FORM OF UNDERWRITING AGREEMENT] 5,000,000 Shares NII HOLDINGS, INC. COMMON STOCK ($0.001 PAR VALUE) UNDERWRITING AGREEMENT
Exhibit 1.1
[FORM OF UNDERWRITING AGREEMENT]
5,000,000 Shares
NII HOLDINGS, INC.
COMMON STOCK ($0.001 PAR VALUE)
September 7, 2005
September 7, 2005
Bear, Xxxxxxx & Co. Inc.
000 Xxxxxxx Xxxxxx
Xxx Xxxx, XX 00000
000 Xxxxxxx Xxxxxx
Xxx Xxxx, XX 00000
Dear Sirs and Mesdames:
Nextel Communications, Inc., a Delaware corporation (the “Selling Shareholder”), proposes to
sell or cause a subsidiary to sell to Bear, Xxxxxxx & Co. Inc. (the “Underwriter”) 5,000,000 shares
beneficially owned by the Selling Shareholder (the “Firm Shares”) of the common stock, par value
$0.001 per share (the “Common Stock”), of NII Holdings, Inc. (the “Company”). The Selling
Shareholder also proposes to sell or cause a subsidiary to sell to the Underwriter, at the option
of the Underwriter, an additional 750,000 shares of Common Stock (the “Option Shares” and together
with the Firm Shares, the “Shares”).
The Company has filed with the Securities and Exchange Commission (the “Commission”) a
registration statement, as amended, including a prospectus, relating to the Shares. The
registration statement, including the documents incorporated by reference therein pursuant to Item
12 of Form S-3 under the Securities Act of 1933, as amended (the “Securities Act”) and the
information (if any) deemed to be part of the registration statement at the time of effectiveness
pursuant to Rule 430A under the Securities Act, is hereinafter referred to as the “Registration
Statement”; the prospectus, together with a prospectus supplement to be filed pursuant to Rule
424(b) under the Securities Act, in the form first used to confirm sales of Shares, including the
documents incorporated by reference therein pursuant to Item 12 of Form S-3 under the Securities
Act, is hereinafter referred to as the “Prospectus.” If the Company has filed an abbreviated
registration statement to register additional shares of Common Stock pursuant to Rule 462(b) under
the Securities Act (the “Rule 462 Registration Statement”), then any reference herein to the term
“Registration Statement” shall be deemed to include such Rule 462 Registration Statement.
1. Representations and Warranties of the Company. The Company represents and warrants to and
agrees with the Underwriter that:
(a) The Registration Statement has become effective; no stop order suspending the
effectiveness of the Registration Statement is in effect, and no proceedings for such
purpose are pending before or, to the Company’s knowledge, threatened by the Commission.
(b) (i) Each document, if any, filed or to be filed pursuant to the Securities
Exchange Act of 1934, as amended (the “Exchange Act”), and incorporated by reference in the
Prospectus complied or will comply when so filed in all material respects with the Exchange
Act and the applicable rules and regulations of the Commission thereunder,
(ii) the Registration Statement, when it became effective, did not contain and, as
amended
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or supplemented, if applicable, will not contain any 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, (iii) the Registration Statement and the Prospectus
comply and, as amended or supplemented, if applicable, will comply in all material respects
with the Securities Act and the applicable rules and regulations of the Commission
thereunder, and (iv) the Prospectus does not contain and, as amended or supplemented, if
applicable, will not contain any untrue statement of a material fact or omit to state a
material fact necessary to make the statements therein, in the light of the circumstances
under which they were made, not misleading, except that the representations and warranties
set forth in this paragraph do not apply to statements or omissions in the Registration
Statement or the Prospectus, as amended or supplemented, if applicable, based upon
information relating to the Underwriter furnished to the Company in writing by or on behalf
of the Underwriter expressly for use therein.
(c) The Company has been duly incorporated, is validly existing as a corporation in
good standing under the laws of the jurisdiction of its incorporation, has the corporate
power and authority to own its property and to conduct its business as described in the
Prospectus and is duly qualified to transact business and is in good standing in each
jurisdiction in which the conduct of its business or its ownership or leasing of property
requires such qualification, except to the extent that the failure to be so qualified or be
in good standing would not have a material adverse effect on the Company and its
subsidiaries listed on Schedule I (each, a “Subsidiary” and collectively, the
“Subsidiaries”), taken as a whole (a “Material Adverse Effect”).
(d) Each of the Subsidiaries has been duly organized, is validly existing as a
corporation or limited liability company, as the case may be, in good standing under the
laws of the jurisdiction of its incorporation or organization (to the extent that such
jurisdiction recognizes the legal concept of good standing), has the power and authority to
own its property and to conduct its business as described in the Prospectus and is duly
qualified to transact business and is in good standing in each jurisdiction (to the extent
that such jurisdiction recognizes the legal concept of good standing) in which the conduct
of its business or its ownership or leasing of property requires such qualification, except
to the extent that the failure to be so qualified or be in good standing would not have a
Material Adverse Effect. All of the issued shares of capital stock, membership interests or
equity interests, as the case may be, of each Subsidiary have been duly and validly
authorized and issued, are fully paid and non-assessable (to the extent that such
jurisdiction recognizes the legal concept of non-assessability) and are owned directly or
indirectly by the Company and, except as described in the Prospectus, are free and clear of
all liens, encumbrances, equities or claims. The Subsidiaries listed on Schedule I are all
of the subsidiaries of the Company other than inactive subsidiaries.
(e) This Agreement has been duly authorized, executed and delivered by the Company.
(f) The authorized capital stock of the Company conforms as to legal matters to the
description thereof contained in the Prospectus.
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(g) The outstanding shares of Common Stock (including the Shares) have been duly
authorized and are validly issued, fully paid and non-assessable.
(h) The consolidated financial statements, together with the related schedules and
notes, incorporated by reference in the Prospectus present fairly the financial position of
the Company and its consolidated subsidiaries at the dates indicated and the consolidated
statements of operations, changes in stockholders’ equity and cash flows of the Company and
its consolidated subsidiaries for the periods specified (subject, in the case of unaudited
financial statements, to normal year-end adjustments); said financial statements have been
prepared in conformity with United States generally accepted accounting principles (“GAAP”)
applied on a consistent basis throughout the periods involved.
(i) The execution and delivery by the Company of, and the performance by the Company of
its obligations under, this Agreement will not contravene (i) any provision of applicable
law, (ii) the certificate of incorporation or by-laws of the Company or (iii) any agreement
or other instrument binding upon the Company or any of the Subsidiaries, or any judgment,
order or decree of any governmental body, agency or court having jurisdiction over the
Company or any Subsidiary, except, with respect to clauses (i) and (iii), to the extent that
any contravention would not have a Material Adverse Effect. No consent, approval,
authorization or order of, or qualification with, any governmental body or agency is
required for the performance by the Company of its obligations under this Agreement, except
such as have been obtained and as to which the failure to so obtain would not have a
material adverse effect on the ability of the Company to perform its obligations under this
Agreement.
(j) There has not occurred any material adverse change, or any development involving a
prospective material adverse change, in the condition, financial or otherwise, or in the
earnings, business or operations of the Company and its Subsidiaries, taken as a whole, from
that set forth in the Prospectus (exclusive of any amendments or supplements thereto
subsequent to the date of this Agreement).
(k) There are no legal or governmental proceedings pending or, to the Company’s
knowledge, threatened to which the Company or any of its Subsidiaries is a party or to which
any of the properties of the Company or any of its Subsidiaries is subject that are required
to be described in the Registration Statement or the Prospectus and are not so described or
any statutes, regulations, contracts or other documents that are required to be described in
the Registration Statement or the Prospectus or to be filed as exhibits to the Registration
Statement that are not described or filed as required.
(l) Each prospectus supplement filed as part of the Registration Statement as
originally filed or as part of any amendment thereto, or filed pursuant to Rule 424 under
the Securities Act, complied when so filed in all material respects with the Securities Act
and the applicable rules and regulations of the Commission thereunder.
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(m) The Company is not, and after giving effect to the offering and sale of the Shares
will not be, required to register as an “investment company” as such term is defined in the
Investment Company Act of 1940, as amended.
(n) Neither the Company nor any of its Subsidiaries is in violation of its certificate
of incorporation or by-laws (or comparable organizational documents) and neither the Company
nor any of its Subsidiaries is in default in the performance or observance of any
obligation, agreement, covenant or condition contained in any contract, indenture, mortgage,
deed of trust, loan or credit agreement, note, lease or other agreement or instrument to
which the Company or any of its Subsidiaries is a party or by which it or any of them may be
bound, or to which any of the property or assets of the Company or any Subsidiary is
subject, except for such violations or defaults that are described in the Prospectus or
would not result in a Material Adverse Effect.
(o) Subsequent to the date as of which information is given in the Prospectus, (i)
neither the Company nor any of the Subsidiaries has incurred any material liability or
obligation, direct or contingent, nor entered into any material transaction, in each case,
not in the ordinary course of business or not described in or contemplated by the
Prospectus; (ii) the Company has not purchased any of its outstanding capital stock, nor
declared, paid or otherwise made any dividend or distribution of any kind on its capital
stock (other than repurchases of unvested shares of the Company’s capital stock pursuant to
its equity incentive plans); and (iii) there has not been any material change in the capital
stock, short-term debt or long-term debt of the Company, except in each case as described in
or contemplated by the Prospectus.
