospectus and Prospectus, any material change in the capital stock or outstanding
indebtedness of the Company or any subsidiaries or (v) any dividend or distribution of any
kind declared, paid or made on the capital stock of the Company;
(s) neither the Company nor any Significant Subsidiary is, or in connection with any
sale of Securities will any of them be, and, after giving effect to the offering and sale of
the Securities and the application of the proceeds thereof, none of them will 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”);
(t) the Company and each of its Significant Subsidiaries have good and marketable title
to all property (real and personal) described in the Registration Statement, the Pre-Pricing
Prospectuses, the Prospectus and the Permitted Free Writing Prospectuses, if any, as being
owned by any of them, free and clear of all liens, claims, security interests or other
encumbrances, except to the extent disclosed in the Registration Statement (excluding the
exhibits thereto), each Pre-Pricing Prospectus and the Prospectus, except where the failure
to have such good and marketable title would not, individually or in the aggregate, have a
Material Adverse Effect and except for assets that are pledged in support of government
deposits, Federal Home Loan Bank borrowings and covered transactions under Section 23A of
the Federal Reserve Act; all the property described in the Registration Statement, the
Pre-Pricing Prospectuses, the Prospectus and the Permitted Free Writing Prospectuses, if
any, as being held under lease by the Company or a subsidiary is held thereby under valid,
subsisting and enforceable leases, except where the failure to hold or lease such property
would not, individually or in the aggregate, have a Material Adverse Effect;
(u) there are no past, present or, to the Company’s knowledge, reasonably anticipated
future events, conditions, circumstances, activities, practices, actions, omissions or plans
that could reasonably be expected to give rise to any material costs or liabilities to the
Company or any subsidiary under, or to materially interfere with or prevent compliance by
the Company or any subsidiary with, any laws or regulations relating to protection from
harmful or hazardous substances or to protection of the environment;
(v) the Company and each of the subsidiaries maintain insurance covering their
respective properties, operations, personnel and businesses as the Company reasonably deems
adequate in accordance with customary industry practice to protect the Company and the
subsidiaries and their respective businesses; except as would not, individually or in the
aggregate, have a Material Adverse Effect, all such insurance is
- 11 -
fully in force and the Company has no reason to believe that it will not be able to
renew any such insurance as and when such insurance expires;
(w) the Company maintains a system of internal control over financial reporting (as
such term is defined in Rule 13a-15(f) under the Exchange Act) that has been designed by the
Company’s principal executive officer and principal financial officer, or under their
supervision, to 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. At December 31, 2009, the Company’s internal
control over financial reporting was effective and at September 30, 2010, the Company was
not aware of any material weaknesses in its internal control over financial reporting;
(x) the Company maintains disclosure controls and procedures (as such term is defined
in Rule 13a-15(e) under the Exchange Act); such disclosure controls and procedures have been
designed to ensure that material information relating to the Company and its subsidiaries is
made known to the Company’s principal executive officer and principal financial officer by
others within those entities; and such disclosure controls and procedures were effective as
of the last day they were tested;
(y) all statistical or market-related data included or incorporated by reference in the
Registration Statement, the Pre-Pricing Prospectuses, the Prospectus and the Permitted Free
Writing Prospectuses, if any, are based on or derived from sources that the Company
reasonably believes to be reliable and accurate, and the Company has obtained the written
consent to the use of such data from such sources to the extent required; and
(z) neither the Company nor any of the subsidiaries nor, to the Company’s knowledge,
any employee or agent of the Company or any subsidiary has made any payment of funds of the
Company or any subsidiary or received or retained any funds in violation of any law, rule or
regulation (including, without limitation, the Foreign Corrupt Practices Act of 1977), which
payment, receipt or retention of funds is of a character required to be disclosed in the
Registration Statement, any Pre-Pricing Prospectus or the Prospectus.
4. Certain Covenants of the Company. The Company hereby agrees:
(a) to furnish such information as may be required and otherwise to cooperate in
qualifying the Securities for offering and sale under the securities or blue sky laws of
such states or other jurisdictions as you may designate and to maintain such qualifications
in effect so long as you may request for the distribution of the Securities;
provided, however, that the Company shall not be required to qualify as a
foreign corporation or to consent to the service of process under the laws of any such
jurisdiction; and to promptly advise you of the receipt by the Company of any notification
with respect to the suspension of the qualification of the Securities for offer or sale in
any jurisdiction or the initiation or threatening of any proceeding for such purpose;
- 12 -
(b) to make available to the Underwriters in New York City, as soon as practicable
after this Agreement becomes effective, and thereafter from time to time to furnish to the
Underwriters, as many copies of the Prospectus (or of the Prospectus as amended or
supplemented if the Company shall have made any amendments or supplements thereto after the
effective date of the Registration Statement) as the Underwriters may request for the
purposes contemplated by the Act; in case any Underwriter is required to deliver (whether
physically or through compliance with Rule 172 under the Act or any similar rule), in
connection with the sale of the Securities, a prospectus after the nine-month period
referred to in Section 10(a)(3) of the Act, or after the time a post-effective amendment to
the Registration Statement is required pursuant to Item 512(a) of Regulation S-K under the
Act, the Company will prepare, at the expense of the requesting Underwriters, promptly upon
request such amendment or amendments to the Registration Statement and the Prospectus as may
be necessary to permit compliance with the requirements of Section 10(a)(3) of the Act or
Item 512(a) of Regulation S-K under the Act, as the case may be;
(c) if, at the time this Agreement is executed and delivered, it is necessary or
appropriate for a post-effective amendment to the Registration Statement to be filed with
the Commission and become effective before the Securities may be sold, the Company will use
its best efforts to cause such post-effective amendment or such Registration Statement to be
filed and become effective, and will pay any applicable fees in accordance with the Act, as
soon as possible; and the Company will advise you promptly and, if requested by you, will
confirm such advice in writing, when such post-effective amendment has become effective;
(d) if, prior to the expiration of nine months after the date of this Agreement, at any
time during the period when a prospectus is required by the Act to be delivered (whether
physically or through compliance with Rule 172 under the Act or any similar rule) in
connection with any sale of Securities, the Registration Statement shall cease to comply
with the requirements of the Act with respect to eligibility for the use of the form on
which the Registration Statement was filed with the Commission or the Registration Statement
shall cease to be an “automatic shelf registration statement” (as defined in Rule 405 under
the Act) or the Company shall have received, from the Commission, a notice, pursuant to Rule
401(g)(2), of objection to the use of the form on which the Registration Statement was filed
with the Commission, to (i) promptly notify you, (ii) promptly file with the Commission a
new registration statement under the Act, relating to the Securities, or a post-effective
amendment to the Registration Statement, which new registration statement or post-effective
amendment shall comply with the requirements of the Act and shall be in a form reasonably
satisfactory to you, (iii) use its best efforts to cause such new registration statement or
post-effective amendment to become effective under the Act as soon as practicable, (iv)
promptly notify you of such effectiveness and (v) take all other action necessary or
appropriate to permit the public offering and sale of the Securities to continue as
contemplated in the Prospectus; all references herein to the Registration Statement shall be
deemed to include each such new registration statement or post-effective amendment, if any;
- 13 -
(e) to advise you promptly, confirming such advice in writing, of any request by the
Commission for amendments or supplements to the Registration Statement, any Pre-Pricing
Prospectus, the Prospectus or any Permitted Free Writing Prospectus or for additional
information with respect thereto, or of notice of institution of proceedings for, or the
entry of a stop order, suspending the effectiveness of the Registration Statement and, if
the Commission should enter a stop order suspending the effectiveness of the Registration
Statement, to use its reasonable best efforts to obtain the lifting or removal of such order
as soon as possible; prior to the time of purchase, to advise you promptly of any proposal
to amend or supplement the Registration Statement, any Pre-Pricing Prospectus or the
Prospectus, and to provide you and Underwriters’ counsel copies of any such documents for
review and comment a reasonable amount of time prior to any proposed filing and to file no
such amendment or supplement to which you shall reasonably object in writing;
(f) subject to Section 4(e) hereof, to file promptly all reports and documents and any
preliminary or definitive proxy or information statement required to be filed by the Company
with the Commission in order to comply with the Exchange Act for so long as a prospectus is
required by the Act to be delivered (whether physically or through compliance with Rule 172
under the Act or any similar rule) in connection with any sale of Securities;
(g) to pay the fees applicable to the Registration Statement in connection with the
offering of the Securities within the time required by Rule 456(b)(1)(i) under the Act and
in compliance with Rule 456(b) and Rule 457(r) under the Act;
(h) for a period of not more than nine months, to advise the Underwriters promptly of
the happening of any event within the period during which a prospectus is required by the
Act to be delivered (whether physically or through compliance with Rule 172 under the Act or
any similar rule) in connection with any sale of Securities, which event could require the
making of any change in the Prospectus then being used so that the Prospectus would not
include an 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 are
made, not misleading, and to advise the Underwriters promptly if, during such period, it
shall become necessary to amend or supplement the Prospectus to cause the Prospectus to
comply with the requirements of the Act, and, in each case, during such time, subject to
Section 4(e) hereof, to prepare and furnish, at the Company’s expense, to the Underwriters
promptly such amendments or supplements to such Prospectus as may be necessary to reflect
any such change or to effect such compliance;
(i) to make generally available to its security holders, and to deliver to you, an
earnings statement of the Company (which will satisfy the provisions of Section 11(a) of the
Act) covering a period of twelve months beginning after the effective date of the
Registration Statement (as defined in Rule 158(c) under the Act) as soon as is reasonably
practicable after the termination of such twelve-month period;
- 14 -
(j) to furnish to each of the Underwriters copies of the Registration Statement, as
initially filed with the Commission, and of all amendments thereto (including all exhibits
thereto and documents incorporated by reference therein);
(k) to apply the net proceeds from the sale of the Securities in the manner set forth
under the caption “Use of Proceeds” in the Prospectus Supplement;
(l) to pay all costs, expenses, fees and taxes in connection with (i) the preparation
and filing of the Registration Statement, each Basic Prospectus, each Pre-Pricing
Prospectus, the Prospectus Supplement, the Prospectus, each Permitted Free Writing
Prospectus and any amendments or supplements thereto, and the printing and furnishing of
copies of each thereof to the Underwriters and to dealers (including costs of mailing and
shipment), (ii) the registration, issue, sale and delivery of the Securities, (iii) the
producing, word processing and/or printing of this Agreement, any Agreement Among
Underwriters, any dealer agreements, the Indenture, any Powers of Attorney and any closing
documents (including compilations thereof) and the reproduction and/or printing and
furnishing of copies of each thereof to the Underwriters and (except closing documents) to
dealers (including costs of mailing and shipment), (iv) the qualification of the Securities
for offering and sale under state or foreign laws and the determination of their eligibility
for investment under state or foreign law (including the legal fees and filing fees and
other disbursements of counsel for the Underwriters) and the printing and furnishing of
copies of any blue sky surveys or legal investment surveys to the Underwriters and to
dealers, (v) any fees for obtaining one or more ratings of the Securities, (vi) any filing
for a review of the public offering of the Securities by FINRA, including the legal fees and
filing fees and other disbursements of counsel to the Underwriters relating to FINRA
matters, (vii) the fees and disbursements of any trustee or paying agent for the Securities,
(viii) the costs and expenses of the Company relating to presentations or meetings
undertaken in connection with the marketing of the offering and sale of the Securities to
prospective investors and the Underwriters’ sales forces, including, without limitation,
expenses associated with the production of road show slides and graphics, travel, lodging
and other expenses incurred by the officers of the Company and (ix) the performance of the
Company’s other obligations hereunder, it is understood, however, that, except as provided
in this Section, Section 7 and Section 9 hereof, the Underwriters will pay all of their own
costs and expenses, including the fees of their counsel and their tombstone advertising
costs;
(m) to comply with Rule 433(d) under the Act (without reliance on Rule 164(b) under the
Act) and with Rule 433(g) under the Act;
(n) beginning on the date hereof and until the time of the purchase of the Securities,
the Company will not without the consent of the Representatives, sell or contract to sell,
or announce the offering of, or otherwise transfer or dispose of, directly or indirectly,
any long-term debt securities of the Company (except for the Securities); and
- 15 -
(o) not to use any written communication that constitutes an offer or to sell or the
solicitation of an offer to buy the Securities other than the Basic Prospectus, Pre-Pricing
Prospectus, Prospectus or Permitted Free-Writing Prospectus.
5. Reimbursement of the Underwriters’ Expenses. If, after the execution and delivery
of this Agreement, the Securities are not delivered for any reason other than the termination of
this Agreement pursuant to Section 7 or 8 hereof or the default by one or more of the Underwriters
in its or their respective obligations hereunder, the Company shall, in addition to paying the
amounts described in Section 4(l) hereof, reimburse the Underwriters for all of their out-of-pocket
expenses, including the fees and disbursements of their counsel.
6. Conditions of the Underwriters’ Obligations. The several obligations of the
Underwriters hereunder are subject to the accuracy in all material respects (to the extent not
otherwise qualified therein as to materiality or Material Adverse Effect) of the representations
and warranties on the part of the Company on the date hereof and at the time of purchase the
performance by the Company, in all material respects, of its obligations hereunder and to the
following additional conditions precedent:
(a) The Company shall furnish to you at the time of purchase an opinion of Xxxxxxxx &
Xxxxxxxx LLP, counsel for the Company, addressed to the Underwriters, and dated the time of
purchase, with executed copies for each Underwriter, and in form and substance reasonably
satisfactory to the Representatives, in the form set forth in
Exhibit B hereto.
(b) The Company shall furnish to you at the time of purchase an opinion of Xxxxxxx X.
Xxxxxx, Xx., Executive Vice President and General Counsel, addressed to the Underwriters,
and dated the time of purchase, with executed copies for each Underwriter, and in form and
substance reasonably satisfactory to the Representatives, in the form set forth in
Exhibit C hereto.
(c) You shall have received from KPMG LLP letters dated, respectively, the date of this
Agreement and the time of purchase, and addressed to the Underwriters (with executed copies
for each Underwriter) and representatives of them in the forms reasonably satisfactory to
the Representatives.
(d) You shall have received at the time of purchase the favorable opinion of Xxxxxxx
Xxxxxxx & Xxxxxxxx LLP, counsel for the Underwriters, dated the time of purchase, in form
and substance reasonably satisfactory to the Representatives.
(e) The Prospectus Supplement shall have been filed with the Commission pursuant to
Rule 424(b) under the Act at or before 5:30 P.M., New York City time, on the second full
business day after the date of this Agreement (or such earlier time as may be required under
the Act).
- 16 -
(f) Prior to and at the time of purchase, no stop order with respect to the
effectiveness of the Registration Statement shall have been issued under the Act or
proceedings initiated under Section 8(d) or 8(e) of the Act.
(g) The Company will at the time of purchase, deliver to you a certificate of its Chief
Executive Officer and its Chief Financial Officer, dated the time of purchase, in the form
attached as Exhibit D hereto.
(h) The Company shall have furnished to you such other documents and certificates as to
the accuracy and completeness of any statement in the Registration Statement, any
Pre-Pricing Prospectus, the Prospectus or any Permitted Free Writing Prospectus as of the
time of purchase, as you may reasonably request.
(i) FINRA shall not have raised any objection with respect to the fairness or
reasonableness of the underwriting, or other arrangements of the transactions, contemplated
hereby.
7. Effective Date of Agreement; Termination. This Agreement shall become effective
when the parties hereto have executed and delivered this Agreement.
The obligations of the several Underwriters hereunder shall be subject to termination in the
absolute discretion of the Representatives, if (1) since the time of execution of this Agreement or
the earlier respective dates as of which information is given in the Registration Statement, the
Pre-Pricing Prospectuses, the Prospectus and the Permitted Free Writing Prospectuses, if any, there
has been any change or any development involving a prospective change in the business, properties,
management, financial condition or results of operations of the Company and the subsidiaries taken
as a whole, the effect of which change or development is, in the sole judgment of the
Representatives, so material and adverse as to make it impractical or inadvisable to proceed with
the public offering or the delivery of the Securities on the terms and in the manner contemplated
in the Registration Statement, the Pre-Pricing Prospectuses, the Prospectus and the Permitted Free
Writing Prospectuses, if any, or (2) since the time of execution of this Agreement, there shall
have occurred: (A) a suspension or material limitation in trading in securities generally on the
NYSE; (B) a suspension or material limitation in trading in the Company’s securities on the NYSE;
(C) a general moratorium on commercial banking activities declared by either federal or New York
State authorities or a material disruption in commercial banking or securities settlement or
clearance services in the United States; (D) an outbreak or escalation of hostilities or acts of
terrorism involving the United States or a declaration by the United States of a national emergency
or war; or (E) any other calamity or crisis or any change in financial, political or economic
conditions in the United States or elsewhere, if the effect of any such event specified in clause
(D) or (E), in the sole judgment of the Representatives, makes it impractical or inadvisable to
proceed with the public offering or the delivery of the Securities on the terms and in the manner
contemplated in the Registration Statement, the Pre-Pricing Prospectuses, the Prospectus and the
Permitted Free Writing Prospectuses, if any, or (3) since the time of execution of this Agreement,
there shall have occurred any downgrading in the rating accorded any securities of or guaranteed by
the
- 17 -
Company or any subsidiary by any “nationally recognized statistical rating organization,” as that
term is used in Rule 15c3-1 under the Exchange Act.
If the Representatives elects to terminate this Agreement as provided in this Section 7, the
Company and each other Underwriter shall be notified promptly in writing.
If the sale to the Underwriters of the Securities, as contemplated by this Agreement, is not
carried out by the Underwriters for any reason permitted under this Agreement, or if such sale is
not carried out because the Company shall be unable to comply with any of the terms of this
Agreement, the Company shall not be under any obligation or liability under this Agreement (except
to the extent provided in Sections 4(l), 5 and 9 hereof), and the Underwriters shall be under no
obligation or liability to the Company under this Agreement (except to the extent provided in
Section 9 hereof) or to one another hereunder.
8. Increase in Underwriters’ Commitments. Subject to Sections 6 and 7 hereof, if any
Underwriter shall default in its obligation to take up and pay for the Securities to be purchased
by it hereunder (otherwise than for a failure of a condition set forth in Section 6 hereof or a
reason sufficient to justify the termination of this Agreement under the provisions of Section 7
hereof) and if the principal amount of Securities which all Underwriters so defaulting shall have
agreed but failed to take up and pay for does not exceed 10% of the total principal amount of the
Securities, the non-defaulting Underwriters (including the Underwriters, if any, substituted in the
manner set forth below) shall take up and pay for (in addition to the aggregate principal amount of
Securities they are obligated to purchase pursuant to Section 1 hereof) the principal amount of
Securities agreed to be purchased by all such defaulting Underwriters, as hereinafter provided.
Such Securities shall be taken up and paid for by such non-defaulting Underwriters in such amount
or amounts as you may designate with the consent of each Underwriter so designated or, in the event
no such designation is made, such Securities shall be taken up and paid for by all non-defaulting
Underwriters pro rata in proportion to the aggregate principal amount of Securities set forth
opposite the names of such non-defaulting Underwriters in Schedule A.
Without relieving any defaulting Underwriter from its obligations hereunder, the Company
agrees with the non-defaulting Underwriters that it will not sell any Securities hereunder unless
all of the Securities are purchased by the Underwriters (or by substituted Underwriters selected by
you with the approval of the Company or selected by the Company with your approval).
If a new Underwriter or Underwriters are substituted by the Underwriters or by the Company for
a defaulting Underwriter or Underwriters in accordance with the foregoing provision, the Company or
you shall have the right to postpone the time of purchase for a period not exceeding five business
days in order that any necessary changes in the Registration Statement and the Prospectus and other
documents may be effected.
The term “Underwriter” as used in this Agreement shall refer to and include any Underwriter
substituted under this Section 8 with like effect as if such substituted Underwriter had originally
been named in Schedule A hereto.
- 18 -
If the aggregate principal amount of Securities which the defaulting Underwriter or
Underwriters agreed to purchase exceeds 10% of the total principal amount of Securities which all
Underwriters agreed to purchase hereunder, and if neither the non-defaulting Underwriters nor the
Company shall make arrangements within the five business day period stated above for the purchase
of all the Securities which the defaulting Underwriter or Underwriters agreed to purchase
hereunder, this Agreement shall terminate without further act or deed and without any liability on
the part of the Company to any Underwriter and without any liability on the part of any
non-defaulting Underwriter to the Company. Nothing in this paragraph, and no action taken
hereunder, shall relieve any defaulting Underwriter from liability in respect of any default of
such Underwriter under this Agreement.
9. Indemnity and Contribution.
(a) The Company agrees to indemnify, defend and hold harmless each Underwriter, its
partners, directors, officers and members, any person who controls any Underwriter within
the meaning of Section 15 of the Act or Section 20 of the Exchange Act, and any “affiliate”
(within the meaning of Rule 405 under the Act) of such Underwriter, and the successors and
assigns of all of the foregoing persons, from and against any loss, damage, expense,
liability or claim (including the reasonable cost of investigation) which, jointly or
severally, any such Underwriter or any such person may incur under the Act, the Exchange
Act, the common law or otherwise, insofar as such loss, damage, expense, liability or claim
arises out of or is based upon (i) any untrue statement or alleged untrue statement of a
material fact contained in the Registration Statement (or in the Registration Statement as
amended by any post-effective amendment thereof by the Company) or arises out of or is based
upon any omission or alleged omission to state a material fact required to be stated therein
or necessary to make the statements therein not misleading, except insofar as any such loss,
damage, expense, liability or claim arises out of or is based upon any untrue statement or
alleged untrue statement of a material fact contained in, and in conformity with information
concerning such Underwriter furnished in writing by or on behalf of such Underwriter through
you to the Company expressly for use in, the Registration Statement, the Prospectus (as
defined below) and any Covered Free Writing Prospectus, or arises out of or is based upon
any omission or alleged omission to state a material fact in the Registration Statement, the
Prospectus (as defined below) and any Covered Free Writing Prospectus in connection with
such information, which material fact was not contained in such information and which
material fact was required to be stated in such Registration Statement or was necessary to
make such information not misleading or (ii) any untrue statement or alleged untrue
statement of a material fact included in any Prospectus (the term Prospectus for the purpose
of this Section 9 being deemed to include any Basic Prospectus, any Pre-Pricing Prospectus,
the Prospectus Supplement, the Prospectus and any amendments or supplements to the
foregoing), in any Covered Free Writing Prospectus, in any “issuer information” (as defined
in Rule 433 under the Act) of the Company or in any Prospectus together with any combination
of one or more of the Covered Free Writing Prospectuses, if any, or arises out of or is
based upon any omission or alleged omission to state a material fact necessary in order to
make the statements therein, in the light of the
- 19 -
circumstances under which they were made, not misleading, except, with respect to such
Prospectus or any Covered Free Writing Prospectus, insofar as any such loss, damage,
expense, liability or claim arises out of or is based upon any untrue statement or alleged
untrue statement of a material fact contained in, and in conformity with information
concerning such Underwriter furnished in writing by or on behalf of such Underwriter through
you to the Company expressly for use in, such Prospectus or Covered Free Writing Prospectus
or arises out of or is based upon any omission or alleged omission to state a material fact
in such Prospectus or Covered Free Writing Prospectus in connection with such information,
which material fact was not contained in such information and which material fact was
necessary in order to make the statements in such information, in the light of the
circumstances under which they were made, not misleading.
(b) Each Underwriter severally agrees to indemnify, defend and hold harmless the
Company, its directors and officers, and any person who controls the Company within the
meaning of Section 15 of the Act or Section 20 of the Exchange Act, and the successors and
assigns of all of the foregoing persons, from and against any loss, damage, expense,
liability or claim (including the reasonable cost of investigation) which, jointly or
severally, the Company or any such person may incur under the Act, the Exchange Act, the
common law or otherwise, insofar as such loss, damage, expense, liability or claim arises
out of or is based upon any untrue statement or alleged untrue statement of a material fact
contained in, and in conformity with information concerning such Underwriter furnished in
writing by or on behalf of such Underwriter through you to the Company expressly for use in,
the Registration Statement (or in the Registration Statement as amended by any
post-effective amendment thereof by the Company), the Prospectus or any Covered Free Writing
Prospectus, or arises out of or is based upon any omission or alleged omission to state a
material fact in such Registration Statement or Prospectus or Covered Free Writing
Prospectus in connection with such information, which material fact was not contained in
such information and which material fact was required to be stated in such Registration
Statement or was necessary to make such information not misleading.
(c) If any action, suit or proceeding (each, a “Proceeding”) is brought against
a person (an “indemnified party”) in respect of which indemnity may be sought
against the Company or an Underwriter (as applicable, the “indemnifying party”)
pursuant to subsection (a) or (b), respectively, of this Section 9, such indemnified party
shall promptly notify such indemnifying party in writing of the institution of such
Proceeding and such indemnifying party shall assume the defense of such Proceeding,
including the employment of counsel reasonably satisfactory to such indemnified party and
payment of all fees and expenses; provided, however, that the omission to so
notify such indemnifying party shall not relieve such indemnifying party from any liability
which such indemnifying party may otherwise have to any indemnified party except to the
extent that the indemnifying party is materially prejudiced by the omission to give such
notice. The indemnified party or parties shall have the right to employ its or their own
counsel in any such case, but the fees and expenses of such counsel shall be at the expense
of such indemnified party or parties unless the employment of such counsel shall have been
authorized in writing by the indemnifying party in connection with the defense
- 20 -
of such Proceeding or the indemnifying party shall not have, within a reasonable period
of time in light of the circumstances, employed counsel to defend such Proceeding or such
indemnified party or parties shall have reasonably concluded that there may be defenses
available to it or them which are different from, additional to or in conflict with those
available to such indemnifying party (in which case such indemnifying party shall not have
the right to direct the defense of such Proceeding on behalf of the indemnified party or
parties), in any of which events such fees and expenses shall be borne by such indemnifying
party and paid as incurred (it being understood, however, that such indemnifying party shall
not be liable for the expenses of more than one separate counsel (in addition to any local
counsel) in any one Proceeding or series of related Proceedings representing the indemnified
parties who are parties to such Proceeding). The indemnifying party shall not be liable for
any settlement of any Proceeding effected without its written consent but, if settled with
its written consent, such indemnifying party agrees to indemnify and hold harmless the
indemnified party or parties from and against any loss or liability by reason of such
settlement. Notwithstanding the foregoing sentence, if at any time an indemnified party
shall have requested an indemnifying party to reimburse the indemnified party for fees and
expenses of counsel as contemplated by the second sentence of this Section 9(c), then the
indemnifying party agrees that it shall be liable for any settlement of any Proceeding
effected without its written consent if (i) such settlement is entered into more than 60
business days after receipt by such indemnifying party of the aforesaid request, (ii) such
indemnifying party shall not have fully reimbursed the indemnified party in accordance with
such request prior to the date of such settlement and (iii) such indemnified party shall
have given the indemnifying party at least 30 days’ prior notice of its intention to settle.
