EXHIBIT 99.5
May , 1998
EXCHANGE AGENT AGREEMENT
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The Chase Manhattan Bank
000 Xxxx 00xx Xxxxxx, 00xx Xxxxx
Xxx Xxxx, Xxx Xxxx 00000
Ladies and Gentlemen:
Dominion Resources Capital Trust I, a Delaware statutory corporation business
trust (the "Issuer") proposes to make an offer (the "Exchange Offer") to
exchange up to $250,000,000 aggregate liquidation amount of its 7.83% Capital
Securities (liquidation amount $1,000 per Capital Security) (the "New Capital
Securities"), which have been registered under the Securities Act of 1933, as
amended (the Securities Act"), for a like liquidation amount of its outstanding
7.83% Capital Securities (liquidation amount $1,000 per Capital Security) (the
"Old Capital Securities"), of which $250,000,000 aggregate liquidation amount is
outstanding. The terms and conditions of the Exchange Offer as currently
contemplated are set forth in a prospectus, dated May , 1998 (the "Prospectus")
proposed to be distributed to all record holders of the Old Capital Securities.
Capitalized terms used herein and not otherwise defined shall have the meanings
assigned to them in the Prospectus.
The Issuer hereby appoints The Chase Manhattan Bank to act as exchange
agent (the "Exchange Agent") in connection with the Exchange Offer. References
hereinafter to "you" shall refer to The Chase Manhattan Bank.
The Exchange Offer is expected to be commenced by the Issuer on or about
May , 1998. The Letter of Transmittal accompanying the Prospectus is to be
used by the holders of the Old Capital Securities to accept the Exchange Offer,
and contains certain instructions with respect to the Exchange Offer.
The Exchange Offer shall expire at 5:00 p.m., New York City time, on ,
1998 or on such later date or time to which the Issuer or Dominion Resources,
Inc. (the "Company") may extend the Exchange Offer (the "Expiration Date").
Subject to the terms and conditions set forth in the Prospectus, the Issuer and
the Company expressly reserve the right to extend the Exchange Offer by giving
oral (promptly confirmed in writing) or written notice to you no later than 9:00
a.m., New York City time, on the next business day after the previously
scheduled Expiration Date.
The Issuer and the Company expressly reserve the right to amend or
terminate the Exchange Offer, and not to accept for exchange any Old Capital
Securities not theretofore accepted for exchange, upon the occurrence of any of
the conditions of the Exchange Offer specified in the Prospectus under the
caption "Conditions of the Exchange Offer". The Issuer or
the Company will give oral (promptly confirmed in writing) or written notice of
any amendment, termination or nonacceptance to you as promptly as practicable.
In carrying our your duties as Exchange Agent, you are to act in accordance
with the following instructions:
1. You will perform such duties and only such duties as are specifically set
forth in the section of the Prospectus captioned "The Exchange Offer" and as
specifically set forth herein and such duties that are necessarily incidental
thereto; provided, however, that in no way will your general duty to act in
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good faith be discharged by the foregoing.
2. You will establish an account with respect to the Old Capital Securities at
The Depository Trust Company (the "Book-Entry Transfer Facility") for purposes
of the Exchange Offer within two business days after the date of the Prospectus
or, if you already have established an account with the Book-Entry Transfer
Facility suitable for the Exchange Offer, you will identify such pre-existing
account to be used in the Exchange Offer, and any financial institution that is
a participant in the Book-Entry Transfer Facility's systems may make book entry
delivery of the Old Capital Securities by causing the Book- Entry Transfer
Facility to transfer such Old Capital Securities into your account in accordance
with the Book-Entry Transfer Facility's procedure for such transfer.
3. You are to examine each of the Letters of Transmittal, certificates for Old
Capital Securities and confirmations of book- entry transfers into your account
at the Book-Entry Transfer Facility and any Agent's Message or other documents
delivered or mailed to you by or for the holders of the Old Capital Securities
to ascertain whether: (i) the Letters of Transmittal and any such other
documents are duly executed and properly completed in accordance with
instructions set forth therein and (ii) the Old Capital Securities have
otherwise been properly tendered. In each case where the Letter of Transmittal
or any other document has been improperly completed or executed or any of the
certificates for Old Capital Securities are not in proper form for transfer or
some other irregularity in connection with acceptance of the Exchange Offer
exists, you will endeavor to inform the presenters of the need for fulfillment
of all requirements and to take any other action as may be necessary or
advisable to cause such irregularity to be corrected.
4. With the approval of the Issuer or the Chairman of the Board, the Chief
Executive Officer, the Chief Financial Officer or the Secretary of the Company
(such approval, if given orally, to be confirmed in writing) or any other party
designated by the Issuer or such officer of the Company in writing, you are
authorized to waive any irregularities in connection with the tender or Old
Capital Securities pursuant to the Exchange Offer.