(p) The Company and its Subsidiaries own or have the right to use, or can acquire or
obtain the right to use on reasonable terms, adequate patents, patent rights, licenses,
inventions, copyrights, know-how (including trade secrets and other unpatented and/or
unpatentable proprietary or confidential information, systems or procedures), trademarks,
service marks, trade names or other intellectual property (collectively, “Intellectual
Property”) necessary to carry on the business now operated by them, except where the failure
to own or have the right to use such Intellectual Property would not, singly or in the
aggregate, have a Material Adverse Effect or except as described in the Prospectus. Neither
the Company nor any of its Subsidiaries has received any notice or is otherwise aware of any
infringement of or conflict with asserted rights of others with respect to any Intellectual
Property or of any facts or circumstances which would render any Intellectual Property
invalid or inadequate to protect the interest of the Company or any of its Subsidiaries
therein, and which infringement or conflict (if the subject of any unfavorable decision,
ruling or finding) or invalidity or inadequacy, singly or in the aggregate, would result in
a Material Adverse Effect.
(q) Except as described in the Prospectus, each of the Company and the Subsidiaries (i)
has all necessary licenses, consents, authorizations, approvals, orders, certificates and
permits of and from, and has made all declarations and filings, if any, with all federal,
state and local and foreign governmental, administrative or regulatory authorities and
organizations, to own, lease, license and use its properties and assets and to conduct its
business in the manner described in the Prospectus, including providing
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digital enhanced specialized mobile radio services as currently conducted by them,
except to the extent that the failure to obtain such licenses, consents, authorizations,
approvals, orders, certificates and permits or make such declarations and filings, if any,
would not have a Material Adverse Effect and (ii) has not received any notice of proceedings
relating to the violation, revocation or modification of any such license, consent,
authorization, approval, order, certificate or permit which, singly or in the aggregate, if
the subject of any unfavorable decision, ruling or finding, would reasonably be expected to
result in a Material Adverse Effect.
(r) PricewaterhouseCoopers LLP and Deloitte & Touche LLP, each of which have certified
certain of the financial statements and supporting schedules for the Company incorporated by
reference in the Prospectus, are each independent public accountants as required by the
Securities Act and the rules and regulations of the Commission thereunder.
(s) The Company and its Subsidiaries (i) are in compliance with any and all applicable
foreign, federal, state and local laws and regulations relating to the protection of human
health and safety, the environment or hazardous or toxic substances or wastes, pollutants or
contaminants (“Environmental Laws”), (ii) have received all permits, licenses or other
approvals required of them under applicable Environmental Laws to conduct their respective
businesses and (iii) are in compliance with all terms and conditions of any such permit,
license or approval, except where such noncompliance with Environmental Laws, failure to
receive required permits, licenses or other approvals or failure to comply with the terms
and conditions of such permits, licenses or approvals would not, singly or in the aggregate,
have a Material Adverse Effect.
(t) To the knowledge of the Company, there are no costs or liabilities associated with
Environmental Laws (including, without limitation, any capital or operating expenditures
required for clean-up, closure of properties or compliance with Environmental Laws or any
permit, license or approval, any related constraints on operating activities and any
potential liabilities to third parties) which would, singly or in the aggregate, have a
Material Adverse Effect.
(u) The Company and each of the Subsidiaries maintain a system of internal accounting
controls sufficient to provide reasonable assurance that (i) transactions are executed in
accordance with management’s general or specific authorizations; (ii) transactions are
recorded as necessary to permit preparation of financial statements in conformity with U.S.
GAAP and to maintain asset accountability; (iii) access to assets is permitted only in
accordance with management’s general or specific authorization; and (iv) the recorded
accountability for assets is compared with the existing assets at reasonable intervals and
appropriate action is taken with respect to any differences.
(v) None of the Company or any of its Subsidiaries has committed any act in violation
of the Foreign Corrupt Practices Act, as amended, that would have a Material Adverse Effect.
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(w) Except as described in the Prospectus and as provided in the Registration Rights
Agreement dated as of September 16, 2003 between the Company and Xxxxxx Xxxxxxx & Co.
Incorporated, the Registration Rights Agreement dated as of January 27, 2004 between the
Company and Banc of America Securities LLC and the Registration Rights Agreement dated as of
August 15, 2005 between the Company and Xxxxxxx, Sachs & Co., there are no contracts,
agreements or understandings between the Company and any person granting such person the
right to require the Company to file a registration statement under the Securities Act with
respect to any securities of the Company or to require the Company to include such
securities with the Shares registered pursuant to the Registration Statement.
2. Representations and Warranties of the Selling Shareholder. The Selling Shareholder
represents and warrants to and agrees with the Underwriter that:
(a) This Agreement has been duly authorized, executed and delivered by or on behalf of
the Selling Shareholder.
(b) The execution and delivery by the Selling Shareholder of, and the performance by
the Selling Shareholder of its obligations under this Agreement, will not contravene any
provision of applicable law, or the certificate of incorporation or by-laws of the Selling
Shareholder, or any agreement or other instrument binding upon the Selling Shareholder or
any judgment, order or decree of any governmental body, agency or court having jurisdiction
over the Selling Shareholder, and no consent, approval, authorization or order of, or
qualification with, any governmental body or agency is required for the performance by the
Selling Shareholder of its obligations under this Agreement, except such as may be required
by the securities or Blue Sky laws of the various states in connection with the offer and
sale of the Shares.
(c) The Selling Shareholder has, and on the Closing Date or the Option Closing Date, as
the case may be, (as defined in Sections 3 and 5 hereof) will have, valid title to, or a
valid “security entitlement” within the meaning of Section 8-501 of the New York Uniform
Commercial Code (the “UCC”) in respect of, the Shares to be sold by the Selling Shareholder
free and clear of all security interests, claims, liens, equities or other encumbrances and
the legal right and power, and all authorization and approval required by law, to enter into
this Agreement and to sell, transfer and deliver the Shares to be sold by the Selling
Shareholder or a security entitlement in respect of such Shares.
(d) Upon payment for the Shares to be sold by the Selling Shareholder pursuant to this
Agreement, delivery of such Shares, as directed by the Underwriter, to Cede & Co. (“Cede”)
or such other nominee as may be designated by the Depository Trust Company (“DTC”),
registration of such Shares in the name of Cede or such other nominee and the crediting of
such Shares on the books of DTC to securities accounts of the Underwriter (assuming that
neither DTC nor the Underwriter has notice of any adverse claim (within the meaning of
Section 8-105 of the UCC) to such Shares), (A) DTC shall be a “protected purchaser” of such
Shares within the meaning of Section 8-303 of the UCC, (B) under Section 8-501 of the UCC,
the Underwriter will acquire a
valid security entitlement in respect of such Shares and (C) no action based on any
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“adverse claim”, within the meaning of Section 8-102 of the UCC, to such Shares may be
asserted against the Underwriter with respect to such security entitlement; for purposes of
this representation, the Selling Shareholder may assume that when such payment, delivery and
crediting occur, (x) such Shares will have been registered in the name of Cede or another
nominee designated by DTC, in each case on the Company’s share registry in accordance with
its certificate of incorporation, bylaws and applicable law, (y) DTC will be registered as a
“clearing corporation” within the meaning of Section 8-102 of the UCC and (z) appropriate
entries to the account of the Underwriter on the records of DTC will have been made pursuant
to the UCC.
(e) The Selling Shareholder has no reason to believe (without independent
investigation) that the representations and warranties of the Company contained in Section 1
are not true and correct, is familiar with the Registration Statement and Prospectus and has
no knowledge of any material fact, condition or information not disclosed in the Prospectus
that has had, or may have, a Material Adverse Effect. The Selling Shareholder is not
prompted by any information concerning the Company or its Subsidiaries which is not set
forth in the Prospectus to sell its Shares pursuant to this Agreement.
(f) (i) The Registration Statement, when it became effective, did not contain and, as
amended or supplemented, if applicable, will not contain any 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, and (ii) the Prospectus does not contain and, as amended
or supplemented, if applicable, will not contain any untrue statement of a material fact or
omit to state a material fact necessary to make the statements therein, in the light of the
circumstances under which they were made, not misleading, except that the representations
and warranties set forth in this Section 2(f) apply only to statements or omissions in or
incorporated by reference in the Registration Statement or the Prospectus furnished to the
Company in writing by or on behalf of the Selling Shareholder expressly for use therein.
The Company and the Underwriter acknowledge that the information on the Selling Shareholder
appearing in the Prospectus in the first sentence of the second paragraph under the heading
“The Selling Stockholder” and the information in the third paragraph under the heading “The
Selling Stockholder” regarding the number of shares of Common Stock owned by the Selling
Stockholder both before and after the sale of the Shares contemplated by this Agreement
constitutes the only information furnished by or on behalf of the Selling Shareholder to the
Company expressly for use in the Registration Statement and the Prospectus.
(g) There are no legal or governmental proceedings pending or, to the knowledge of the
Selling Shareholder, threatened to which the Selling Shareholder is a party or to which any
of the properties of the Selling Shareholder is subject other than proceedings that would
not have a material adverse effect on the power or ability of the Selling Shareholder to
perform its obligations under this Agreement or to consummate the transactions contemplated
by the Prospectus.
(h) The Selling Shareholder has not taken, and will not take, directly or indirectly,
any action designed to, or which might reasonably be expected to, cause or
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result in
stabilization nor manipulation of the price of any security of the Company to facilitate the
sale or resale of the Shares pursuant to the distribution contemplated by this Agreement,
and other than as permitted by the Securities Act, the Selling Shareholder has not
distributed and will not distribute any prospectus or other offering material in connection
with the offering and sale of the Shares.
3. Agreements to Sell and Purchase. The Selling Shareholder hereby agrees to sell or cause a
subsidiary to sell to the Underwriter, and the Underwriter, upon the basis of the representations
and warranties herein contained, but subject to the conditions hereinafter stated, agrees to
purchase the Firm Shares from the Selling Shareholder or its subsidiary at $75.125 per share (the
“Purchase Price”).
In addition, on the basis of the representations and warranties herein contained and subject
to the terms and conditions herein set forth, the Selling Shareholder hereby grants an option to
the Underwriter to purchase the Option Shares at the Purchase Price set forth in the first
paragraph of this Section 3 for the purpose of covering over-allotments, if any. The option
granted hereby may be exercised in whole or in part by giving written notice (i) at any time before
the Closing Date and (ii) from time to time thereafter on or prior to October 7, 2005, by the
Underwriter to the Selling Shareholder and the Company setting forth the number of Option Shares as
to which the Underwriter is exercising its option and the time and date for delivery of and payment
for such Option Shares. The time and date for delivery of and payment for such Option Shares shall
be determined by the Underwriter but shall not be later than ten full business days after the
exercise of such option, nor in any event prior to the Closing Date (each such time and date being
herein referred to as an “Option Closing Date”). If the date of exercise of the option is two or
more business days before the Closing Date, the notice of exercise shall set the Closing Date as
the Option Closing Date. The Underwriter may cancel such option at any time prior to its
expiration by giving written notice of such cancellation to the Company.
The Selling Shareholder hereby agrees that, without the prior written consent of the
Underwriter, it will not, and will cause its subsidiaries not to, during the period ending 30 days
after the date of the Prospectus, (i) offer, pledge, sell, contract to sell, sell any option or
contract to purchase, purchase any option or contract to sell, grant any option, right or warrant
to purchase, lend, or otherwise transfer or dispose of, directly or indirectly, any shares of
Common Stock or any securities convertible into or exercisable or exchangeable for Common Stock or
(ii) enter into any swap or other arrangement that transfers to another, in whole or in part, any
of the economic consequences of ownership of the Common Stock, whether any such transaction
described in clause (i) or (ii) above is to be settled by delivery of Common Stock or such other
securities, in cash or otherwise.
The restrictions contained in the preceding paragraph shall not apply to the Shares to be sold
hereunder. In addition, the Selling Shareholder agrees that, without the prior written consent of
the Underwriter, it will not, during the period ending 30 days after the date of the Prospectus,
make any demand for, or exercise any right with respect to, the registration of any shares of
Common Stock or any security convertible into or exercisable or exchangeable for
Common Stock other than the registration of shares of Common Stock pursuant to the
Registration Statement. The Selling Shareholder further agrees that the Shares to be sold by the
Selling Shareholder hereunder are subject to the interest of the Underwriter and that, except as
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otherwise set forth herein, the obligations of the Selling Shareholder hereunder shall not be
terminated by any act of the Selling Shareholder, by operation of law or the occurrence of any
other event.
4. Terms of Public Offering. The Selling Shareholder and the Company are advised by the
Underwriter that the Underwriter proposes to make a public offering of the Shares as soon after the
date hereof as in the judgment of the Underwriter is advisable. Shares sold by the Underwriter to
the public will initially be offered at the initial public offering price set forth on the cover of
the Prospectus. If all the Shares are not sold at the initial price to public, the Underwriter may
change the offering price and the other selling terms.
5. Payment and Delivery. Payment for the Shares to be sold by the Selling Shareholder shall
be made to the Selling Shareholder in Federal or other funds immediately available in New York City
against delivery of such Shares for the account of the Underwriter at 10:00 a.m., New York City
time, on September 13, 2005, or at such other time on the same or such other date, not later than
ten business days after such date, as shall be designated in writing by the Underwriter. The time
and date of such payment are hereinafter referred to as the “Closing Date.”
The Shares shall be registered in such names and in such denominations as the Underwriter
shall request in writing not later than one full business day prior to the Closing Date or the
Option Closing Date, as the case may be. The Shares shall be delivered to you on the Closing Date
or the Option Closing Date, as the case may be, for the account of the Underwriter, with any
transfer taxes payable in connection with the transfer of the Shares to the Underwriter duly paid,
against payment of the Purchase Price therefor.
6. Conditions to the Underwriter’s Obligation. The obligation of the Underwriter to purchase
Shares on the Closing Date or on any Option Closing Date is subject to the following conditions:
(a) Subsequent to the execution and delivery of this Agreement and prior to the Closing
Date or the Option Closing Date, as the case may be:
(i) there shall not have occurred any downgrading, nor shall any notice have
been given of any intended or potential downgrading or of any review for a possible
change that does not indicate the direction of the possible change, in the rating
accorded any of the Company’s securities by any “nationally recognized statistical
rating organization,” as such term is defined for purposes of Rule 436(g)(2) under
the Securities Act; and
(ii) there shall not have occurred any change, or any development involving a
prospective change, in the condition, financial or otherwise, or in the earnings,
business or operations of the Company and its Subsidiaries, taken as a whole, from
that set forth in the Prospectus (exclusive of any amendments or supplements thereto
subsequent to the date of this Agreement) that, in your judgment, is material and
adverse and that makes it, in your judgment,
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impracticable to market the Shares on
the terms and in the manner contemplated in the Prospectus.
(b) The Underwriter shall have received on the Closing Date or the Option Closing Date,
as the case may be, a certificate, dated the Closing Date or the Option Closing Date, as the
case may be, and signed by an executive officer of the Company, to the effect set forth in
Section 6(a)(i) above and to the effect that the representations and warranties of the
Company contained in this Agreement are true and correct as of the Closing Date or the
Option Closing Date, as the case may be, and that the Company has complied with all of the
agreements and satisfied all of the conditions on its part to be performed or satisfied
hereunder on or before the Closing Date or the Option Closing Date, as the case may be. The
officer signing and delivering such certificate may rely upon the best of his or her
knowledge as to proceedings threatened.
(c) The Underwriter shall have received on the Closing Date or the Option Closing Date,
as the case may be, an opinion of Xxxxxxxx Xxxxxx, outside counsel for the Company, dated
the Closing Date or the Option Closing Date, as the case may be, in the form set forth in
Exhibit A hereto.
(d) The Underwriter shall have received on the Closing Date the opinions of special
foreign counsel for the Company in Argentina, Brazil, Chile, Mexico and Peru, dated the
Closing Date, in the respective forms set forth in Exhibits X-0, X-0, X-0, X-0 and B-5.
(e) The Underwriter shall have received on the Closing Date or the Option Closing Date,
as the case may be, an opinion of Xxxxx Day, counsel for the Selling Shareholder, dated the
Closing Date or the Option Closing Date, as the case may be, in the form set forth in
Exhibit C hereto.
(f) The Underwriter shall have received on the Closing Date or the Option Closing Date,
as the case may be, an opinion of Xxxxx Xxxx & Xxxxxxxx, counsel for the Underwriter, dated
the Closing Date or the Option Closing Date, as the case may be, in the form set forth in
Exhibit D hereto.
(g) (i) The Underwriter shall have received, on each of the date hereof and the
Closing Date or the Option Closing Date, as the case may be, a letter dated the date hereof
or the Closing Date or the Option Closing Date, as the case may be, in form and substance
satisfactory to the Underwriter, from PricewaterhouseCoopers LLP, independent public
accountants, containing statements and information of the type ordinarily included in
accountants’ “comfort letters” to underwriters under SAS 72 (as amended by SAS 76 and 86)
with respect to the financial statements and certain financial
information contained and incorporated by reference in the Registration Statement and
the Prospectus; provided that the letter delivered on the Closing Date shall use a “cut-off
date” not earlier than the date hereof and the letter delivered on any Option Closing Date
shall use a “cut-off date” not earlier than three business days prior to such Option Closing
Date.
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(ii) The Underwriter shall have received, on the Closing Date, a letter dated the
Closing Date, in form and substance satisfactory to the Underwriter, from Deloitte & Touche
LLP, independent public accountants, containing statements and information of the type
ordinarily included in accountants’ “comfort letters” to underwriters with respect to the
financial statements and certain financial information contained and incorporated by
reference in the Registration Statement and the Prospectus; provided that the letter
delivered on the Closing Date shall use a “cut-off date” not earlier than the date hereof
and the letter delivered on any Option Closing Date shall use a “cut-off date” not earlier
than three business days prior to such Option Closing Date.
(h) The Underwriter shall have received on the Closing Date or the Option Closing Date,
as the case may be, a certificate, dated the Closing Date or the Option Closing Date, as the
case may be, and signed by a Vice President of the Selling Shareholder, to the effect that
the representations and warranties of the Selling Shareholder contained in this Agreement
are true and correct as of the Closing Date or the Option Closing Date, as the case may be,
and that the Selling Shareholder has complied with all of the agreements and satisfied all
of the conditions on its part to be performed or satisfied hereunder on or before the
Closing Date or the Option Closing Date, as the case may be.
(i) The Underwriter shall have received from the Chief Executive Officer and the Chief
Financial Officer of the Company a letter, in form and substance satisfactory to the
Underwriter and dated the date hereof, relating to certain financial information included or
incorporated by reference in the Registration Statement and the Prospectus that is not
covered in the “comfort letters” referenced in Section 6(g) above.
(j) On or prior to the Closing Date or the Option Closing Date, as the case may be, the
Selling Shareholder shall have delivered the Shares to be sold by the Selling Shareholder
pursuant to this Agreement in accordance with Section 5 hereof.
(k) Counsel for the Underwriter shall have been furnished with such documents as they
may reasonably require for the purpose of enabling them to pass upon the issuance and sale
of the Shares as herein contemplated, or in order to evidence the accuracy of any of the
representations or warranties or the fulfillment of any of the conditions herein contained.
7. Covenants of the Company. In further consideration of the agreements of the Underwriter
herein contained, the Company covenants with the Underwriter as follows:
(a) To furnish to the Underwriter, without charge, a copy of the Registration Statement
(including exhibits thereto) and to furnish to you in New York City, without charge, prior
to 10:00 a.m. New York City time no later than one business day prior to the Closing Date
and during the period mentioned in Section 7(c) below, as many copies of the Prospectus and
any supplements and amendments thereto or to the Registration Statement as you may
reasonably request.
11
(b) Prior to the completion of the offering of the Shares, before amending or
supplementing the Registration Statement or the Prospectus, to furnish to the Underwriter a
copy of each such proposed amendment or supplement and not to file any such proposed
amendment or supplement to which the Underwriter reasonably objects, and to file with the
Commission within the applicable period specified in Rule 424(b) under the Securities Act
any prospectus required to be filed pursuant to such Rule.
(c) If, during such period after the first date of the public offering of the Shares as
in the opinion of counsel for the Underwriter the Prospectus is required by law to be
delivered in connection with sales by the Underwriter or a dealer, any event shall occur or
condition exist as a result of which it is necessary to amend or supplement the Prospectus
in order to make the statements therein, in the light of the circumstances when the
Prospectus is delivered to a purchaser, not misleading, or if, in the opinion of counsel for
the Underwriter, it is necessary to amend or supplement the Prospectus to comply with
applicable law, forthwith to prepare, file with the Commission and furnish, at its own
expense, to the Underwriter and to the dealers (whose names and addresses the Underwriter
will furnish to the Company) to which Shares may have been sold by the Underwriter and to
any other dealers upon request, either amendments or supplements to the Prospectus so that
the statements in the Prospectus as so amended or supplemented will not, in the light of the
circumstances when the Prospectus is delivered to a purchaser, be misleading or so that the
Prospectus, as amended or supplemented, will comply with law.
(d) To endeavor to qualify the Shares for offer and sale under the securities or Blue
Sky laws of such jurisdictions as the Underwriter shall reasonably request.
(e) To make generally available to the Company’s security holders and to the
Underwriter as soon as practicable an earnings statement covering the twelve-month period
ending June 30, 2006 that satisfies the provisions of Section 11(a) of the Securities Act
and the rules and regulations of the Commission thereunder.
8. Expenses. Whether or not the transactions contemplated in this Agreement are consummated
or this Agreement is terminated, the Company agrees to pay or cause to be paid all expenses (which
shall not include any underwriting discounts or commissions payable to the Underwriter) incident to
the performance of the respective obligations of the Company and the Selling Shareholder under this
Agreement, including: (i) the fees, disbursements and expenses of the Company’s counsel, the
Company’s accountants and counsel for the Selling Shareholder in connection with the registration
and delivery of the Shares under the Securities Act and all other fees or expenses in connection with the preparation and filing of the Registration Statement,
the Prospectus and amendments and supplements to any of the foregoing, including all printing costs
associated therewith, and the mailing and delivering of copies thereof to the Underwriter and
dealers, in the quantities hereinabove specified, (ii) all costs and expenses related to the
transfer and delivery of the Shares to the Underwriter, including any transfer or other taxes
payable thereon, (iii) the cost of printing or producing any Blue Sky or legal investment
memorandum in connection with the offer and sale of the Shares under state securities laws and all
expenses in connection with the qualification of the Shares for offer and sale under state
securities laws as provided in Section 7(d) hereof, including filing fees and the reasonable fees
and disbursements
12
of counsel for the Underwriter in connection with such qualification and in
connection with the Blue Sky or legal investment memorandum, (iv) all filing fees and the
reasonable fees and disbursements of counsel to the Underwriter incurred in connection with the
review and qualification of the offering of the Shares by the National Association of Securities
Dealers, Inc., (v) the cost of printing certificates representing the Shares, (vi) the costs and
charges of any transfer agent, registrar or depositary, (vii) the document production charges and
expenses associated with printing this Agreement and (viii) all other costs and expenses incident
to the performance of the obligations of the Company and the Selling Shareholder hereunder for
which provision is not otherwise made in this Section. It is understood, however, that except as
provided in this Section, Section 9 entitled “Indemnity and Contribution”, and the last paragraph
of Section 11 below, the Underwriter will pay all of their costs and expenses, including fees and
disbursements of their counsel, stock transfer taxes payable on resale of any of the Shares by them
and any advertising expenses connected with any offers they may make.
9. Indemnity and Contribution. (a) The Company agrees to indemnify and hold harmless the
Underwriter, the Selling Shareholder, each person, if any, who controls the Underwriter or the
Selling Shareholder within the meaning of either Section 15 of the Securities Act or Section 20 of
the Exchange Act, and each affiliate of the Underwriter or the Selling Shareholder within the
meaning of Rule 405 under the Securities Act, from and against any and all losses, claims, damages
and liabilities (including, without limitation, any legal or other expenses reasonably incurred in
connection with defending or investigating any such action or claim) caused by any untrue statement
or alleged untrue statement of a material fact contained in the Registration Statement or any
amendment thereof or the Prospectus (as amended or supplemented if the Company shall have furnished
any amendments or supplements thereto), or caused by any omission or alleged omission to state
therein a material fact required to be stated therein or necessary to make the statements therein
not misleading, except insofar as such losses, claims, damages or liabilities are caused by any
such untrue statement or omission or alleged untrue statement or omission based upon information
relating to the Underwriter or the Selling Shareholder, as the case may be, furnished to the
Company in writing by or on behalf of the Underwriter or by or on behalf of the Selling Shareholder
expressly for use therein.
(b) The Selling Shareholder agrees to indemnify and hold harmless the Underwriter, the Company
and each person, if any, who controls the Underwriter or the Company within the meaning of either
Section 15 of the Securities Act or Section 20 of the Exchange Act, and each affiliate of the
Underwriter or the Company within the meaning of Rule 405 under the Securities Act, from and
against any and all losses, claims, damages and liabilities (including, without
limitation, any legal or other expenses reasonably incurred in connection with defending or
investigating any such action or claim) caused by any untrue statement or alleged untrue statement
of a material fact contained in the Registration Statement or any amendment thereof or the
Prospectus (as amended or supplemented if the Company shall have furnished any amendments or
supplements thereto), or caused by any omission or alleged omission to state therein a material
fact required to be stated therein or necessary to make the statements therein not misleading, but
only with reference to information relating to the Selling Shareholder furnished by or on behalf of
the Selling Shareholder to the Company expressly for use in the Registration Statement, the
Prospectus or any amendments or supplements thereto. The Company and the Underwriter acknowledge
that the information on the Selling Shareholder appearing in the Prospectus in the first sentence
of the second paragraph under the heading “The
13
Selling Stockholder” and the information in the
third paragraph under the heading “The Selling Stockholder” regarding the number of shares of
Common Stock owned by the Selling Stockholder both before and after the sale of the Shares
contemplated by this Agreement constitutes the only information furnished by or on behalf of the
Selling Shareholder to the Company expressly for use in the Registration Statement and the
Prospectus.
(c) The Underwriter agrees, severally and not jointly, to indemnify and hold harmless the
Company, the Selling Shareholder, the directors of the Company and the Selling Shareholder, the
officers of the Company who sign the Registration Statement and each person, if any, who controls
the Company or the Selling Shareholder within the meaning of either Section 15 of the Securities
Act or Section 20 of the Exchange Act from and against any and all losses, claims, damages and
liabilities (including, without limitation, any legal or other expenses reasonably incurred in
connection with defending or investigating any such action or claim) caused by any untrue statement
or alleged untrue statement of a material fact contained in the Registration Statement or any
amendment thereof or the Prospectus (as amended or supplemented if the Company shall have furnished
any amendments or supplements thereto), or caused by any omission or alleged omission to state
therein a material fact required to be stated therein or necessary to make the statements therein
not misleading, but only with reference to information relating to the Underwriter furnished to the
Company in writing by or on behalf of the Underwriter expressly for use in the Registration
Statement, the Prospectus or any amendments or supplements thereto.
(d) In case any proceeding (including any governmental investigation) shall be instituted
involving any person in respect of which indemnity may be sought pursuant to Section 9(a), 9(b), or
9(c), such person (the “indemnified party”) shall promptly notify the person against whom such
indemnity may be sought (the “indemnifying party”) in writing and the indemnifying party, upon
request of the indemnified party, shall retain counsel reasonably satisfactory to the indemnified
party to represent the indemnified party and any others the indemnifying party may designate in
such proceeding and shall pay the reasonable fees and disbursements of such counsel related to such
proceeding. In any such proceeding, any indemnified party shall have the right to retain its own
counsel, but the fees and expenses of such counsel shall be at the expense of such indemnified
party unless (i) the indemnifying party and the indemnified party shall have mutually agreed to the
retention of such counsel or (ii) the named parties to any such proceeding (including any impleaded
parties) include both the indemnifying party and the indemnified party and representation of both
parties by the same counsel would be inappropriate due to actual or potential differing interests
between them. It is understood that the indemnifying party shall not, in respect of the legal expenses of any
indemnified party in connection with any proceeding or related proceedings in the same
jurisdiction, be liable for (i) the fees and expenses of more than one separate firm (in addition
to any local counsel) for the Underwriter and all persons, if any, who control the Underwriter
within the meaning of either Section 15 of the Securities Act or Section 20 of the Exchange Act or
who are affiliates of the Underwriter within the meaning of Rule 405 under the Securities Act, (ii)
the fees and expenses of more than one separate firm (in addition to any local counsel) for the
Company, its directors, its officers who sign the Registration Statement and each person, if any,
who controls the Company within the meaning of either such Section and (iii) the fees and expenses
of more than one separate firm (in addition to any local counsel) for the Selling Shareholder and
all persons, if any, who control the Selling Shareholder within the meaning of
14
either such Section, and that all such fees and expenses shall be reimbursed as they are incurred. In the case of any
such separate firm for the Underwriter and such control persons and affiliates of the Underwriter,
such firm shall be designated in writing by the Underwriter. In the case of any such separate firm
for the Company, and such directors, officers and control persons of the Company, such firm shall
be designated in writing by the Company. In the case of any such separate firm for the Selling
Shareholder and such control persons of the Selling Shareholder, such firm shall be designated in
writing by the Selling Shareholder. The indemnifying party shall not be liable for any settlement
of any proceeding effected without its prior written consent, but if settled with such consent or
if there be a final judgment for the plaintiff, the indemnifying party agrees to indemnify the
indemnified party from and against any loss or liability by reason of such settlement or judgment.
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 (i) includes an unconditional release of such indemnified party from all
liability on claims that are the subject matter of such proceeding and (ii) requires no performance
or payment obligations on the part of the indemnified party.
(e) To the extent the indemnification provided for in Section 9(a), 9(b) or 9(c) is
unavailable to an indemnified party or insufficient in respect of any losses, claims, damages or
liabilities referred to therein, then each indemnifying party under such paragraph, in lieu of
indemnifying such indemnified party thereunder, shall contribute to the amount paid or payable by
such indemnified party as a result of such losses, claims, damages or liabilities (i) in such
proportion as is appropriate to reflect the relative benefits received by the indemnifying party or
parties on the one hand and the indemnified party or parties on the other hand from the offering of
the Shares or (ii) if the allocation provided by clause 9(e)(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 9(e)(i) above but also the relative fault of the indemnifying party or
parties on the one hand and of the indemnified party or parties on the other hand in connection
with the statements or omissions that resulted in such losses, claims, damages or liabilities, as
well as any other relevant equitable considerations. The relative benefits received by the Company
and the Selling Shareholder on the one hand and the Underwriter on the other hand in connection
with the offering of the Shares shall be deemed to be in the same respective proportions as the net
proceeds from the offering of the Shares (before deducting expenses) received by the Selling
Shareholder and the total underwriting discounts and commissions received by the Underwriter, in
each case, as set forth on the cover of the Prospectus, bear to the aggregate purchase price at
which the Shares are sold by the Underwriter. The relative fault of the Company, the Selling
Shareholder and the Underwriter, respectively, shall be determined by reference to, among other
things, whether the untrue or alleged untrue statement of a material fact or the omission or
alleged omission to state a material fact relates to information supplied by the Company, the
Selling Shareholder or by the Underwriter and the parties’ relative intent, knowledge, access to
information and opportunity to correct or prevent such statement or omission.
(f) The Company, the Selling Shareholder and the Underwriter agree that it would not be just
or equitable if contribution pursuant to this Section 9 were determined by pro rata allocation or
by any other method of allocation that does not take account of the equitable considerations
referred to in Section 9(e). The amount paid or payable by an indemnified party
15
as a result of the losses, claims, damages and liabilities referred to in Section 9(e) shall be deemed to include,
subject to the limitations set forth above, any legal or other expenses reasonably incurred by such
indemnified party in connection with investigating or defending any such action or claim.
Notwithstanding the provisions of this Section 9, the Underwriter shall not be required to
contribute any amount in excess of the amount by which the total price at which the Shares
underwritten by it and distributed to the public were offered to the public exceeds the amount of
any damages that the Underwriter has otherwise been required to pay by reason of such untrue or
alleged untrue statement or omission or alleged omission. No person guilty of fraudulent
misrepresentation (within the meaning of Section 11(f) of the Securities Act) shall be entitled to
contribution from any person who was not guilty of such fraudulent misrepresentation. The remedies
provided for in this Section 9 are not exclusive and shall not limit any rights or remedies which
may otherwise be available to any indemnified party at law or in equity.
(g) The indemnity and contribution provisions contained in this Section 9 and the
representations, warranties and other statements of the Company and the Selling Shareholder
contained in this Agreement shall remain operative and in full force and effect regardless of (i)
any termination of this Agreement, (ii) any investigation made by or on behalf of the Underwriter,
any person controlling the Underwriter or any affiliate of the Underwriter, the Selling Shareholder
or any person controlling the Selling Shareholder, or the Company, its officers or directors or any
person controlling the Company and (iii) acceptance of and payment for any of the Shares.
(h) Notwithstanding the foregoing, the Company and the Selling Shareholder acknowledge that
the Selling Shareholder and the Company shall have the benefit of the indemnification provisions
set forth in Section 1.11 of the Registration Rights Agreement by and among the Company, the
Selling Shareholder and the other shareholders of the Company party thereto, dated November 12,
2002.
10. Termination. The Underwriter may terminate this Agreement by notice given to the Selling
Shareholder, if after the execution and delivery of this Agreement and prior to the Closing Date
(i) trading generally shall have been suspended or materially limited on, or by, as the case may
be, any of the New York Stock Exchange, the American Stock Exchange, the Nasdaq National Market,
the Chicago Board of Options Exchange, the Chicago Mercantile Exchange or the Chicago Board of
Trade, (ii) trading of any securities of the Company shall have been suspended
on any exchange or in any over-the-counter market, (iii) a material disruption in securities
settlement, payment or clearance services in the United States shall have occurred, (iv) any
moratorium on commercial banking activities shall have been declared by Federal or New York State
authorities or (v) there shall have occurred any outbreak or escalation of hostilities, or any
change in financial markets, currency exchange rates or controls or any calamity or crisis that, in
your judgment, is material and adverse and which, singly or together with any other event specified
in this clause (v), makes it, in your judgment, impracticable or inadvisable to proceed with the
offer, sale or delivery of the Shares on the terms and in the manner contemplated in the
Prospectus. In the event of a termination of this Agreement pursuant to this Section 10, the
Underwriter hereby agrees to notify the Company of such termination.
16
11. Effectiveness; Reimbursement of Underwriter’s Expenses upon Certain Termination Events.
This Agreement shall become effective upon the execution and delivery hereof by the parties hereto.
If this Agreement shall be terminated by the Underwriter because of any failure or refusal on
the part of either the Company or the Selling Shareholder to comply with the terms or to fulfill
any of the conditions of this Agreement, or if for any reason either the Company or the Selling
Shareholder shall be unable to perform its obligations under this Agreement, the Company or the
Selling Shareholder, as the case may be, will reimburse the Underwriter for all out-of-pocket
expenses (including the fees and disbursements of their counsel) reasonably incurred by the
Underwriter in connection with this Agreement or the offering contemplated hereunder.
12. Counterparts. This Agreement may be signed in two or more counterparts, each of which
shall be an original, with the same effect as if the signatures thereto and hereto were upon the
same instrument.
13. Applicable Law. This Agreement shall be governed by and construed in accordance with the
internal laws of the State of New York.
14. Headings. The headings of the sections of this Agreement have been inserted for
convenience of reference only and shall not be deemed a part of this Agreement.
17
Very truly yours, | ||||||
NII HOLDINGS, INC. | ||||||
By: | ||||||
Name: | ||||||
Title: | ||||||
NEXTEL COMMUNICATIONS, INC., | ||||||
as Selling Shareholder | ||||||
By: | ||||||
Name: | ||||||
Title: | ||||||
Accepted as of the date hereof | ||||||
BEAR, XXXXXXX & CO. INC. | ||||||
By: |
||||||
Name: | ||||||
Title: |
18
SCHEDULE I
Subsidiaries
Nextel International (Services), Ltd.
NII Funding Corp.
NII Aviation, Inc.
Nextel International (Mexico), Ltd.
Nextel International (Uruguay), Inc.
XxXxx International (Brazil), Ltd.
Airfone Holdings, Inc.
NII Holdings (Cayman), Ltd.
Centennial Cayman Corp.
Nextel International (Peru) LLC
Nextel International (Indonesia) LLC
Nextel International (Argentina), Ltd.
Nextel Telecomunicações S.A.
Nextel Telecomunicações Ltda.
Nextel Telecomunicações de Longa Distancia, Ltda.
Nextel Communications Argentina S.A.
Radio Movil Digital Argentina S.A.
Comunicaciones Nextel de México, S.A. de C.V.
Sistemas de Comunicaciones Troncales S.A. de C.V.
Multifon S.A. de C.V.
Prestadora de Servicios de Radiocomunicación S.A. de C.V.
Radiophone S.A. de C.V.
Servicios NII, S.A. de C.V.
Servicios de Radiocomunicación Móvil de México, S.A. de C.V.
Inversiones Nextel de México, S.A. de C.V.
Teletransportes Integrales, S.A. de C.V.
NII Telecom, S.R.L. de C.V.
Fonotransportes Nacionales S.A. de C.V.
Fonotransportes, S.A. de C.V.
Delta Comunicaciones Digitales, S.A. de C.V.
NII PCS, S.A. de C.V.
Nextel Chile S.A.
Multikom S.A.
Centennial Cayman Corp. Chile S.A.
Conect S.A.
Nextel del Perú S.A.
Transnet del Perú S.R.L.
Nextel Uruguay S.A.
Holding Protel, S.A. de C.V.*
NII Funding Corp.
NII Aviation, Inc.
Nextel International (Mexico), Ltd.
Nextel International (Uruguay), Inc.
XxXxx International (Brazil), Ltd.
Airfone Holdings, Inc.
NII Holdings (Cayman), Ltd.
Centennial Cayman Corp.
Nextel International (Peru) LLC
Nextel International (Indonesia) LLC
Nextel International (Argentina), Ltd.
Nextel Telecomunicações S.A.
Nextel Telecomunicações Ltda.
Nextel Telecomunicações de Longa Distancia, Ltda.
Nextel Communications Argentina S.A.
Radio Movil Digital Argentina S.A.
Comunicaciones Nextel de México, S.A. de C.V.
Sistemas de Comunicaciones Troncales S.A. de C.V.
Multifon S.A. de C.V.
Prestadora de Servicios de Radiocomunicación S.A. de C.V.
Radiophone S.A. de C.V.
Servicios NII, S.A. de C.V.
Servicios de Radiocomunicación Móvil de México, S.A. de C.V.
Inversiones Nextel de México, S.A. de C.V.
Teletransportes Integrales, S.A. de C.V.
NII Telecom, S.R.L. de C.V.
Fonotransportes Nacionales S.A. de C.V.
Fonotransportes, S.A. de C.V.
Delta Comunicaciones Digitales, S.A. de C.V.
NII PCS, S.A. de C.V.
Nextel Chile S.A.
Multikom S.A.
Centennial Cayman Corp. Chile S.A.
Conect S.A.
Nextel del Perú S.A.
Transnet del Perú S.R.L.
Nextel Uruguay S.A.
Holding Protel, S.A. de C.V.*
* | This company is not a wholly-owned subsidiary. |
EXHIBIT A
FORM OF OPINION OF XXXXXXXX XXXXXX, COUNSEL FOR THE COMPANY,
PURSUANT TO SECTION 6(C)
PURSUANT TO SECTION 6(C)
(i) the Company has been duly incorporated, is validly existing as a corporation in good standing
under the laws of the jurisdiction of its incorporation, has the corporate power and authority to
own its property and to conduct its business as described in the Prospectus and is duly qualified
to transact business and is in good standing in each jurisdiction in which the conduct of its
business or its ownership or leasing of property requires such qualification, except to the extent
that the failure to be so qualified or be in good standing would not have a Material Adverse
Effect;
(ii) each subsidiary of the Company organized in the United States (each a “U.S. Subsidiary” and,
collectively, the “U.S. Subsidiaries”) has been duly incorporated, is validly existing as a
corporation in good standing under the laws of the jurisdiction of its incorporation, has the
corporate power and authority to own its property and to conduct its business as described in the
Prospectus and is duly qualified to transact business and is in good standing in each jurisdiction
in which the conduct of its business or its ownership or leasing of property requires such
qualification, except to the extent that the failure to be so qualified or be in good standing
would not have a Material Adverse Effect;
(iii) the authorized capital stock of the Company conforms as to legal matters to the description
thereof contained in the Prospectus;
(iv) the outstanding shares of Common Stock (including the Shares) have been duly authorized and
are validly issued, fully paid and non-assessable under the laws of the State of Delaware;
(v) all of the issued and outstanding shares of capital stock of each U.S. Subsidiary of the
Company have been duly and validly authorized and issued, are fully paid and non-assessable and are
owned directly or indirectly by the Company, to our knowledge and except as described in the
Prospectus, the issued and outstanding shares of capital stock of each U.S. Subsidiary are free and
clear of all liens and encumbrances;
(vi) this Agreement has been duly authorized, executed and delivered by the Company;
(vii) the execution and delivery by the Company of, and the performance by the Company of its
obligations under, this Agreement will not contravene (A) any provision of applicable law, (B) the
Restated Certificate of Incorporation or Amended and Restated Bylaws of the Company, (C) the terms
of any agreement or other instrument to be listed on a schedule hereto, or (D) to counsel’s
knowledge, any judgment, order or decree of any governmental body, agency or court having
jurisdiction over the Company or any U.S. Subsidiary, except, with respect to clauses (A) and (C),
to the extent that any contravention would not have a Material Adverse Effect;
(viii) no consent, approval, authorization or order of, or qualification with, any governmental
body or agency is required for the performance by the Company of its obligations under this
Agreement, except such as have been obtained or as may be required by the securities or Blue Sky
laws of the various states in connection with the offer and sale of the Shares and as to which the
failure to so obtain would not materially and adversely affect the ability of the Company to
perform its obligations under this Agreement;
(ix) the statements relating to legal matters, documents or proceedings included in (A) the
Prospectus under the caption “Description of Capital Stock” and (B) the Registration Statement in
Item 15, in each case fairly summarizes in all material respects such matters, documents or
proceedings;
(x) the Company is not, and after giving effect to the offering and sale of the Shares will not be,
required to register as an “investment company” as such term is defined in the Investment Company
Act of 1940, as amended;
(xi) to such counsel’s knowledge, there are no legal or governmental proceedings pending or
threatened to which the Company or any of its Subsidiaries is a party or to which any of the
properties of the Company or any of its Subsidiaries is subject that are required to be described
in the Registration Statement or the Prospectus and are not so described or of any statutes,
regulations, contracts or other documents that are required to be described in the Registration
Statement or the Prospectus or to be filed as exhibits to the Registration Statement that are not
described or filed as required; and
(xii) each document filed pursuant to the Exchange Act and incorporated by reference in the
Registration Statement and the Prospectus (except for financial statements, notes thereto and
schedules and other financial, numerical, statistical and accounting information and data included
or incorporated by reference therein (collectively, the “Excluded Information”), as to which such
counsel need not express any opinion), on the date such document was filed with the Commission,
complied as to form in all material respects with the requirements of the Exchange Act and the
applicable rules and regulations of the Commission thereunder.
In addition, such counsel shall state that nothing has come to the attention of such counsel
that causes such counsel to believe that (A) the Registration Statement or the Prospectus (except
for the Excluded Information, as to which such counsel need not express any belief) do not comply
as to form in all material respects with the requirements of the Securities Act and the applicable
rules and regulations of the Commission thereunder, (B) the Registration Statement (except for the
Excluded Information, as to which such counsel need not express any belief) as of the date hereof
contains an untrue statement of a material fact or omits to state a material fact required to be
stated therein or necessary to make the statements therein not misleading or (C) the Prospectus
(except for the Excluded Information, as to which such counsel need not express any belief) as of
its date or as of the Closing Date or the Option Closing Date, as the case may be, contained or
contains an untrue statement of a material fact or omitted or omits 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.
A-2
With respect to the immediately preceding paragraph, Xxxxxxxx Xxxxxx may state that their
beliefs are based upon their participation in the preparation of the prospectus supplement filed
pursuant to Rule 424(b) in connection with the offer and sale of the Shares and review and
discussion of the contents thereof, but are without independent check or verification, except as
specified.
X-0
XXXXXXX X-0
XXXX XX XXXXXXX XX XXXXXXXXX COUNSEL FOR THE COMPANY,
PURSUANT TO SECTION 6(D)
PURSUANT TO SECTION 6(D)
(A) [Name of Operating Company] has been duly incorporated, is validly existing as a
corporation in good standing under the laws of the Republic of Argentina, has the corporate power
and authority to own its property and to conduct its business as described in the Prospectus and is
duly qualified to transact business and is in good standing in each jurisdiction in which the
conduct of its business or its ownership or leasing of property requires such qualification, except
to the extent that the failure to be so qualified or be in good standing would not have a material
adverse effect on [Name of Operating Company] [and its subsidiaries taken as a whole];
(B) [each subsidiary of [Name of Operating Company] has been duly incorporated, is validly
existing as a corporation in good standing under the laws of the jurisdiction of its organization,
has the corporate power and authority to own its property and to conduct its business as described
in the Prospectus and is duly qualified to transact business and is in good standing in each
jurisdiction in which the conduct of its business or its ownership or leasing of property requires
such qualification, except to the extent that the failure to be so qualified or be in good standing
would not have a material adverse effect on [Name of Operating Company] and its subsidiaries taken
as a whole] [[Name of Operating Company] has no subsidiaries];
(C) each of [Name of Operating Company] [and its subsidiaries] (i) has all necessary licenses,
consents, authorizations, approvals, orders, certificates and permits of and from, and has made all
declarations and filings with, all [name of country] governmental, administrative or regulatory
authorities, all self-regulatory organizations and all courts and other tribunals, to own, lease,
license and use its properties and assets and to conduct its business in the manner described in or
contemplated by the Prospectus, including providing digital enhanced specialized mobile radio
services, except to the extent that the failure to obtain such consents, authorizations, approvals,
orders, certificates and permits or make such declarations and filings would not have a material
adverse effect on [Name of Operating Company] [and its subsidiaries, taken as a whole] and (ii) has
not received any notice of proceedings relating to the violation, revocation or modification of any
such license, consent, authorization, approval, order, certificate or permit which, singly or in
the aggregate, if the subject of an unfavorable decision, ruling or finding, would reasonably be
expected to result in a material adverse change in the condition, financial or otherwise, or in the
earnings, business or operations of [Name of Operating Company] [and its subsidiaries, taken as a
whole], except as described in the Prospectus;
(D) the statements in the Prospectus under the captions “Risk Factors — We operate exclusively
in foreign markets, and our assets, customers and cash flows are concentrated in Latin America,
which presents risks to our operating and financing plans,” and in the annual report filed on Form
10-K for the year ended December 31, 2004 under “Item 1. Business — Operating Companies —
Argentina — Competition,” “Item 1. Business — Operating Companies — Argentina — Regulatory and
Legal Overview” and Item 1. Business — Operating Companies — Argentina — Foreign Currency Controls
and Dividends,” in each case insofar as
such statements constitute summaries of the Argentine legal matters, documents or proceedings
referred to therein, are accurate in all material respects and fairly summarize all matters
referred to therein, and there are no material omissions under such captions with respect to the
description of statutes, rules or regulations that would make the statements therein misleading;
and
(E) there are no restrictions (legal, contractual or otherwise) on the ability of [Name of
Operating Company] to declare and pay any dividends or make any payment or transfer of property or
assets to its stockholders other than those described in the Prospectus and such restrictions as
would not have a material adverse effect on the prospects, condition, financial or otherwise, or in
the earnings, business or operations of the Company [and its subsidiaries, taken as a whole]; and
such descriptions, if any, fairly summarize such restrictions.
X-0-0
XXXXXXX X-0
FORM OF OPINION OF BRAZIL COUNSEL FOR THE COMPANY,
PURSUANT TO SECTION 6(D)
PURSUANT TO SECTION 6(D)
(A) [Name of Operating Company] has been duly incorporated, is validly existing as a
corporation in good standing under the laws of the Federative Republic of Brazil, has the corporate
power and authority to own its property and to conduct its business as described in the Prospectus
and is duly qualified to transact business and is in good standing in each jurisdiction in which
the conduct of its business or its ownership or leasing of property requires such qualification,
except to the extent that the failure to be so qualified or be in good standing would not have a
material adverse effect on [Name of Operating Company] and its subsidiaries taken as a whole;
(B) each subsidiary of [Name of Operating Company] has been duly incorporated, is validly
existing as a corporation in good standing under the laws of the jurisdiction of its organization,
has the corporate power and authority to own its property and to conduct its business as described
in the Prospectus and is duly qualified to transact business and is in good standing in each
jurisdiction in which the conduct of its business or its ownership or leasing of property requires
such qualification, except to the extent that the failure to be so qualified or be in good standing
would not have a material adverse effect on [Name of Operating Company] and its subsidiaries taken
as a whole;
(C) each of [Name of Operating Company] and its subsidiaries (i) has all necessary licenses,
consents, authorizations, approvals, orders, certificates and permits of and from, and has made all
declarations and filings with, all [name of country] governmental, administrative or regulatory
authorities, all self-regulatory organizations and all courts and other tribunals, to own, lease,
license and use its properties and assets and to conduct its business in the manner described in or
contemplated by the Prospectus, including providing digital enhanced specialized mobile radio
services, except to the extent that the failure to obtain such consents, authorizations, approvals,
orders, certificates and permits or make such declarations and filings would not have a material
adverse effect on [Name of Operating Company] and its subsidiaries, taken as a whole and (ii) has
not received any notice of proceedings relating to the violation, revocation or modification of any
such license, consent, authorization, approval, order, certificate or permit which, singly or in
the aggregate, if the subject of an unfavorable decision, ruling or finding, would reasonably be
expected to result in a material adverse change in the condition, financial or otherwise, or in the
earnings, business or operations of [Name of Operating Company] and its subsidiaries, taken as a
whole, except as described in the Prospectus;
(D) the statements in the Prospectus under the captions “Risk Factors — We operate exclusively
in foreign markets, and our assets, customers and cash flows are concentrated in Latin America,
which presents risks to our operating and financing plans,” and in the annual report filed on Form
10-K for the year ended December 31, 2004 under “Item 1. Business — Operating Companies — Brazil —
Competition,” “Item 1. Business — Operating Companies — Brazil — Regulatory and Legal Overview”
and “Item 1. Business — Operating Companies — Brazil — Foreign Currency Controls and Dividends,”
in each case insofar as such statements constitute summaries of the Brazilian legal matters,
documents or proceedings
referred to therein, are accurate in all material respects and fairly summarize all matters
referred to therein, and there are no material omissions under such captions with respect to the
description of statutes, rules or regulations that would make the statements therein misleading;
and
(E) there are no restrictions (legal, contractual or otherwise) on the ability of [Name of
Operating Company] to declare and pay any dividends or make any payment or transfer of property or
assets to its stockholders other than those described in the Prospectus and such restrictions as
would not have a material adverse effect on the prospects, condition, financial or otherwise, or in
the earnings, business or operations of the Company and its subsidiaries, taken as a whole; and
such descriptions, if any, fairly summarize such restrictions.
X-0-0
XXXXXXX X-0
FORM OF OPINION OF CHILE COUNSEL FOR THE COMPANY,
PURSUANT TO SECTION 6(D)
PURSUANT TO SECTION 6(D)
(A) [Name of Operating Company] has been duly incorporated, is validly existing as a
corporation in good standing under the laws of Chile, has the corporate power and authority to own
its property and to conduct its business as described in the Prospectus and is duly qualified to
transact business and is in good standing in each jurisdiction in which the conduct of its business
or its ownership or leasing of property requires such qualification, except to the extent that the
failure to be so qualified or be in good standing would not have a material adverse effect on [Name
of Operating Company] and its subsidiaries taken as a whole;
(B) each subsidiary of [Name of Operating Company] has been duly incorporated, is validly
existing as a corporation in good standing under the laws of the jurisdiction of its organization,
has the corporate power and authority to own its property and to conduct its business as described
in the Prospectus and is duly qualified to transact business and is in good standing in each
jurisdiction in which the conduct of its business or its ownership or leasing of property requires
such qualification, except to the extent that the failure to be so qualified or be in good standing
would not have a material adverse effect on [Name of Operating Company] and its subsidiaries taken
as a whole;
(C) each of [Name of Operating Company] and its subsidiaries (i) has all necessary licenses,
consents, authorizations, approvals, orders, certificates and permits of and from, and has made all
declarations and filings with, all [name of country] governmental, administrative or regulatory
authorities, all self-regulatory organizations and all courts and other tribunals, to own, lease,
license and use its properties and assets and to conduct its business in the manner described in or
contemplated by the Prospectus, including providing digital enhanced specialized mobile radio
services, except to the extent that the failure to obtain such consents, authorizations, approvals,
orders, certificates and permits or make such declarations and filings would not have a material
adverse effect on [Name of Operating Company] and its subsidiaries, taken as a whole and (ii) has
not received any notice of proceedings relating to the violation, revocation or modification of any
such license, consent, authorization, approval, order, certificate or permit which, singly or in
the aggregate, if the subject of an unfavorable decision, ruling or finding, would reasonably be
expected to result in a material adverse change in the condition, financial or otherwise, or in the
earnings, business or operations of [Name of Operating Company] and its subsidiaries, taken as a
whole, except as described in the Prospectus;
(D) the statements in the Prospectus under the captions “Risk Factors — We operate exclusively
in foreign markets, and our assets, customers and cash flows are concentrated in Latin America,
which presents risks to our operating and financing plans,” and in the annual report filed on Form
10-K for the year ended December 31, 2004 under “Item 1. Business — Operating Companies — Chile —
Competition,” “Item 1. Business — Operating Companies — Chile — Regulatory and Legal Overview” and
“Item 1. Business — Operating Companies — Chile — Foreign Currency Controls and Dividends,” in
each case insofar as such statements constitute summaries of the Chilean legal matters, documents
or proceedings referred to therein, are accurate in all material respects and fairly summarize all
matters referred to
therein, and there are no material omissions under such captions with respect to the
description of statutes, rules or regulations that would make the statements therein misleading;
and
(E) there are no restrictions (legal, contractual or otherwise) on the ability of [Name of
Operating Company] to declare and pay any dividends or make any payment or transfer of property or
assets to its stockholders other than those described in the Prospectus and such restrictions as
would not have a material adverse effect on the prospects, condition, financial or otherwise, or in
the earnings, business or operations of the Company and its subsidiaries, taken as a whole; and
such descriptions, if any, fairly summarize such restrictions.
X-0-0
XXXXXXX X-0
FORM OF OPINION OF MEXICO COUNSEL FOR THE COMPANY,
PURSUANT TO SECTION 6(D)
PURSUANT TO SECTION 6(D)
(A) [Name of Operating Company] has been duly incorporated, is validly existing as a
corporation in good standing under the laws of Mexico, has the corporate power and authority to own
its property and to conduct its business as described in the Prospectus and is duly qualified to
transact business and is in good standing in each jurisdiction in which the conduct of its business
or its ownership or leasing of property requires such qualification, except to the extent that the
failure to be so qualified or be in good standing would not have a material adverse effect on [Name
of Operating Company] and its subsidiaries taken as a whole;
(B) each subsidiary of [Name of Operating Company] has been duly incorporated, is validly
existing as a corporation in good standing under the laws of the jurisdiction of its organization,
has the corporate power and authority to own its property and to conduct its business as described
in the Prospectus and is duly qualified to transact business and is in good standing in each
jurisdiction in which the conduct of its business or its ownership or leasing of property requires
such qualification, except to the extent that the failure to be so qualified or be in good standing
would not have a material adverse effect on [Name of Operating Company] and its subsidiaries taken
as a whole;
(C) each of [Name of Operating Company] and its subsidiaries (i) has all necessary licenses,
consents, authorizations, approvals, orders, certificates and permits of and from, and has made all
declarations and filings with, all [name of country] governmental, administrative or regulatory
authorities, all self-regulatory organizations and all courts and other tribunals, to own, lease,
license and use its properties and assets and to conduct its business in the manner described in or
contemplated by the Prospectus, including providing digital enhanced specialized mobile radio
services, except to the extent that the failure to obtain such consents, authorizations, approvals,
orders, certificates and permits or make such declarations and filings would not have a material
adverse effect on [Name of Operating Company] and its subsidiaries, taken as a whole and (ii) has
not received any notice of proceedings relating to the violation, revocation or modification of any
such license, consent, authorization, approval, order, certificate or permit which, singly or in
the aggregate, if the subject of an unfavorable decision, ruling or finding, would reasonably be
expected to result in a material adverse change in the condition, financial or otherwise, or in the
earnings, business or operations of [Name of Operating Company] and its subsidiaries, taken as a
whole, except as described in the Prospectus;
(D) the statements in the Prospectus under the captions “Risk Factors — We operate exclusively
in foreign markets, and our assets, customers and cash flows are concentrated in Latin America,
which presents risks to our operating and financing plans,” and in the annual report filed on Form
10-K for the year ended December 31, 2004 under “Item 1. Business — Operating Companies — Mexico —
Competition,” “Item 1. Business — Operating Companies — Mexico — Regulatory and Legal Overview,”
“Item 1. Business — Operating Companies — Mexico — Foreign Currency Controls and Dividends,” “Item
1. Business — Operating Companies — Mexico — Corporate Governance,” “Item 1. Business — Operating
Companies — Mexico — Telecom Tax of 2002,” “Item 1. Business — Operating Companies —
Mexico — Telecom Tax of 2003,” in each case insofar as such statements constitute summaries of
the Mexican legal matters, documents or proceedings referred to therein, are accurate in all
material respects and fairly summarize all matters referred to therein, and there are no material
omissions under such captions with respect to the description of statutes, rules or regulations
that would make the statements therein misleading; and
(E) there are no restrictions (legal, contractual or otherwise) on the ability of [Name of
Operating Company] to declare and pay any dividends or make any payment or transfer of property or
assets to its stockholders other than those described in the Prospectus and such restrictions as
would not have a material adverse effect on the prospects, condition, financial or otherwise, or in
the earnings, business or operations of the Company and its subsidiaries, taken as a whole; and
such descriptions, if any, fairly summarize such restrictions.
X-0-0
XXXXXXX X-0
XXXX XX XXXXXXX XX XXXX COUNSEL FOR THE COMPANY,
PURSUANT TO SECTION 6(D)
PURSUANT TO SECTION 6(D)
(A) [Name of Operating Company] has been duly incorporated, is validly existing as a
corporation in good standing under the laws of Peru, has the corporate power and authority to own
its property and to conduct its business as described in the Prospectus and is duly qualified to
transact business and is in good standing in each jurisdiction in which the conduct of its business
or its ownership or leasing of property requires such qualification, except to the extent that the
failure to be so qualified or be in good standing would not have a material adverse effect on [Name
of Operating Company] [and its subsidiaries taken as a whole];
(B) [each subsidiary of [Name of Operating Company] has been duly incorporated, is validly
existing as a corporation in good standing under the laws of the jurisdiction of its organization,
has the corporate power and authority to own its property and to conduct its business as described
in the Prospectus and is duly qualified to transact business and is in good standing in each
jurisdiction in which the conduct of its business or its ownership or leasing of property requires
such qualification, except to the extent that the failure to be so qualified or be in good standing
would not have a material adverse effect on [Name of Operating Company] and its subsidiaries taken
as a whole] [[Name of Operating Company] has no subsidiaries];
(C) each of [Name of Operating Company] [and its subsidiaries] (i) has all necessary licenses,
consents, authorizations, approvals, orders, certificates and permits of and from, and has made all
declarations and filings with, all [name of country] governmental, administrative or regulatory
authorities, all self-regulatory organizations and all courts and other tribunals, to own, lease,
license and use its properties and assets and to conduct its business in the manner described in or
contemplated by the Prospectus, including providing digital enhanced specialized mobile radio
services, except to the extent that the failure to obtain such consents, authorizations, approvals,
orders, certificates and permits or make such declarations and filings would not have a material
adverse effect on [Name of Operating Company] [and its subsidiaries, taken as a whole] and (ii) has
not received any notice of proceedings relating to the violation, revocation or modification of any
such license, consent, authorization, approval, order, certificate or permit which, singly or in
the aggregate, if the subject of an unfavorable decision, ruling or finding, would reasonably be
expected to result in a material adverse change in the condition, financial or otherwise, or in the
earnings, business or operations of [Name of Operating Company] [and its subsidiaries, taken as a
whole], except as described in the Prospectus;
(D) the statements in the Prospectus under the captions “Risk Factors — We operate exclusively
in foreign markets, and our assets, customers and cash flows are concentrated in Latin America,
which presents risks to our operating and financing plans,” and in the annual report filed on Form
10-K for the year ended December 31, 2004 under “Item 1. Business — Operating Companies — Peru —
Competition,” “Item 1. Business — Operating Companies — Peru — Regulatory and Legal Overview” and
“Item 1. Business — Operating Companies — Peru — Foreign Currency Controls and Dividends,” in each
case insofar as such statements constitute summaries of the Peruvian legal matters, documents or
proceedings
referred to therein, are accurate in all material respects and fairly summarize all matters
referred to therein, and there are no material omissions under such captions with respect to the
description of statutes, rules or regulations that would make the statements therein misleading;
and
(E) there are no restrictions (legal, contractual or otherwise) on the ability of [Name of
Operating Company] to declare and pay any dividends or make any payment or transfer of property or
assets to its stockholders other than those described in the Prospectus and such restrictions as
would not have a material adverse effect on the prospects, condition, financial or otherwise, or in
the earnings, business or operations of the Company [and its subsidiaries, taken as a whole]; and
such descriptions, if any, fairly summarize such restrictions.
B-5-2
EXHIBIT C
FORM OF OPINION OF XXXXX DAY, COUNSEL TO THE
SELLING SHAREHOLDER, PURSUANT TO SECTION 6(E)
SELLING SHAREHOLDER, PURSUANT TO SECTION 6(E)
(i) this Agreement has been duly authorized, executed and delivered by or on behalf of the
Selling Shareholder;
(ii) the execution and delivery by the Selling Shareholder of, and the performance by the
Selling Shareholder of its obligations under this Agreement will not contravene any provision of
law generally applicable to transactions of the type contemplated by this Agreement, or the
certificate of incorporation or by-laws of the Selling Shareholder, or any agreement listed on
Schedule 1 to such opinion or, to the best of such counsel’s knowledge, any judgment, order or
decree of any governmental body, agency or court having jurisdiction over the Selling Shareholder,
and no consent, approval, authorization or order of, or qualification with, any governmental body
or agency is required for the performance by the Selling Shareholder of its obligations under this
Agreement, except such as may be required by the securities or Blue Sky laws of the various states
in connection with offer and sale of the Shares; and
(iii) upon payment by the Underwriter for the Shares sold by the Selling Shareholder as
provided in this Agreement, delivery of such Shares, as directed by the Underwriter, to Cede & Co.
(“Cede”) or such other nominee as may be directed by The Depository Trust Company
(“DTC”) in the State of New York, registration of such Shares in the name of Cede or such
other nominee and the crediting of such Shares on the records of DTC to securities accounts of the
Underwriter, assuming that neither DTC nor the Underwriter has “notice of any adverse claim” (all
within the meaning of the Uniform Commercial Code, as amended and in effect in the State of New
York on the date hereof (“UCC”)) to such Shares, (a) DTC shall be a “protected purchaser”
(within the meaning of the UCC) of such Shares, (b) under § 8-501 of the UCC, the Underwriter will
acquire valid security entitlements to such Shares credited to its securities accounts and (c) no
action based on any “adverse claim” (within the meaning of the UCC) to such Shares may be asserted
against the Underwriter with respect to such security entitlements.
In rendering such opinions, Xxxxx Day may rely, with respect to factual matters and to the extent
such counsel deems appropriate, upon the representations of the Selling Shareholder contained
herein and in other documents and instruments.
EXHIBIT D
FORM OF OPINION OF XXXXX XXXX & XXXXXXXX, COUNSEL FOR THE
UNDERWRITER, PURSUANT TO SECTION 6(F)
UNDERWRITER, PURSUANT TO SECTION 6(F)
(i) this Agreement has been duly authorized, executed and delivered by the Company;
(ii) the statements relating to legal matters, documents or proceedings included in the
Prospectus under the caption “Underwriting” fairly summarize in all material respects such matters,
documents or proceedings; and
(iii) nothing has come to the attention of such counsel that causes such counsel to believe
that (A) the Registration Statement or the Prospectus (except for financial statements, notes
thereto and schedules and other financial, numerical, statistical and accounting information and
data included or incorporated by reference therein (collectively, the “Excluded Information”), as
to which such counsel need not express any belief) do not comply as to form in all material
respects with the requirements of the Securities Act and the applicable rules and regulations of
the Commission thereunder, (B) the Registration Statement as of the date hereof (except for the
Excluded Information, as to which such counsel need not express any belief) contains an untrue
statement of a material fact or omits to state a material fact required to be stated therein or
necessary to make the statements therein not misleading or (C) the Prospectus (except for the
Excluded Information, as to which such counsel need not express any belief) as of its date or as of
the Closing Date or the Option Closing Date, as the case may be, contained or contains an untrue
statement of a material fact or omitted or omits 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.
With respect to (iii) above, Xxxxx Xxxx & Xxxxxxxx may state that their beliefs are based upon
their participation in the preparation of the Registration Statement and Prospectus and any
amendments or supplements thereto and review and discussion of the contents thereof, but are
without independent check or verification, except as specified.