No indemnifying party shall, without the prior written consent of the indemnified party,
effect any settlement of any pending or threatened Proceeding in respect of which any
indemnified party is or could have been a party and indemnity could have been sought
hereunder by such indemnified party, unless such settlement includes an unconditional
release of such indemnified party from all liability on claims that are the subject matter
of such Proceeding and does not include an admission of fault or culpability or a failure to
act by or on behalf of such indemnified party.
(d) If the indemnification provided for in this Section 9 is unavailable to an
indemnified party under subsections (a) and (b) of this Section 9 or insufficient to hold an
indemnified party harmless in respect of any losses, damages, expenses, liabilities or
claims referred to therein, then each applicable indemnifying party shall contribute to the
amount paid or payable by such indemnified party as a result of such losses, damages,
expenses, liabilities or claims (i) in such proportion as is appropriate to reflect the
relative benefits received by the Company on the one hand and the Underwriters on the other
hand from the offering of the Securities or (ii) if the allocation provided by clause (i)
above is not permitted by applicable law, in such proportion as is appropriate to reflect
not only the relative benefits referred to in clause (i) above but also the relative fault
of the Company on the one hand and of the Underwriters on the other in connection with the
statements or omissions which resulted in such losses, damages, expenses, liabilities or
claims, as well as any other relevant equitable considerations. The relative benefits
received by the Company on the one hand and the Underwriters on the other shall be
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deemed to be in the same respective proportions as the total net proceeds from the
offering received by the Company, and the total underwriting discounts and commissions
received by the Underwriters, bear to the aggregate public offering price of the Securities.
The relative fault of the Company on the one hand and of the Underwriters on the other
shall be determined by reference to, among other things, whether the untrue statement or
alleged untrue statement of a material fact or omission or alleged omission relates to
information supplied by the Company or by the Underwriters and the parties’ relative intent,
knowledge, access to information and opportunity to correct or prevent such statement or
omission. The amount paid or payable by a party as a result of the losses, damages,
expenses, liabilities and claims referred to in this subsection shall be deemed to include
any legal or other fees or expenses reasonably incurred by such party in connection with
investigating, preparing to defend or defending any Proceeding.
(e) The Company and the Underwriters agree that it would not be just and equitable if
contribution pursuant to this Section 9 were determined by pro rata allocation (even if the
Underwriters were treated as one entity for such purpose) or by any other method of
allocation that does not take account of the equitable considerations referred to in
subsection (d) above. Notwithstanding the provisions of this Section 9, no Underwriter
shall be required to contribute any amount in excess of the amount by which the total price
at which the Securities underwritten by such Underwriter and distributed to the public were
offered to the public exceeds the amount of any damage which such Underwriter has otherwise
been required to pay by reason of such untrue statement or alleged untrue statement or
omission or alleged omission. 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 Underwriters’ obligations to
contribute pursuant to this Section 9 are several in proportion to their respective
underwriting commitments and not joint.
(f) The indemnity and contribution agreements contained in this Section 9 and the
covenants, warranties and representations of the Company contained in this Agreement shall
remain in full force and effect regardless of any investigation made by or on behalf of any
Underwriter, its partners, directors, officers or members or any person (including each
partner, officer, director or member of such person) who controls any Underwriter within the
meaning of Section 15 of the Act or Section 20 of the Exchange Act, or by or on behalf of
the Company, its directors or officers or any person who controls the Company within the
meaning of Section 15 of the Act or Section 20 of the Exchange Act, and shall survive any
termination of this Agreement or the issuance and delivery of the Securities.
10. Information Furnished by the Underwriters. The statements set forth in the last
paragraph on the cover page of the Prospectus and in the third paragraph, second sentence of the
fifth paragraph, sixth and seventh paragraphs, third and fourth sentences of the eighth paragraph,
and ninth and eleventh paragraphs, all under the caption “Underwriting; Conflicts of Interest” in
the Pre-Pricing Prospectus and Prospectus, constitute the only information furnished by or on
behalf of the Underwriters, as such information is referred to in Sections 3 and 9 hereof.
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11. Notices. Except as otherwise herein provided, all statements, requests, notices
and agreements shall be in writing or by telegram or facsimile and, if to the Underwriters, shall
be sufficient in all respects if delivered or sent to Xxxxxxx, Xxxxx & Co., 000 Xxxx Xxxxxx, Xxx
Xxxx, Xxx Xxxx 00000, Attention: Registration Department; and if to the Company, shall be
sufficient in all respects if delivered or sent to the Company at the offices of the Company. Attn:
Corporate Secretary, at 000 Xxxxxxx Xxxxxx, 0xx Xxxxx, Xxxxxxx, XX 00000.