5. Tenders of Old Capital Securities may be made only as set forth in the
section of the Prospectus captioned " Procedures for Tendering Old Capital
Securities" or in the Letter of Transmittal and Old Capital Securities shall be
considered properly tendered to you only when tendered in accordance with the
procedures set forth therein.
Notwithstanding the provisions of this paragraph 5, Old Capital Securities
which the Issuer or any other party designated by the Issuer in writing shall
approve as having been properly tendered shall be considered to be properly
tendered (such approval, if given orally, shall be confirmed in writing).
6. You shall advise the Issuer with respect to any Old Capital Securities
delivered subsequent to the Expiration Date and accept its instructions with
respect to disposition of such Old Capital Securities.
7. You shall accept tenders:
(a) in cases where the Old Capital Securities are registered in two or more
names only if signed by all named holders;
(b) in cases where the signing person (as indicated on the Letter of
Transmittal) is acting in a fiduciary or a representative capacity only when
proper evidence of his or her authority to so act is submitted; and
(c) from persons other than the registered holder of Old Capital Securities
provided that customary transfer requirements, including any applicable transfer
taxes, are fulfilled.
You shall accept partial tenders of Old Capital Securities where so
indicated and as permitted in the Letter of Transmittal and deliver certificates
for Old Capital Securities to the transfer agent for split-up and return any
untendered Old Capital Securities to the holder (or to such other person as may
be designated in the Letter of Transmittal ) as promptly as practicable after
expiration or termination of the Exchange Offer.
8. Upon satisfaction or waiver of all of the conditions to the Exchange Offer,
the Issuer will notify you ( such notice if given orally, to be promptly
confirmed in writing) of the Issuer's acceptance, promptly after the Expiration
Date, of all Old Capital Securities properly tendered to you, on behalf of the
Issuer, will exchange such Old Capital Securities for New Capital Securities and
cause such Old Capital Securities to be canceled. Delivery of New Capital
Securities will be made on behalf of the Issuer by you at the rate of $1,000
liquidation amount of New Capital Securities for each $1,000 liquidation amount
of Old Capital Securities tendered promptly after notice (such notice if given
orally, to be promptly confirmed in writing) of acceptance of said Old Capital
Securities by the Issuer; provided however, that in all cases, Old Capital
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Securities tendered pursuant to the Exchange Offer will be exchanged only after
timely receipt by you of certificates for such Old Capital Securities (or
confirmation of book-entry transfer into your account at the Book-Entry Transfer
Facility), a properly completed and duly executed Letter of Transmittal (or
facsimile thereof) with any required signature guarantees (or in lieu thereof an
Agent's Message) and any other required document. You shall issue New Capital
Securities only in denominations of $100,000 liquidation amount and integrals of
$1,000 liquidation amount thereof.
9. Tenders pursuant to the Exchange Offer are irrevocable, except that,
subject to the terms and upon the conditions set forth in the Prospectus and the
Letter of Transmittal, Old Capital Securities tendered pursuant to the Exchange
Offer may be withdrawn at any time on or prior to the Expiration Date.
10. The Company and the Issuer shall not be required to exchange any Old
Capital Securities tendered if any of the conditions set forth in the Exchange
Offer are not met. Notice of any decision by the Company and the Issuer not to
exchange any Old Capital Securities tendered shall
be given (such notice, if given orally, shall be promptly confirmed in writing)
by the Company or the Issuer to you.
11. If, pursuant to the Exchange Offer, the Issuer does not accept for exchange
all or part of the Old Capital Securities tendered because of invalid tender,
the occurrence of certain other events set forth in the Prospectus under the
caption "The Exchange Offer-- Conditions of the Exchange Offer" or otherwise,
you shall as soon as practicable after the expiration or termination of the
Exchange Offer return those certificates for unaccepted Old Capital Securities
(or effect the appropriate book-entry transfer of the unaccepted Old Capital
Securities), and return any related required documents and the Letters of
Transmittal relating thereto that are in your possession, to the persons who
deposited them.
12. All certificates for reissued Old Capital Securities or for unaccepted Old
Capital Securities shall be forwarded by (a) first-class mail, return receipt
requested, under a blanket surety bond protecting you, the Issuer and the
Company from loss or liability arising out of the non-receipt or non-delivery
or such certificates or (b) by registered mail insured separately for the
replacement value of such certificates.
13. You are not authorized to pay or offer to pay any concession, commissions
or solicitation fees to any broker, dealer, bank or other persons or to engage
or utilize any person to solicit tenders.
14. As Exchange Agent hereunder you:
(a) will be regarded as making no representations and having no
responsibilities as to the validity, sufficiency, value or genuineness of Old
Capital Securities, and will not be required to and will make no representation
as to the validity, value or genuineness of the Exchange Offer; provided
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however, that in no way will your general duty to act in good faith be
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discharged by the foregoing;
(b) shall not be obligated to take any legal action hereunder which might
in your reasonable judgment involve any expense or liability, unless you shall
have been furnished with reasonable indemnity;
(c) shall not be liable to the Company or the Issuer for any action taken
or omitted by you, or any action suffered by you to be taken or omitted, without
negligence, misconduct or bad faith on your part, by reason of or as a result of
the administration of your duties hereunder in accordance with the terms and
conditions of this Agreement or by reason of your compliance with the
instructions set forth herein or with any written or oral instructions delivered
to you pursuant hereto, and may reasonably rely on and shall be protected in
acting in good faith in reliance upon any certificate, instrument, opinion,
notice, letter, facsimile or other document or security delivered to you and
reasonably believed by you to be genuine and to have been signed by the proper
party or parties;
(d) may reasonably act upon any tender, statement, request, comment,
agreement or other instrument whatsoever not only as to its due execution and
validity and the effectiveness of its provisions, but also as to the truth and
accuracy of any information contained therein, which you shall in good faith
reasonably believe to be genuine or to have been signed or represented by a
proper person or persons;
(e) may rely on and shall be protected in acting upon written or oral
instructions from the Issuer or any officer of the Company with respect to the
Exchange Offer;
(f) shall not advise any person tendering Old Capital Securities pursuant
to the Exchange Offer as to the wisdom of making such tender or as to the market
value or decline or appreciation in market value of any Old Capital Securities;
and
(g) may consult with your counsel with respect to any questions relating to
your duties and responsibilities and the written opinion of such counsel shall
be full and complete authorization and protection in respect of any action
taken, suffered or omitted by you hereunder in good faith and in accordance with
such written opinion of such counsel.
15. You shall take such action as may from time to time be requested by the
Company, the Issuer or their counsel (and such other action as you may
reasonably deem appropriate) to furnish copies of the Prospectus, Letter of
Transmittal and the Notice of Guaranteed Delivery, or such other forms as may be
approved from time to time by the Company or the Issuer, to all persons
requesting such documents and to accept and comply with telephone requests for
information relating to the Exchange Offer, provided that such information shall
relate only to the procedures for accepting (or withdrawing from) the Exchange
Offer. The Company or the Issuer will furnish you with copies of such documents
at your request. All other requests for information relating to the Exchange
Offer shall be directed to the (name) at the Company at (address).
16. You shall advise by facsimile transmission or telephone and promptly
thereafter confirm in writing to the Issuer and the Company, and such other
person or persons as they may request, daily, and more frequently, if reasonably
requested, up to and including the Expiration Date, as to the principal amount
of the Old Capital Securities which have been tendered pursuant to the Exchange
Offer and the items received by you pursuant to this Agreement, separately
reporting and , given cumulative totals to the items properly received and items
improperly received and items covered by Notices of Guaranteed Delivery. In
addition, you will also inform, and cooperate in making available to, the
Company or the Issuer or any such other person or persons as the Company or the
Issuer request from time to time prior to the Expiration Date of such other
information as they, or he reasonably requests. Such cooperation shall include,
without limitation, the granting by you to the Company, the Issuer and such
person as the Company or the Issuer may request of access to those persons on
your staff who are responsible for receiving tenders, in order to ensure that
immediately prior to the Expiration Date, the Company and the Issuer shall have
received information in sufficient detail to enable them to decide whether to
extend the Exchange Offer. You shall prepare a list of persons who failed to
tender or whose tenders were not accepted and the aggregate principal amount of
Old Capital Securities not accepted and deliver said list to the Company and the
Issuer at least seven days prior to the Expiration Date. You shall also
prepare a final list of all persons whose tenders were accepted, the aggregate
principal amount of Old Capital Securities accepted and deliver said list to the
Company.
17. Letters of Transmittal and Notices of Guaranteed Delivery shall be stamped
by you as to the date and the time of receipt thereof and shall be preserved by
you for a period of time at least equal to the period of time you preserve other
records pertaining to the transfer of securities. You shall dispose of unused
Letters of Transmittal and other surplus materials by returning them to the
Company.
18. For services rendered as Exchange Agent hereunder you shall be entitled to
a fee of $5,000 and you shall be entitled to reimbursement of your expenses
(including fees and expenses of your counsel) incurred in connection with the
Exchange Offer. The obligations under this Section 18 shall constitute joint
and several obligations of the Issuer and the Company.