12. Governing Law; Construction. This Agreement and any claim, counterclaim or
dispute of any kind or nature whatsoever arising out of or in any way relating to this Agreement
(“Claim”), directly or indirectly, shall be governed by, and construed in accordance with,
the laws of the State of New York. The section headings in this Agreement have been inserted as a
matter of convenience of reference and are not a part of this Agreement.
13. Submission to Jurisdiction. Except as set forth below, no Claim may be commenced,
prosecuted or continued in any court other than the courts of the State of New York located in the
City and County of New York or in the United States District Court for the Southern District of New
York, which courts shall have jurisdiction over the adjudication of such matters, and the Company
consents to the jurisdiction of such courts and personal service with respect thereto. The Company
hereby consents to personal jurisdiction, service and venue in any court in which any Claim arising
out of or in any way relating to this Agreement is brought by any third party against any
Underwriter or any indemnified party. Each Underwriter and the Company (on its behalf and, to the
extent permitted by applicable law, on behalf of its shareholders and affiliates) waive all right
to trial by jury in any action, proceeding or counterclaim (whether based upon contract, tort or
otherwise) in any way arising out of or relating to this Agreement. The Company agrees that a
final judgment in any such action, proceeding or counterclaim brought in any such court shall be
conclusive and binding upon the Company and may be enforced in any other courts to the jurisdiction
of which the Company is or may be subject, by suit upon such judgment.
14. Parties at Interest. The Agreement herein set forth has been and is made solely
for the benefit of the Underwriters and the Company and to the extent provided in Section 9 hereof
the controlling persons, partners, directors, officers, members and affiliates referred to in such
Section, and their respective successors, assigns, heirs, personal representatives and executors
and administrators. No other person, partnership, association or corporation (including a
purchaser, as such purchaser, from any of the Underwriters) shall acquire or have any right under
or by virtue of this Agreement.
15. No Fiduciary Relationship. The Company acknowledges and agrees that (i) the
purchase and sale of the Securities pursuant to this Agreement is an arm’s-length commercial
transaction between the Company, on the one hand, and the several Underwriters, on the other, (ii)
in connection with the sale of the Securities, each Underwriter is acting solely as a principal and
not the agent or fiduciary of the Company, (iii) no Underwriter has assumed an advisory or
fiduciary responsibility in favor of the Company with respect to the sale of the Securities
(irrespective of whether such Underwriter has advised or is currently advising the Company on other
matters) and (iv) the Company has consulted its own legal and financial advisors to the extent it
deemed appropriate. The Company agrees that it will not claim that the Underwriters,
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or any of them, has rendered advisory services of any nature or respect, or owes a fiduciary
or similar duty to the Company, in connection with the sale of the Securities.
16. Counterparts. This Agreement may be signed by the parties in one or more
counterparts which together shall constitute one and the same agreement among the parties.
17. Successors and Assigns. This Agreement shall be binding upon the Underwriters and
the Company and their successors and assigns and any successor or assign of all or substantially
all of the Company’s and any of the Underwriters’ respective businesses and/or assets.
[The Remainder of This Page Intentionally Left Blank; Signature Page Follows]
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If the foregoing correctly sets forth the understanding between the Company and the several
Underwriters, please so indicate in the space provided below for that purpose, whereupon this
Agreement and your acceptance shall constitute a binding agreement between the Company and the
Underwriters, severally.
| Very truly yours, First Horizon National Corporation |
||||
| By: | /s/ Xxxxxxx X. Xxxxx III | |||
| Name: | Xxxxxxx X. Xxxxx III | |||
| Title: | Executive Vice President and Chief Financial Officer | |||
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Accepted and agreed to as of the date first
above written, on behalf of themselves and
the other several Underwriters named in
Schedule A
above written, on behalf of themselves and
the other several Underwriters named in
Schedule A
| XXXXXXX, SACHS & CO. |
||||
| By: | /s/ Xxxxxxx, Xxxxx & Co. | |||
| (Xxxxxxx, Sachs & Co.) | ||||
| X.X. XXXXXX SECURITIES LLC |
||||
| By: | /s/ Xxxxxxx Xxxxxxx | |||
| Name: | Xxxxxxx Xxxxxxx | |||
| Title: | Executive Director | |||
| XXXXXX XXXXXXX & CO. INCORPORATED |
||||
| By: | /s/ Xxxx Xxxx | |||
| Name: | Xxxx Xxxx | |||
| Title: | Executive Director | |||