19. You hereby acknowledge receipt of the Prospectus and the Letter of
Transmittal and further acknowledge that you have examined each of them to the
extent necessary to perform your obligations hereunder. Any inconsistency
between this Agreement, on the one hand, and the Prospectus and the Letter of
Transmittal (as they may be amended from time to time ), on the other hand,
shall be resolved in favor of the latter two documents, except with respect to
the duties, liabilities and indemnification of you as Exchange Agent, which
shall be controlled by this Agreement.
20. The Company and the Issuer jointly and severally agree to indemnify and
hold you harmless in your capacity as Exchange Agent hereunder against any
liability, cost, or expense, including reasonable attorney's fees, arising out
of or in connection with the acceptance, administration of your duties
hereunder, including, without limitation, in connection with any act, omission,
delay or refusal made by you in reasonable reliance upon any signature,
endorsement, assignment, certificate, order, request, notice, instruction, or
other instrument or document reasonably believed by you to be valid, genuine and
sufficient and in accepting any tender or effecting any transfer of Old Capital
Securities reasonably believed by you in good faith to be authorized, and in
delaying or refusing in good faith to accept any tenders or effect any transfer
of Old Capital Securities; provided, however that the Company and the Issuer
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shall not be liable for indemnification or otherwise for any loss, liability,
cost or expense to the extent arising out of your negligence, willful breach of
this Agreement, willful misconduct or bad faith. In no case shall the Company
and the Issuer be liable under this indemnity with respect to any claim against
you unless the Company and the Issuer shall be notified by you, by letter or
cable or by facsimile confirmed by letter of the written assertion of a claim
against you or any other action commenced against you, promptly after you shall
have received any such written assertion or commencement of such action. The
Company and the Issuer shall be entitled to participate at their own expense in
the defense of any such claim or other action, and if the Company and the Issuer
so elect, shall assume the defense of any suit brought to enforce any such
claim. In the event that the Company and the Issuer shall assume the defense of
any such suit, the Company and the Issuer shall not be liable for the fees and
expenses of any additional counsel thereafter retained by you so long as the
Company and the Issuer shall retain counsel reasonably satisfactory to you to
defend such suit. You shall not compromise or settle any such action or claim
without the consent of the Company and the Issuer.
21. This Agreement and your appointment as Exchange Agent hereunder shall be
construed and enforced in accordance with the laws of the State of New York
applicable to agreements made and to be performed entirely within such state,
and without regard to conflicts of law principles, and shall inure to the
benefit of, and the obligations created hereby shall be binding upon, the
successors and assigns of each of the parties hereto.
22. This Agreement may be executed in two or more counterparts, each of which
shall be deemed to be an original and all of which taken together constitute one
and the same agreement.
23. In case any provision of this Agreement shall be invalid, illegal or
unenforceable, the validity, legality and enforceability of the remaining
provisions shall not in any way be affected or impaired thereby.
24. This Agreement shall not be deemed or construed to be modified, amended,
rescinded, canceled, or waived, in whole or in part except by a written
instrument signed by a duly authorized representative of the party to be
charged. This Agreement may not be modified orally.
25. Unless otherwise provided herein, all notices, requests and other
communications to any party hereunder shall be in writing (including facsimile)
and shall be given to such party, addressed to it, at its address or telecopy
number set forth below:
If to the Company or the Issuer:
Dominion Resources, Inc.
000 Xxxx Xxxx Xxxxxx Xxxxx 0000
Xxxxxxxx, XX 00000-0000
Facsimile: (000) 000-0000
Attention: Treasurer
If to the Exchange Agent:
The Chase Manhattan Bank
000 Xxxx 00xx Xxxxxx
00xx Xxxxx
Xxx Xxxx, Xxx Xxxx 00000
Facsimile: (000) 000-0000
Attention: Xxxxxxxx X. Xxxxx
26. Unless terminated earlier by the parties hereto, this Agreement shall
terminate 90 days following the Expiration Date. Notwithstanding the foregoing,
Paragraphs 18 and 20 shall survive the termination of this Agreement. Except as
provided in Section 17, upon any termination of this Agreement, you shall
promptly deliver to the Company any funds or property (including without
limitation, Letters of Transmittal and any other documents relating to the
Exchange Offer) then held by you as Exchange Agent under this Agreement.
27. This Agreement shall be binding and effective as of the date hereof.
Please acknowledge receipt of this Agreement and confirm the arrangements herein
provided by signing and returning the enclosed copy.
Dominion Resources Inc.
________________________
Name
Title
Dominion Resources Capital Trust I
_____________________________
Name
Title
Accepted as of the date
first above written:
The Chase Manhattan Bank,
as Exchange Agent
By:____________________
Name:
Title:
