AS FILED WITH THE SECURITIES AND EXCHANGE COMMISSION ON DECEMBER 10, 1996
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
AMENDMENT NO. 2
TO
FORM S-3
REGISTRATION STATEMENT
UNDER
THE SECURITIES ACT OF 1933
CROWN CORK & SEAL CROWN CORK & SEAL CROWN CORK & SEAL COMPANY, INC. FINANCE PLC FINANCE (EXACT NAME OF (EXACT NAME OF (EXACT NAME OF REGISTRANT AS SPECIFIED REGISTRANT AS SPECIFIED REGISTRANT AS SPECIFIED IN ITS CHARTER) IN ITS CHARTER) IN ITS CHARTER) PENNSYLVANIA UNITED KINGDOM FRANCE (STATE OR OTHER (STATE OR OTHER (STATE OR OTHER JURISDICTION OF JURISDICTION OF JURISDICTION OF INCORPORATION OR INCORPORATION OR INCORPORATION OR ORGANIZATION) ORGANIZATION) ORGANIZATION) 23-1526444 NOT APPLICABLE NOT APPLICABLE (I.R.S. EMPLOYER (I.R.S. EMPLOYER (I.R.S. EMPLOYER IDENTIFICATION NO.) IDENTIFICATION NO.) IDENTIFICATION NO.) DOWNSVIEW ROAD LE COLISEE I WANTAGE, OXON UK RUE FRUCTIDOR 9300 ASHTON ROAD OX12 9BL PHILADELPHIA, PA 44-123-577-2929 75830 PARIS CEDEX 17, 19136 FRANCE (215) 698-5100 (ADDRESS, INCLUDING ZIP 33-1-49-18-40-00 CODE, AND TELEPHONE (ADDRESS, INCLUDING ZIP NUMBER, INCLUDING AREA CODE, AND TELEPHONE (ADDRESS, INCLUDING ZIP CODE, OF REGISTRANT'S NUMBER, INCLUDING AREA CODE, AND TELEPHONE PRINCIPAL EXECUTIVE CODE, OF REGISTRANT'S NUMBER, INCLUDING AREA OFFICES) PRINCIPAL EXECUTIVE CODE, OF REGISTRANT'S OFFICES) PRINCIPAL EXECUTIVE OFFICES) ------------- |
RICHARD L. KRZYZANOWSKI, ESQ.
CROWN CORK & SEAL COMPANY, INC.
9300 ASHTON ROAD
PHILADELPHIA, PA 19136
(215) 698-5208
(NAME, ADDRESS, INCLUDING ZIP CODE, AND TELEPHONE NUMBER, INCLUDING AREA CODE,
OF AGENT FOR SERVICE)
COPIES TO:
THOMAS A. RALPH, ESQ. JOHN W. WHITE, ESQ. WILLIAM G. LAWLOR, ESQ. CRAVATH, SWAINE & MOORE DECHERT PRICE & RHOADS 825 EIGHTH AVENUE 4000 BELL ATLANTIC TOWER, NEW YORK, NY 10019 1717 ARCH STREET (212) 474-1000 PHILADELPHIA, PA 19103-2793 (215) 994-4000 ------------- |
APPROXIMATE DATE OF COMMENCEMENT OF PROPOSED SALE TO THE PUBLIC: From time to time after the effective date of this Registration Statement as determined by market conditions.
If the only securities being registered on this Form are offered pursuant to dividend or interest reinvestment plans, please check the following box. [_]
If any of the securities being registered on this Form are to be offered on a delayed or continuous basis pursuant to Rule 415 under the Securities Act of 1933, other than securities offered only in connection with dividend or interest reinvestment plans, please check the following box. [X]
If this Form is filed to register additional securities for an offering pursuant to Rule 462(b) under the Securities Act, please check the following box and list the Securities Act registration number of the earlier effective registration statement for the same offering. [_]
If this Form is a post-effective amendment filed pursuant to Rule 462(c) under the Securities Act, check the following box and list the Securities Act registration number of the earlier effective registration statement for the same offering. [_]
If delivery of the prospectus is expected to be made pursuant to Rule 434, please check the following box. [_]
THE REGISTRANTS HEREBY AMEND THIS REGISTRATION STATEMENT ON SUCH DATE OR
DATES AS MAY BE NECESSARY TO DELAY ITS EFFECTIVE DATE UNTIL THE REGISTRANTS
SHALL FILE A FURTHER AMENDMENT WHICH SPECIFICALLY STATES THAT THIS
REGISTRATION STATEMENT SHALL THEREAFTER BECOME EFFECTIVE IN ACCORDANCE WITH
SECTION 8(A) OF THE SECURITIES ACT OF 1933 OR UNTIL THE REGISTRATION STATEMENT
SHALL BECOME EFFECTIVE ON SUCH DATE AS THE COMMISSION, ACTING PURSUANT TO SAID
SECTION 8(A), MAY DETERMINE.
This Registration Statement, as amended, also constitutes Post-Effective Amendment No. 1 to Registration Statement No. 33-56965 of Crown Cork & Seal Company, Inc., which was declared effective on January 9, 1995. Such Post- Effective Amendment shall hereafter become effective concurrently with the effectiveness of this Registration Statement and in accordance with Section 8(c) of the Securities Act. Pursuant to Rule 429 under the Securities Act, the Prospectus filed as part of this Registration Statement also constitutes a Prospectus for Registration Statement No. 33-56965. The $200,000,000 in Debt Securities remaining unsold from Registration Statement No. 33-56965 will be combined with the $1,300,000,000 aggregate amount of Debt Securities to be registered pursuant to this Registration Statement to enable the Registrants to offer an aggregate amount of $1,500,000,000 pursuant to the combined Prospectus; provided that $200,000,000 of Debt Securities may be offered only by Crown Cork & Seal Company, Inc.
PART II
INFORMATION NOT REQUIRED IN PROSPECTUS
ITEM 14. OTHER EXPENSES OF ISSUANCE AND DISTRIBUTION
The following table sets forth the expenses of issuance and distribution estimated* to be incurred in connection with the issuance and distribution of the securities registered hereby, other than underwriting discounts and commissions:
SEC registration fee............................................. $393,939 Rating agencies' fees............................................ 330,000 Trustee's fees................................................... 90,000 Printing expenses................................................ 150,000 Legal fees and expenses.......................................... 125,000 Accountants' fees and expenses................................... 25,000 Blue Sky fees and expenses....................................... 0 Miscellaneous.................................................... 50,000 ---------- Total.......................................................... $1,163,939 |
ITEM 15. INDEMNIFICATION OF DIRECTORS AND OFFICERS
Under the Pennsylvania Business Corporation Law of 1988, as amended (the "PBCL"), Pennsylvania corporations, such as Crown Cork & Seal Company, Inc. (the "Company"), have the power to indemnify any person acting as a representative of the corporation against liabilities incurred in such capacity provided certain standards are met, including good faith and the belief that the particular action or failure to take action is in the best interests of the corporation. In general, this power to indemnify does not exist in the case of actions against any person by or in the right of the corporation if the person otherwise entitled to indemnification shall have been adjudged to be liable to the corporation unless a court determines that despite the adjudication of liability but in view of all the circumstances of the case, the person is fairly and reasonably entitled to indemnity for expenses that the court deems proper. A corporation is required to indemnify representatives of the corporation against expenses they may incur in defending actions against them in such capacities if they are successful on the merits or otherwise in the defense of such actions. In all other cases, if a representative of the corporation acted, or failed to act, in good faith and in a manner he or she reasonably believed to be in or not opposed to the best interests of the corporation, indemnification is discretionary, except as may be otherwise provided by a corporation's bylaws, agreement, vote of shareholders or disinterested directors or otherwise. Indemnification so otherwise provided may not, however, be made if the act or failure to act giving rise to the claim for indemnification is determined by a court to have constituted willful misconduct or recklessness. Expenses (including attorney's fees) incurred in defending any such action may be paid by the corporation in advance of the final disposition of the action upon receipt of an undertaking by or on behalf of the representative to repay the amount if it is ultimately determined that he or she is not entitled to be indemnified by the corporation.
Section 1746 of the PBCL provides that the foregoing provisions shall not be deemed exclusive of any other rights to which a person seeking indemnification may be entitled under, among other things, any bylaw provision, provided that no indemnification may be made in any case where the act or failure to act giving rise to the claim for indemnification is determined by a court to have constituted willful misconduct or recklessness.
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The Company's Bylaws provide that the Company shall indemnify to the fullest extent permitted by applicable law any person who was or is a party or is threatened to be made a party to or is otherwise involved in any threatened, pending or completed action, suit or proceeding by reason of the fact that such person is or was a director or officer of the Company, against all liability, loss and expense (including attorney's fees and amounts paid in settlement) actually and reasonably incurred by such person in connection with such proceeding, whether or not the indemnified liability arises or arose from any proceeding by or in the right of the Company. The Company's Bylaws also provide that expenses incurred by a director or officer in defending (or acting as a witness in) a proceeding may (and, following a "change in control of the Company" shall) be paid by the Company in advance of the final disposition of such proceeding, subject to the provisions of applicable law, upon receipt of an undertaking by or on behalf of the director or officer to repay such amount if it shall ultimately be determined that such person is not entitled to be indemnified by the Company under applicable law. Additionally, the Company's Bylaws limit directors' personal liability for monetary damages for any action taken, or any failure to take any action, unless (1) the director has breached or failed to perform the duties of his or her office under the PBCL's standard of care and justifiable reliance provisions and (2) the breach or failure to perform constitutes self-dealing, willful misconduct or recklessness. However, these provisions do not apply to the responsibility or liability of a director pursuant to any criminal statute or for the payment of taxes pursuant to local, state or federal law. The Company has purchased directors and officers' liability insurance covering certain liabilities which may be incurred by the officers and directors of the Registrant in connection with the performance of their duties.
The above provisions of the Company's Bylaws provide for indemnification of (but not advancement of expenses to) directors and officers of subsidiaries of the Company, such as Crown Cork & Seal Finance PLC and Crown Cork & Seal Finance S.A., to the same extent as directors and officers of the Company. In addition, the Articles of Association of Crown Cork & Seal Finance PLC provide that, subject to applicable law, every director and officer shall be entitled to be indemnified out of its assets against all costs, charges, losses, expenses and liabilities incurred or sustained by him in the execution and discharge of his duties or otherwise in relation thereto. With respect to Crown Cork & Seal Finance S.A., French company law does not allow companies to indemnify directors and officers (directeurs generaux) in their capacity as directors and officers, respectively.
ITEM 16. EXHIBITS
The Exhibit Index appearing on page II-9 is hereby incorporated by reference.
ITEM 17. UNDERTAKINGS
The undersigned Registrants hereby undertake:
(1) (a) To file, during any period in which offers or sales are being made, a post-effective amendment to this registration statement;
(i) To include any prospectus required by Section 10(a)(3) of the Securities Act of 1933;
(ii) To reflect in the prospectus any facts or events arising after the effective date of the registration statement (or the most recent post-effective amendment thereof) which, individually or in the aggregate, represent a fundamental change in the information set forth in the registration statement. Notwithstanding the foregoing, any increase or decrease in volume of securities offered (if the total dollar value of securities offered would not exceed that which was registered) and any deviation from the low or high end of the estimated maximum offering range may be reflected in the form of prospectus filed with the Commission pursuant to Rule 424(b) if, in the aggregate, the changes in volume and price represent no more than a 20% change in the maximum aggregate offering price set forth in the "Calculation of Registration Fee" table in the effective registration statement.
(iii) To include any material information with respect to the plan of distribution not previously disclosed in this Registration Statement or any material change to such information in this Registration Statement;
provided, however, that the undertakings set forth in paragraphs (i) and
(ii) above do not apply if the information required to be included in a
post-effective amendment by those paragraphs is contained in periodic
reports filed by the Registrants pursuant to section 13 or section 15(d) of
the Securities Exchange Act of 1934 that are incorporated by reference in
this Registration Statement.
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(b) That, for the purpose of determining any liability under the Securities Act of 1933, each such post-effective amendment shall be deemed to be a new Registration Statement relating to the securities offered herein, and the offering of such securities at that time shall be deemed to be the initial bona fide offering thereof.
(c) To remove from registration by means of a post-effective amendment any of the securities being registered which remain unsold at the termination of the offering.
(d) If the registrant is a foreign private issuer, to file a post- effective amendment to the registration statement to include any financial statements required by Rule 3-19 of Regulation S-X at the start of any delayed offering or throughout a continuous offing. Financial statements and information otherwise required by Section 10(a)(3) of the Act need not be furnished, provided that the registrant includes in the prospectus, by means of a post-effective amendment, financial statements required pursuant to this paragraph (a)(4) and other information necessary to ensure that all other information in the prospectus is at least as current as the date of those financial statements. Notwithstanding the foregoing, with respect to registration statements on Form F-3, a post-effective amendment need not be filed to include financial statements and information required by Section 10(a)(3) of the Act or Rule 3-19 of Regulation S-X if such financial statements and information are contained in periodic reports filed with or furnished to the Commission by the registrant pursuant to section 13 or section 15(d) of the Securities Exchange Act of 1934 that are incorporated by reference in the Form F-3.
(2) For purposes of determining any liability under the Securities Act of 1933, each filing of the Company's annual report pursuant to Section 13(a) or Section 15(d) of the Securities Exchange Act of 1934 (and, where applicable, each filing of an employee benefit plan's annual report pursuant to Section 15(d) of the Securities Exchange Act of 1934) that is incorporated by reference in the registration statement shall be deemed to be a new registration statement relating to the securities offered therein, and the offering of such securities at that time shall be deemed to be the initial bona fide offering thereof.
(3) Insofar as indemnification for liabilities arising under the Securities Act of 1933 may be permitted to directors, officers and controlling persons of the Registrants pursuant to the foregoing provisions described in Item 15 above, the Registrants have been informed that in the opinion of the Commission such indemnification is against public policy as expressed in the Securities Act of 1933 and is, therefore, unenforceable. In the event that a claim for indemnification against such liabilities (other than the payment by the Registrants of expenses incurred or paid by a director, officer, or controlling person of the Registrants in the successful defense of any action, suit or proceeding) is asserted by such director, officer or controlling person in connection with the securities being registered, the Registrants will, unless in the opinion of its counsel the matter has been settled by controlling precedent, submit to a court of appropriate jurisdiction the question whether such indemnification by it is against public policy as expressed in the Securities Act of 1933 and will be governed by the final adjudication of such issue.
(4)(a) For purposes of determining any liability under the Securities Act
of 1933, the information omitted from the form of prospectus filed as part
of this registration statement in reliance upon Rule 430A and contained in
a form of prospectus filed by the registrant pursuant to Rule 424(b)(1) or
(4) or 497(h) under the Securities Act shall be deemed to be part of this
registration statement as of the time it was declared effective.
(b) For the purpose of determining any liability under the Securities Act of 1933, each post-effective amendment that contains a form of prospectus shall be deemed to be a new registration statement relating to the securities offered therein, and the offering of such securities at that time shall be deemed to be the initial bona fide offering thereof.
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SIGNATURES
Pursuant to the requirements of the Securities Act of 1933, the Registrant indicated below certifies that it has reasonable grounds to believe that it meets all of the requirements for filing on Form S-3 and has duly caused this Registration Statement to be signed on its behalf by the undersigned, thereunto duly authorized, in the City of Philadelphia, Commonwealth of Pennsylvania, on December 10, 1996.
Crown Cork & Seal Company, Inc.
/s/ William J. Avery By: ---------------------------------- Name: William J. Avery Title: Chairman of the Board and Chief Executive Officer |
Pursuant to the requirements of the Securities Act of 1933, this Registration Statement has been signed by the following persons in the capacities indicated on December 10, 1996.
SIGNATURES TITLE /s/ William J. Avery Chairman of the - ------------------------------------ WILLIAM J. AVERY Board and Chief Executive Officer (Principal Executive Officer) /s/ Alan W. Rutherford Executive Vice - ------------------------------------ ALAN W. RUTHERFORD President, Chief Financial Officer and Director (Principal Financial Officer) /s/ Timothy J. Donahue Vice President and - ------------------------------------ TIMOTHY J. DONAHUE Controller (Principal Accounting Officer) * Director - ------------------------------------ HENRY E. BUTWEL Director * - ------------------------------------ CHARLES F. CASEY |
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SIGNATURES TITLE Director * - ------------------------------------ FRANCIS X. DALTON Director * - ------------------------------------ GUY DE WOUTERS Director * - ------------------------------------ CHESTER C. HILINSKI Director * - ------------------------------------ RICHARD L. KRZYZANOWSKI Director * - ------------------------------------ JOSEPHINE C. MANDEVILLE Director * - ------------------------------------ MICHAEL J. MCKENNA Director * - ------------------------------------ FELIX G. ROHATYN Director * - ------------------------------------ JEAN-PIERRE ROSSO Director * - ------------------------------------ J. DOUGLASS SCOTT Director * - ------------------------------------ ERNEST-ANTOINE SEILLIERE |
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SIGNATURES
TITLE
/s/ William J. Avery *By: _______________________________ WILLIAM J. AVERY ATTORNEY-IN-FACT |
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SIGNATURES
Pursuant to the requirements of the Securities Act of 1933, the Registrant indicated below certifies that it has reasonable grounds to believe that it meets all of the requirements for filing on Form S-3 and has duly caused this Registration Statement to be signed on its behalf by the undersigned, thereunto duly authorized, in the City of Philadelphia, Commonwealth of Pennsylvania, on December 10, 1996.
Crown Cork & Seal Finance PLC
By: /s/ Alan W. Rutherford ---------------------------------- Name: Alan W. Rutherford Title: Managing Director |
Pursuant to the requirements of the Securities Act of 1933, this Registration Statement has been signed by the following persons in the capacities indicated on December 10, 1996.
SIGNATURES
TITLE
/s/ Alan W. Rutherford Managing Director - ------------------------------------ (Principal ALAN W. RUTHERFORD Executive, Financial and Accounting Officer) /s/ Craig R.L. Calle Director - ------------------------------------ CRAIG R.L. CALLE Authorized Representative Crown Cork & Seal Company, Inc. in the United States By: /s/ Alan W. Rutherford -------------------------------- Name: Alan W. Rutherford Title: Executive Vice President and Chief Financial Officer |
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SIGNATURES
Pursuant to the requirements of the Securities Act of 1933, the Registrant indicated below certifies that it has reasonable grounds to believe that it meets all of the requirements for filing on Form S-3 and has duly caused this Registration Statement to be signed on its behalf by the undersigned, thereunto duly authorized, in the City of Paris, Republic of France, on December 10, 1996.
Crown Cork & Seal Finance S.A.
By: /s/ Bernard Rolley ----------------------------------- Name: Bernard Rolley Title: Chairman and Chief Executive Officer |
Pursuant to the requirements of the Securities Act of 1933, this Registration Statement has been signed by the following persons in the capacities indicated on December 10, 1996.
SIGNATURES
TITLE
/s/ Bernard Rolley Chairman and Chief - ------------------------------------ Executive Officer BERNARD ROLLEY (Principal Executive Officer) /s/ Alan W. Rutherford Chief Financial Officer - ------------------------------------ and Director (Principal ALAN W. RUTHERFORD Financial and Accounting Officer) /s/ Peter Collier Director - ------------------------------------ PETER COLLIER /s/ Timothy J. Donahue Director - ------------------------------------ TIMOTHY J. DONAHUE Crown Cork & Seal Company, Inc. Authorized Representative in the United States By: /s/ Alan W. Rutherford --------------------------------- Name: Alan W. Rutherford Title: Executive Vice President and Chief Financial Officer |
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INDEX TO EXHIBITS
EXHIBIT SEQUENTIALLY NUMBER DESCRIPTION NUMBERED PAGE ------- ----------- ------------- 1.1 Form of Underwriting Agreement. 4.1 Form of Indenture, including form of Debt Security.* 4.2 Form of Bearer Security Depositary Agreement. 5.1 Opinion of Dechert Price & Rhoads. 5.2 Opinion of Titmuss Sainer Dechert. 5.3 Opinion of Jeantet et Associes. 12.1 Computation of Ratio of Earnings to Fixed Charges.* 23.1 Consent of Price Waterhouse LLP.* 23.2 Consent of Arthur Andersen LLP, Befec-Price Waterhouse, Claude Chevalier and Salustro Reydel.* 23.3 Consent of Dechert Price & Rhoads (included in Exhibit 5.1). 23.4 Consent of Titmuss Sainer Dechert (included in Exhibit 5.2). 23.5 Consent of Jeantet & Associes (included in Exhibit 5.3). 24.1 Powers of Attorney.* 25.1 Form T-1 Statement of Eligibility and Qualification of The Bank of New York, as Trustee, under the Trust Indenture Act of 1939, as amended.* |
* Previously filed.
Exhibit 1.1
CROWN CORK & SEAL COMPANY, INC.
CROWN CORK & SEAL FINANCE PLC
CROWN CORK & SEAL FINANCE S.A.
Debt Securities
The Registered Securities involved in any such offering are hereinafter referred to as the "Securities". The Issuer offering the Securities is hereinafter referred to as the "Company". The firm or firms which agree to purchase the Securities are hereinafter referred to as the
(a) Each of the Company and the Guarantor meets the requirements for
the use of Form S-3 under the Securities Act of 1933, as amended (the "Act") and
a registration statement (No. 333-16869) on such form, including a prospectus,
relating to the Registered Securities has been filed with the Securities and
Exchange Commission (the "Commission") and has become effective. Pursuant to
Rule 429 under the Act, the prospectus also relates to securities registered
under a prior registration statement of Crown (No. 33-56965). The registration
statement referred to in the first sentence of this Section 2(a), as amended at
the time of any Terms Agreement referred to in Section 3, is hereinafter
referred to as the "Registration Statement", and the prospectus included in such
Registration Statement, as supplemented as contemplated by Section 3 to reflect
the terms of the Securities and the terms of offering thereof, as first filed
with the Commission pursuant to and in accordance with Rule 424(b) ("Rule
424(b)") under the Act, including all material incorporated by reference
therein, is hereinafter referred to as the "Prospectus".
(b) On the effective date of the registration statement relating to the Registered Securities, such registration statement conformed in all material respects to the requirements of the Act, the Trust Indenture Act of 1939, as amended (the "Trust Indenture Act"), and the rules and regulations of the Commission thereunder (the "Rules and Regulations"), as amended and did not include any untrue
statement of a material fact or omit to state any material fact required to be stated therein or necessary to make the statements therein not misleading, and on the date of each Terms Agreement referred to in Section 3, the Registration Statement and the Prospectus will conform in all material respects to the requirements of the Act, the Trust Indenture Act and the Rules and Regulations, and neither of such documents will include any untrue statement of a material fact or omit to state any material fact required to be stated therein or necessary to make the statements therein not misleading, except that the foregoing does not apply to statements in or omissions from any of such documents based upon written information furnished to any of the Issuers by any Underwriter through the Representatives, if any, specifically for use therein.
Closing Date will be in definitive fully registered form, in such denominations and registered in such names as the Underwriters may request. Securities of Crown UK delivered to the Underwriters on the Closing Date will be in bearer form, in such denominations as the Underwriters may request, unless otherwise provided in the Terms Agreement.
If the Terms Agreement provides for sale of Securities pursuant to delayed delivery contracts, the Company and the Guarantor authorize the Underwriters to solicit offers to purchase Securities pursuant to delayed delivery contracts substantially in the form of Annex 1 attached hereto ("Delayed Delivery Contracts") with such changes therein as the Company and the Guarantor may authorize or approve. Delayed Delivery Contracts are to be with institutional investors including commercial and savings banks, insurance companies, pension funds, investment companies and educational and charitable institutions. On the Closing Date the Company or the Guarantor, as the case may be, will pay, as compensation, to the Representatives for the accounts of the Underwriters, the fee set forth in such Terms Agreement in respect of the principal amount of Securities to be sold pursuant to Delayed Delivery Contracts (the "Contract Securities"). The Underwriters will not have any responsibility in respect of the validity or the performance of Delayed Delivery Contracts. If the Company and the Guarantor execute and deliver Delayed Delivery Contracts, the Contract Securities will be deducted from the Securities to be purchased by the several Underwriters and the aggregate principal amount of Securities to be purchased by each Underwriter will be reduced pro rata in proportion to the principal amount of Securities set forth opposite each Underwriter's name in such Terms Agreement, except to the extent that the Representatives determine that such reduction shall be otherwise than pro rata and so advise the Company and the Guarantor. The Company and the Guarantor will advise the Representatives not later than the business day prior to the Closing Date of the principal amount of Contract Securities.
Guarantor, jointly and severally, agrees with the several Underwriters that, in connection with each offering of Securities:
(a) The Company will file the Prospectus with the Commission pursuant to and in accordance with Rule 424(b)(2) (or, if applicable and if consented to by the Representatives, subparagraph (5)) not later than the second business day following the execution and delivery of the Terms Agreement.
(b) The Company and the Guarantor will advise the Representatives promptly of any proposal to amend or supplement the Registration Statement or the Prospectus and will not, unless legally required to do so, effect such amendment or supplementation without the Representatives' consent; and the Company and the Guarantor will also advise the Representatives promptly of the filing of any such amendment or supplementation of the Registration Statement or the Prospectus and of the institution by the Commission of any stop order proceedings in respect of the Registration Statement and will use its best efforts to prevent the issuance of any such stop order and to obtain as soon as possible its lifting, if issued.
(c) If, at any time when a prospectus relating to the Securities is required to be delivered under the Act, any event occurs as a result of which the Prospectus as then amended or supplemented would include an untrue statement of a material fact or omit to state any material fact necessary to make the statements therein, in the light of the circumstances under which they were made, not misleading, or if it is necessary at any time to amend the Registration Statement or the Prospectus to comply with the Act, the Company and the Guarantor promptly will prepare and file with the Commission an amendment or supplement which will correct such statement or omission or an amendment which will effect such compliance. Neither the Representatives' consent to, nor the Underwriters' delivery of, any such amendment or supplement shall constitute a waiver of any of the conditions set forth in Section 5.
(d) As soon as practicable, but not later than 16 months after the date of each Terms Agreement, Crown will make generally available to its securityholders an earnings statement covering a period of at least 12 months beginning after the later of (i) the effective date of the registration statement relating to the Registered
Securities, (ii) the effective date of the most recent post-effective amendment to the Registration Statement to become effective prior to the date of such Terms Agreement and (iii) the date of Crown's most recent Annual Report on Form 10-K filed with the Commission prior to the date of such Terms Agreement, which earnings statement will satisfy the provisions of Section 11(a) of the Act.
(e) The Company and the Guarantor will furnish to the Representatives copies of the Registration Statement, including all exhibits, and so long as delivery of a prospectus by an Underwriter or dealer may be required by the Act, any related preliminary prospectus, any related preliminary prospectus supplement, the Prospectus and all amendments and supplements to such documents, in each case as soon as available and in such quantities as are reasonably requested.
(f) The Company and the Guarantor will arrange for the qualification of the Securities for sale and the determination of their eligibility for investment under the laws of such jurisdictions as the Representatives designate and will continue such qualifications in effect so long as required for the distribution of the Securities.
(g) During the period of five years after the date of any Terms Agreement, Crown will furnish to the Representatives and, upon request, to each of the other Underwriters, if any, as soon as practicable after the end of each fiscal year, a copy of its annual report to stockholders for such year; and Crown will furnish to the Representatives (i) as soon as available, a copy of each report or definitive proxy statement of Crown filed with the Commission under the Exchange Act, or mailed to stockholders, and (ii) from time to time, such other information concerning Crown as the Representatives may reasonably request.
(h) Each of the Company and the Guarantor, jointly and severally, will pay all expenses incident to the performance of their obligations under this Agreement and will reimburse the Underwriters for any reasonable expenses (including reasonable fees and disbursements of counsel) incurred by them in connection with qualification of the Registered Securities for sale and determination of their eligibility for investment under the laws of such jurisdictions as the Representatives may designate and the printing of memoranda relating thereto, for any fees charged
by investment rating agencies for the rating of the Securities, for the filing fee of the National Association of Securities Dealers, Inc. relating to the Registered Securities, if applicable, and for expenses incurred in distributing the Prospectus, any preliminary prospectuses and any preliminary prospectus supplements to Underwriters.
(i) For a period beginning at the time of execution of the Terms Agreement and ending 10 days after the Closing Date, without the prior consent of the Representatives, the Company and the Guarantor will not offer, sell, contract to sell or otherwise dispose of any debt securities (other than the Securities) issued or guaranteed by the Company or the Guarantor and having a maturity of more than one year from the date of issue.
(a) Unless otherwise provided in the Terms Agreement, on the date of the Terms Agreement and at the Closing Date, the Representatives shall have received letters, dated respectively as of the date of the Terms Agreement and as of the Closing Date, of Price Waterhouse, confirming that they are independent certified public accountants with respect to Crown and its subsidiaries within the meaning of the Act and the applicable published Rules and Regulations thereunder and stating in effect that:
(i) In their opinion, the financial statements and any supplementary financial information and schedules audited by them and included or incorporated by reference in the Prospectus and the Registration Statement comply as to form in all material respects with the applicable accounting requirements of the Act and the Rules and Regulations; and, if applicable, they have made a review in accordance with standards established by the American Institute of Certified Public Accountants of the unaudited consolidated interim financial statements, selected financial data,
pro forma financial information, and/or condensed financial statements derived from audited financial statements of Crown for the periods specified in such letters, as indicated in their reports attached to such letters, copies of which have been furnished to the Underwriters;
(ii) On the basis of limited procedures, not constituting an audit in accordance with U.S. GAAP, consisting of a reading of the unaudited financial statements and other information referred to below, a reading of the latest available interim financial statements of Crown and its subsidiaries, inspection of the minute books of the Board of Directors and the committees thereof of Crown and its subsidiaries since the date of the latest audited financial statements included in the Prospectus, inquiries of officials of Crown and its subsidiaries responsible for financial and accounting matters and such other inquiries and procedures as may be specified in such letter, nothing came to their attention that caused them to believe that:
(A) the unaudited consolidated balance sheets and statements of income, cash flows and stockholders' equity included or incorporated by reference in the Prospectus do not comply as to form in all material respects with the applicable accounting requirements of the Act and the related published Rules and Regulations, or are not in conformity with U.S. GAAP applied on a basis substantially consistent with the basis for the audited consolidated balance sheets and statements of income, cash flows and stockholders' equity included or incorporated by reference in the Prospectus;
(B) any other unaudited income statement or cash flow statement data and balance sheet items included in the Prospectus do not agree with the corresponding items in the unaudited consolidated financial statements from which such data and items were derived, and any such unaudited data and items were not determined on a basis substantially consistent with the basis for the corresponding amounts in the audited consolidated financial statements included or incorporated by reference in the Prospectus;
(C) the unaudited financial statements which were not included in the Prospectus but from which were derived any unaudited condensed financial statements referred to in paragraph (A) and any unaudited income statement or cash flow statement data and balance sheet items included in the Prospectus and referred to in paragraph (B) were not determined on a basis substantially consistent with the basis for the audited consolidated financial statements included or incorporated by reference in the Prospectus;
(D) any unaudited pro forma consolidated condensed financial statements included or incorporated by reference in the Prospectus do not comply as to form in all material respects with the applicable accounting requirements of the Act and the Rules and Regulations or the pro forma adjustments have not been properly applied to the historical amounts in the compilation of those statements;
(E) as of a specified date not more than five days prior to the date of such letter, there have been any changes in the consolidated capital stock or minority interest in consolidated subsidiaries or any increase in the consolidated long-term debt of Crown and its subsidiaries, or any decreases in consolidated net current assets, net assets or stockholders' equity, or any changes in any other items specified by the Underwriters, in each case as compared with amounts shown in the latest balance sheet included or incorporated by reference in the Prospectus, except in each case for changes, increases or decreases which the Prospectus discloses have occurred or may occur or which are described in such letter;
(F) for the period from the date of the latest financial statements included or incorporated by reference in the Prospectus to the specified date referred to in paragraph (E) there were any decreases in consolidated net sales, operating income or income before minority interest, or the total or per share amounts of consolidated net income, or any changes in any other items specified by the Underwriters, in each case as compared with the comparable period of
the
preceding year and with any other period of corresponding length specified by the Underwriters, except in each case for decreases or increases which the Prospectus discloses have occurred or may occur and which are described in such letter; and
(iii) In addition to the audit referred to in their report(s) included or incorporated by reference in the Prospectus and the limited procedures, inspection of minute books, inquiries and other procedures referred to in paragraphs (i) and (ii) above, they have carried out certain specified procedures, not constituting an audit in accordance with U.S. GAAP standards, with respect to certain amounts, percentages and financial information specified by the Underwriters, which are derived from the general accounting records of Crown and its subsidiaries, which appear in the Prospectus, or in Part II of, or in exhibits and schedules to, the Registration Statement specified by the Representatives, and have compared certain of such amounts, percentages and financial information with the accounting records of Crown and its subsidiaries and have found them to be in agreement.
References to the Prospectus in this paragraph (a) include any supplement thereto at the date of the letter.
(b) Unless otherwise provided in the Terms Agreement, on the date of the Terms Agreement and at the Closing Date, the Representatives shall have received letters, dated respectively as of the date of the Terms Agreement and as of the Closing Date, of Befec-Price Waterhouse, confirming that they are independent certified public accountants with respect to CarnaudMetalbox, a societe anonyme organized under the laws of the Republic of France and a wholly- owned subsidiary of Crown ("CarnaudMetalbox"), and its subsidiaries within the meaning
of the Act and the applicable published Rules and Regulations thereunder and stating in effect that:
(i) In their opinion, the financial statements and any supplementary financial information and schedules audited by them and included or incorporated by reference in the Prospectus and the Registration Statement comply as to form in all material respects with the applicable accounting requirements of the Act and the Rules and Regulations; and, if applicable, they have made a review in accordance with standards established by the American Institute of Certified Public Accountants of the unaudited consolidated interim financial statements, selected financial data, pro forma financial information, and/or condensed financial statements derived from audited financial statements of CarnaudMetalbox for the periods specified in such letter, as indicated in their reports attached to such letters, copies of which have been furnished to the Underwriters;
(ii) In addition to the audit referred to in their report(s) included or incorporated by reference in the Prospectus and the limited procedures, inspection of minute books, inquiries and other procedures referred to in paragraph (i) above, they have carried out certain specified procedures, not constituting an audit in accordance with U.S. GAAP standards, with respect to certain amounts, percentages and financial information specified by the Underwriters, which are derived from the general accounting records of CarnaudMetalbox and its subsidiaries, which appear in the Prospectus, or in Part II of, or in exhibits and schedules to, the Registration Statement specified by the Representatives, and have compared certain of such amounts, percentages and financial information with the accounting records of CarnaudMetalbox and its subsidiaries and have found them to be in agreement.
References to the Prospectus in this paragraph (b) include any supplement thereto at the date of the letter.
(c) The Prospectus shall have been filed with the Commission in accordance with the Rules and Regulations and Section 4(a) of this Agreement. No stop order suspending the effectiveness of the Registration Statement or of any part thereof shall have been issued and no proceedings for that purpose shall have been instituted or, to the knowledge
of the Company, the Guarantor or any Underwriter, shall be contemplated by the Commission.
(d) At any time before payment is made to the Company, there shall not have occurred (i) a change in U.S. or international financial, political or economic conditions or currency exchange rates for the U.S. dollar or exchange controls of the U.S. dollar and other applicable currencies as would, in the judgment of the Underwriters, in their view be likely to prejudice materially the success of the proposed issue, sale or distribution of the Securities, whether in the primary market or in respect of dealings in the secondary market, or (ii) subsequent to the execution and delivery of the Terms Agreement, (A) any change, or any development involving a prospective change, in or affecting particularly the business or properties of the Company or the Guarantor or their subsidiaries which, in the judgment of the Underwriters, materially impairs the investment quality of the Securities; (B) any downgrading in the rating of Crown's debt securities by any "nationally recognized statistical rating organization" (as defined for purposes of Rule 436(g) under the Act), or any public announcement that any such organization has under surveillance or review its rating of any of Crown's debt securities (other than an announcement of a possible upgrading, with no implication of a possible downgrading, of such rating); (C) any suspension or material limitation of trading in securities generally on the New York Stock Exchange, or any setting of minimum prices for trading on such Exchange, or any suspension of trading of any securities of Crown on any exchange or in the over-the-counter market; (D) any banking moratorium declared by the United States Federal or New York authorities; or (E) any outbreak or escalation of major hostilities in which the United States is involved, any declaration of war by the United States Congress or any other substantial national or international calamity or emergency if, in the judgment of the Underwriters, the effect of any such outbreak, escalation, declaration, calamity or emergency makes it impractical or inadvisable to proceed with completion of the sale of and payment for the Securities.
(e) The Underwriters shall have received an opinion, dated the Closing Date, of Dechert Price & Rhoads,
counsel for the Company and the Guarantor, subject to such assumptions, limitations and qualifications as may be reasonably acceptable to the Underwriters, to the effect that:
(i) Crown has been duly incorporated and is validly existing and in good standing under the laws of the Commonwealth of Pennsylvania, with corporate power and authority necessary to own or hold its properties and to conduct the business in which it is engaged as described in the Prospectus;
(ii) the Indenture has been duly authorized, executed and delivered by Crown and has been duly qualified under the Trust Indenture Act; the Securities of Crown have been duly authorized by Crown; any Securities of Crown other than any Contract Securities have been duly executed, issued and delivered by Crown; the Indenture, assuming due authorization, execution and delivery by the Trustee and the Subsidiary Issuers, constitutes, and the Securities of Crown other than any Contract Securities, when authenticated by the Trustee and sold pursuant to the Underwriting Agreement, will constitute, and any Contract Securities of Crown, when duly executed, authenticated, issued and delivered in the manner provided in the Indenture and sold pursuant to Delayed Delivery Contracts, will constitute, valid and legally binding obligations of Crown and the Guarantor enforceable in accordance with their terms, subject to bankruptcy, insolvency, fraudulent transfer, reorganization, moratorium and similar laws of general applicability relating to or affecting creditors' rights and to general equity principles (including, without limitation, concepts of materiality, reasonableness, good faith and fair dealing, and other similar doctrines affecting the legality and binding nature of obligations or agreements generally) and subject to public policy limitations with respect to any indemnification relating to securities laws called for thereunder; and the Securities other than any Contract Securities conform, and any Contract Securities, when so issued and delivered and sold, will conform, in all material respects to the description thereof contained in the Prospectus (subject to the matters discussed in the proviso to paragraph (ix));
(iii) the Bearer Security Depositary Agreement has been duly authorized, executed and delivered by Crown,
and, assuming due authorization, execution and delivery by the Bearer Security Depositary and Crown UK, constitutes a valid and legally binding obligation of Crown enforceable in accordance with its terms, subject to bankruptcy, insolvency, fraudulent transfer, reorganization, moratorium and similar laws of general applicability relating to or affecting creditors' rights and to general equity principles (including, without limitation, concepts of materiality, reasonableness, good faith and fair dealing, and other similar doctrines affecting the legality and binding nature of obligations or agreements generally) and subject to public policy limitations with respect to any indemnification relating to securities laws called for thereunder;
(iv) the Guarantees have been duly authorized, executed and delivered by the Guarantor, and constitute valid and legally binding obligations of the Guarantor enforceable in accordance with their terms, subject to bankruptcy, insolvency, fraudulent transfer, reorganization, moratorium and similar laws of general applicability relating to or affecting creditors' rights and to general equity principles (including, without limitation, concepts of materiality, reasonableness, good faith and fair dealing, and other similar doctrines affecting the legality and binding nature of obligations or agreements generally);
(v) no consent, approval, authorization or other action by or filing with any Pennsylvania, New York or United States Federal governmental agency or body or Pennsylvania, New York or United States Federal court having jurisdiction over the Company or the Guarantor is required to be obtained by the Company or the Guarantor in connection with the execution and delivery of the Terms Agreement (including the provisions of this Agreement) by the Company and the Guarantor or the consummation of the transactions contemplated by the Terms Agreement (including the provisions of this Agreement), except such as have been obtained and made under the Act, the Exchange Act and the Trust Indenture Act and, in each case, the rules and regulations thereunder, and such as may be required pursuant to the undertaking in clause (3) of Item 17 of the
Registration Statement and under foreign and state securities laws and blue sky laws, as to which such counsel need not express an opinion;
(vi) the execution, delivery and performance by the Issuers (assuming
due execution and delivery by the Subsidiary Issuers) and the Guarantor of
the Indenture, the execution, delivery and performance by the Company
(assuming due execution and delivery by any applicable Subsidiary Issuer)
and the Guarantor of the Terms Agreement (including the provisions of this
Agreement) and any Delayed Delivery Contracts and the issuance and sale of
the Securities contemplated by the Terms Agreement (including the
provisions of this Agreement) do not (a) conflict with or result in a
violation of any of the provisions of the Articles of Incorporation or By-
laws of Crown, (b) conflict with or violate in any material respect any
Pennsylvania, New York or United States Federal law, rule or regulation,
or, to such counsel's knowledge, any order, judgment or decree known to
such counsel that is applicable to Crown or the Guarantor or any of their
subsidiaries or by which any property or assets of the Company or the
Guarantor or any of their subsidiaries is or may be bound (other than
Federal or state securities or blue sky laws, other anti-fraud laws and
fraudulent transfer laws and bankruptcy, insolvency, reorganization,
moratorium and similar laws of general applicability relating to or
affecting creditors' rights, as well as general equity principles
(including, without limitation, concepts of materiality, reasonableness,
good faith and fair dealing, and other similar doctrines) as to which such
counsel need not express any opinion) or (c) to such counsel's knowledge,
result in a material breach of any of the terms or provisions of, or
constitute a default under, any material loan or credit agreement,
indenture, deed of trust, mortgage, note or other agreement or instrument
known to such counsel to which the Company or the Guarantor or any of their
subsidiaries is a party or by which any of them or any of their properties
or assets is or may be bound; and Crown and the Guarantor have full
corporate power and authority to authorize, issue and sell the Securities
of Crown as contemplated by the Terms Agreement (including the provisions
of this Agreement);
(vii) the Registration Statement has become effective under the Act,
and, to such counsel's knowledge, no stop order has been issued and no
proceeding for that purpose is pending or threatened by the Commission;
(viii) the Terms Agreement (including the provisions of this Agreement) and any Delayed Delivery Contracts have been duly authorized, executed and delivered by Crown; and
(ix) the statements set forth in the Prospectus under the headings "Taxation--United States Income Tax Considerations" and "Taxation--Certain Pennsylvania Taxes", insofar as such statements constitute a summary of the legal matters referred to therein, fairly summarize in all material respects the matters therein described (it being understood such opinion addresses only the specific matters set forth therein and does not address other tax matters, including tax matters dealt with elsewhere in the Prospectus or Prospectus Supplement, including, without limitation, domestic or foreign tax withholding requirements or the status for U.S. Federal income tax purposes of Securities having a maturity of more than 40 years).
In rendering such opinion, such counsel may state that their opinion is limited to matters governed by the Federal laws of the United States of America, and the laws of the State of New York and the Commonwealth of Pennsylvania.
Such counsel shall also have furnished to the Underwriters a written statement, addressed to the Underwriters and dated the Closing Date to the effect that (i) the Registration Statement and the Prospectus and any further amendments or supplements thereto made by the Issuers prior to the Closing Date (other than the financial statements (including pro forma financial statements and notes to financial statements or pro forma financial statements) and related schedules and other financial, accounting or statistical information included in or excluded from the Registration Statement or the Prospectus, as to which such counsel need express no belief) appear on their face to be appropriately responsive in all material respects to the requirements of the Act and the Rules and Regulations and (ii) such counsel participated in conferences with officers and representatives of the Company, the Guarantor, Price Waterhouse LLP, the Underwriters and Cravath, Swaine & Moore in connection with the preparation of the Registration Statement, and based on the foregoing and without assuming responsibility for the accuracy, completeness or fairness of the statements contained in the Registration Statement or making any
independent check or verification thereof (and relying as to factual matters upon the statements of officers and other representatives of the Company, the Guarantor and others), no facts have come to the attention of such counsel which lead them to believe that (I) the Registration Statement, as of its effective date and the date of the Terms Agreement, contained an untrue statement of a material fact or omitted to state a material fact required to be stated therein or necessary in order to make the statements therein not misleading (other than the information omitted therefrom in reliance on Rule 430A), or (II) the Prospectus as amended or supplemented, as of its date and as of the Closing Date, 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, in light of the circumstances under which they were made, not misleading, except that such counsel need not express a belief as to any financial statements (including pro forma financial statements and notes to financial statements or pro forma financial statements) and related schedules, and other financial, accounting or statistical information included in or excluded from the Registration Statement or the Prospectus.
(f) The Underwriters shall have received an opinion, dated the Closing Date, of Titmuss Sainer Dechert, special United Kingdom counsel for Crown and Crown UK, subject to such assumptions, limitations and qualifications as may be reasonably acceptable to the Underwriters, to the effect that:
(i) Crown UK has been duly organized and is validly existing under the laws of its applicable jurisdiction, with corporate power and authority necessary to own or hold its properties and to conduct the business in which it is engaged as described in the Prospectus;
(ii) the Indenture has been duly authorized, executed and delivered by Crown UK; any Securities of Crown UK other than any Contract Securities of Crown UK have been duly executed, issued and delivered by Crown UK; the Indenture, assuming due authorization, execution and delivery by the Trustee, Crown and Crown France, constitutes, and any Securities of Crown UK other than any Contract Securities of Crown UK, when authenticated by the Trustee and sold pursuant to the Underwriting Agreement, will constitute, and any
Contract Securities of Crown UK, when executed, authenticated, issued and delivered in the manner provided in the Indenture and sold pursuant to Delayed Delivery Contracts, will constitute, valid and legally binding obligations of Crown UK enforceable in accordance with their terms, subject to bankruptcy, insolvency, fraudulent transfer, reorganization, moratorium and similar laws of general applicability relating to or affecting creditors' rights and to general equity principles;
(iii) the Bearer Security Depositary Agreement has been duly authorized, executed and delivered by Crown UK, and, assuming due authorization, execution and delivery by the Bearer Security Depositary and Crown, constitutes a valid and legally binding obligation of Crown UK enforceable in accordance with its terms, subject to bankruptcy, insolvency, fraudulent transfer, reorganization, moratorium and similar laws of general applicability relating to or affecting creditors' rights and to general equity principles;
(iv) no consent, approval, authorization or other action by or filing with any United Kingdom governmental agency or United Kingdom court having jurisdiction over Crown UK is required to be obtained by Crown UK in connection with the execution and delivery of the Terms Agreement (including the provisions of this Agreement) by Crown UK or the consummation of the transactions contemplated by the Terms Agreement (including the provisions of this Agreement), except such as have been obtained and made under United Kingdom law and such as may be required pursuant to foreign securities laws;
(v) the execution, delivery and performance by Crown UK of the Indenture, the execution, delivery and performance by Crown UK of the Terms Agreement (including the provisions of this Agreement) and any Delayed Delivery Contracts of Crown UK and the sale of any Securities of Crown UK contemplated by the Terms Agreement (including the provisions of this Agreement) do not (a) conflict with or result in a violation of any of the provisions of the Memorandum or Articles of Association or By-laws of Crown UK, (b) conflict with or violate in any material respect any United Kingdom law, rule or regulation, or, to such counsel's knowledge, any order, judgment or decree known to such
counsel that is applicable to Crown or Crown UK or by which any property or assets of Crown or Crown UK is or may be bound (other than fraudulent transfer laws and bankruptcy, insolvency, reorganization, moratorium and similar laws of general applicability relating to or affecting creditors' rights, as to which such counsel need not express any opinion) or (c) to such counsel's knowledge, result in a material breach of any of the terms or provisions of, or constitute a default under, any material loan or credit agreement, indenture, deed of trust, mortgage, note or other agreement or instrument known to such counsel to which Crown UK is a party or by which it or any of its properties or assets is or may be bound;
(vi) the Terms Agreement (including the provisions of this Agreement) and any Delayed Delivery Contracts of Crown UK have been duly authorized, executed and delivered by Crown UK;
(vii) the statements set forth in the Prospectus under the headings (A) "The Subsidiary Issuers--Enforceability of Certain Civil Liabilities" (to the extent such statements relate to Crown UK or United Kingdom law), and (B) "Description of Debt Securities and Guarantees--Limitations Affecting Security Holders" (to the extent such statements relate to Crown UK or United Kingdom law), insofar as such statements constitute a summary of the legal matters or documents referred to therein, fairly summarize, in all material respects, the matters or documents therein described (it being understood such opinion goes only to the specific matters addressed therein);
(viii) the statements set forth in the Prospectus in the first three sentences of the second full paragraph under "Description of Debt Securities and Guarantees--Global Securities in Bearer Form--Issuance of Definitive Debt Securities" and under the heading "Taxation--United Kingdom Tax Considerations", insofar as such statements constitute a summary of the legal matters referred to therein, fairly summarize, in all material respects, the matters or documents therein described (it being understood such opinion goes only to the specific matters addressed therein);
(ix) there is no United Kingdom stamp duty, value-added tax or any other tax or duty payable by or on
behalf of the Underwriters, Crown UK or the Guarantor in connection with the authorization, issuance, sale and delivery of any Securities of Crown UK and the Guarantor's guarantee (the "Guarantee") thereof in the manner contemplated by the Terms Agreement (including the provisions of this Agreement);
(x) in any action or proceeding arising out of the Terms Agreement (including the provisions of this Agreement), the Indenture, the Securities or any Guarantees in a United Kingdom court of competent jurisdiction, such court would uphold as a valid choice of law New York law as the proper law of the Terms Agreement (including the provisions of this Agreement), the Indenture, the Securities and any Guarantees except as otherwise provided herein or therein, if it is a bona fide choice and there are no reasons for avoiding such choice on grounds of public policy;
(xi) the submission by Crown UK to the jurisdiction of any United States Federal or state court sitting in the County of New York and the designation of the law of the State of New York to apply to the Terms Agreement (including the provisions of this Agreement), the Indenture, the Securities and any Guarantees is, to the extent it constitutes a valid and binding obligation of Crown UK according to the applicable laws of the State of New York and the Federal laws of the United States, a valid and legally binding obligation of Crown UK;
(xii) Crown UK has the power to submit, and has taken all necessary corporate action to submit, to the jurisdiction of any United States or New York State court in the Borough of Manhattan, The City of New York, New York, and to appoint CT Corporation System as its authorized agent for the purposes and to the extent described in Section 1.13 of the Indenture.
In rendering such opinion, such counsel may state that their opinion is limited to matters governed by the laws of the United Kingdom.
(g) The Underwriters shall have received an opinion, dated the Closing Date, of Jeantet & Associes,
special French counsel for Crown and Crown France, subject to such assumptions, limitations and qualifications as may be reasonably acceptable to the Underwriters, to the effect that:
(i) Crown France has been duly organized and is validly existing under the laws of its applicable jurisdiction, with corporate power and authority necessary to own or hold its properties and to conduct the business in which it is engaged as described in the Prospectus;
(ii) the Indenture has been duly authorized and delivered by Crown France; any Securities of Crown France other than any Contract Securities of Crown France have been duly executed and issued by Crown France; the Indenture, assuming due authorization, execution and delivery by the Trustee, Crown and Crown UK, constitutes, and any Securities of Crown France other than any Contract Securities of Crown France, when authenticated by the Trustee and sold pursuant to the Underwriting Agreement, will constitute, and any Contract Securities of Crown France, when executed, authenticated and issued in the manner provided in the Indenture and sold pursuant to Delayed Delivery Contracts, will constitute, valid and legally binding obligations of Crown France enforceable in accordance with their terms, subject to bankruptcy, insolvency, fraudulent transfer, reorganization, moratorium and similar laws of general applicability relating to or affecting creditors' rights and to general equity principles;
(iii) no consent, approval, authorization or other action by or filing with any French governmental agency or French court having jurisdiction over Crown France is required to be obtained by Crown France in connection with the execution and delivery of the Terms Agreement (including the provisions of this Agreement) by Crown France or the consummation of the transactions contemplated by the Terms Agreement (including the provisions of this Agreement), except such as have been obtained and made under French law and such as may be required pursuant to foreign securities laws;
(iv) the execution, delivery and performance by Crown France of the Indenture, the execution, delivery and performance by Crown France of the Terms Agreement
(including the provisions of this Agreement) and any Delayed Delivery Contracts of Crown France and the sale of any Securities of Crown France contemplated by the Terms Agreement (including the provisions of this Agreement) do not (a) conflict with or result in a violation of any of the provisions of the statuts of Crown France, (b) conflict with or violate in any material respect any French law, rule or regulation, or, to such counsel's knowledge, any order, judgment or decree known to such counsel that is applicable to Crown or Crown France or by which any property or assets of Crown or Crown France is or may be bound (other than fraudulent transfer laws and bankruptcy, insolvency, reorganization, moratorium and similar laws of general applicability relating to or affecting creditors' rights, as to which such counsel need not express any opinion) or (c) to such counsel's knowledge, result in a material breach of any of the terms or provisions of, or constitute a default under, any material loan or credit agreement, indenture, deed of trust, mortgage, note or other agreement or instrument known to such counsel to which Crown or Crown France is a party or by which it or any of its properties or assets is or may be bound;
(v) the Terms Agreement (including the provisions of this Agreement) and any Delayed Delivery Contracts of Crown France have been duly authorized and executed by Crown France;
(vi) the statements set forth or referred to in the Prospectus under the headings (A) "The Subsidiary Issuers--Enforceability of Certain Civil Liabilities" (to the extent such statements relate to Crown France or French law), and (B) "Description of Debt Securities and Guarantees-- Limitations Affecting Security Holders" (to the extent such statements relate to Crown France or French law), insofar as such statements constitute a summary of the legal matters or documents referred to therein, are, in all material respects, true and correct (it being understood such opinion goes only to the specific matters addressed therein);
(vii) the statements set forth or referred to in the Prospectus under the heading "Taxation--French Tax Considerations", insofar as such statements constitute a summary of the legal matters referred to therein, are, in all material respects, true and correct (it being understood such opinion goes only to the specific matters addressed therein);
(viii) there is no French stamp duty, value-added tax or any other tax or duty payable by or on behalf of the Underwriters, Crown France or the Guarantor in connection with the authorization, issuance, sale and delivery of any Securities of Crown France and the Guarantees thereof in the manner contemplated by the Terms Agreement (including the provisions of this Agreement);
(ix) in any action or proceeding arising out of the Terms Agreement (including the provisions of this Agreement), the Indenture, the Securities or any Guarantees in a French court of competent jurisdiction, such court would give effect to the choice of New York law as the proper law of the Terms Agreement (including the provisions of this Agreement), the Indenture, the Securities and any Guarantees except as otherwise provided herein or therein;
(x) the submission by Crown France to the jurisdiction of any United States Federal or state court sitting in the County of New York and the designation of the law of the State of New York to apply to the Terms Agreement (including the provisions of this Agreement), the Indenture, the Securities and any Guarantees is, to the extent it constitutes a valid and binding obligation of Crown France according to the applicable laws of the State of New York and the Federal laws of the United States, a valid and legally binding obligation of Crown France;
(xi) Crown France has the power to submit, and has taken all necessary corporate action to submit, to the jurisdiction of any United States or New York State court in the Borough of Manhattan, The City of New York, New York, and to appoint CT Corporation System as its authorized agent for the purposes and to the extent described in Section 1.13 of the Indenture.
In rendering such opinion, such counsel will state that their opinion is limited to matters governed by the laws of France.
(h) The Underwriters shall have received an opinion, dated the Closing Date, of Richard L. Krzyzanowski,
Esq., Executive Vice President, General Counsel and Secretary to Crown, subject to such assumptions, limitations and qualifications as may be reasonably acceptable to the Underwriters,to the effect that:
(i) each of Crown and its material subsidiaries listed on Schedule I hereto is a corporation duly organized, validly existing and in good standing under the laws of its jurisdiction of incorporation, with corporate power and authority to own, lease and operate its properties and to conduct its business as presently conducted and as described in the Registration Statement; and each of Crown and such material subsidiaries is duly qualified to transact business and is in good standing in each jurisdiction in which the conduct of its business or the ownership or leasing of its property requires such qualification, except to the extent that the failure to be so qualified or to be in good standing would not have a material adverse effect on Crown and its subsidiaries, taken as a whole.
(ii) no consent, approval, authorization or order of, or filing with, any United States Federal or Pennsylvania governmental agency or body or Pennsylvania court having jurisdiction over the Company or the Guarantor or any of their properties is required to be made by the Company or the Guarantor for the execution and delivery of the Terms Agreement (including the provisions of this Agreement) by the Company and the Guarantor or the consummation of the transactions contemplated by the Terms Agreement (including the provisions of this Agreement), except such as have been obtained and made under the Act and the Trust Indenture Act and the Exchange Act and, in each case, the rules and regulations thereunder and such as may be required pursuant to the undertaking in clause (3) of Item 17 of the Registration Statement and under state securities laws and blue sky laws;
(iii) the execution, delivery and performance by the Issuers (assuming
due execution and delivery by the Subsidiary Issuers) and the Guarantor of
the Indenture, the execution, delivery and performance by the Company
(assuming due execution and delivery by any applicable Subsidiary Issuer)
and the Guarantor of the Terms Agreement (including the provisions of this
Agreement) and any Delayed Delivery Contracts and the sale of the
Securities contemplated by the Terms Agreement (including the provisions of
this Agreement), will not result in a material breach or violation of any
of the terms and provisions of, or constitute a default under,
any United States Federal or Pennsylvania statute, rule, regulation or order of any governmental agency or body or any court having jurisdiction over Crown or the Guarantor, or any subsidiary thereof or any of their properties, or any material agreement or instrument to which Crown or the Guarantor or any subsidiary thereof is subject, or the Articles of Incorporation or By-laws of Crown or the Guarantor; and, to the best of such counsel's knowledge, neither the Company nor the Guarantor nor any of the material subsidiaries listed on Schedule 1 hereto is in violation of its Articles of Incorporation or Certificate of Incorporation or By-laws, or in material default under any material agreement, indenture or instrument; and
(iv) except as disclosed in or incorporated by reference in the Registration Statement, there is no action, suit or proceeding which has been served upon Crown or any of its subsidiaries or of which any of their properties or assets is the subject that is now pending, or to such counsel's knowledge, overtly threatened, against or affecting the Company or any of its subsidiaries or any of their properties or assets that, if adversely determined, would have a material adverse effect on Crown or its subsidiaries, taken as a whole; and such counsel is not aware of any material contracts or other material documents or legal or governmental proceedings which are required to be filed as exhibits to the Registration Statement by the Act or the Exchange Act which have not been so filed;
In rendering such opinion, such counsel may state that his opinion is limited to matters governed by the Federal laws of the United States of America and laws of the Commonwealth of Pennsylvania.
Such counsel shall also have furnished to the Underwriters a written statement, addressed to the Underwriters and dated the Closing Date to the effect that (a) each document filed by Crown under the Exchange Act and incorporated by reference in the Registration Statement and each amendment or supplement thereto, as of their respective dates or as of the date of any such amendment or supplement thereto, (other than the financial statements (including pro forma financial statements and notes to financial statements or pro forma financial statements) and related schedules and other financial, accounting or statistical information
included in or excluded from such documents, as to which such counsel need not express an opinion) appear on their face to be appropriately responsive in all material respects to the requirements of the Exchange Act and the rules and regulations thereunder and (b) no facts have come to the attention of such counsel which lead him to believe that (I) the Registration Statement as of its effective date and as of the date of the Terms Agreement contained an untrue statement of a material fact or omitted to state a material fact required to be stated therein or necessary in order to make the statements therein not misleading (other than the information omitted therefrom in reliance on Rule 430A), or (II) the Prospectus as amended or supplemented, as of its date and as of the Closing Date, 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, in the light of the circumstances under which they were made, not misleading, except that such counsel need not express a belief as to any financial statements (including pro forma financial statements and notes to financial statements or pro forma financial statements) and related schedules, and other financial, accounting or statistical information included in or excluded from the Registration Statement or the Prospectus.
(i) The Underwriters shall have received from Cravath, Swaine & Moore, counsel for the Underwriters, such opinion or opinions, dated the Closing Date, with respect to the incorporation of Crown, the validity of the Securities, the Registration Statement, the Prospectus and other related matters as the Underwriters may require, and the Issuers shall have furnished to such counsel such documents as they request for the purpose of enabling them to pass upon matters. In rendering such opinion, Cravath, Swaine & Moore may rely as to the incorporation of Crown and all other matters governed by Pennsylvania law upon the opinion of Dechert Price & Rhoads referred to above.
(j) The Underwriters shall have received a certificate, dated the Closing Date, of the President or any Vice-President and a principal financial or accounting officer of Crown in which such officers, to the best of their knowledge after reasonable investigation, shall state that the representations and warranties of the Company and the Guarantor in this Agreement are true and correct on and as of the Closing Date with the same effect as if made on
the Closing Date, that the Company and the Guarantor have complied with all agreements and satisfied all conditions on their part to be performed or satisfied hereunder at or prior to the Closing Date, that no stop order suspending the effectiveness of the Registration Statement has been issued and no proceedings for that purpose have been instituted or are contemplated by the Commission and that, subsequent to the date of the most recent financial statements in the Prospectus (exclusive of any supplement thereto), there has been no material adverse change in the financial position or results of operations of the Company or the Guarantor and their subsidiaries except as set forth in or contemplated by the Prospectus.
The Company and the Guarantor will furnish the Representatives with such conformed copies of such opinions, certificates, letters and documents as they reasonably request.
(b) Each Underwriter will indemnify and hold harmless the Company and the Guarantor against any losses, claims, damages or liabilities to which the Company or the Guarantor may become subject, under the Act or otherwise, insofar as such losses, claims, damages or liabilities (or actions in respect thereof) arise out of or are based upon any untrue statement or alleged untrue statement of any material fact contained in the Registration Statement, the Prospectus, or any amendment or supplement thereto, or any related preliminary prospectus or preliminary prospectus supplement, or arise out of or are based upon the omission or the 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 the Underwriters' Information, and will reimburse any legal or other expenses reasonably incurred by the Company or the Guarantor in connection with investigating or defending any such loss, claim, damage, liability or action as such expenses are incurred.
(c) Promptly after receipt by an indemnified party under this Section of notice of the commencement of any action, such indemnified party will, if a claim in respect thereof is to be made against the indemnifying party under subsection (a) or (b) above, notify the indemnifying party of the commencement thereof; but the omission so to notify the indemnifying party will not relieve it from any
liability which it may have to any indemnified party otherwise than under subsection (a) or (b) above or to the extent that the indemnifying party was not adversely affected by such omission. In case any such action is brought against any indemnified party and it notifies the indemnifying party of the commencement thereof, the indemnifying party will be entitled to participate therein and, to the extent that it may wish, jointly with any other indemnifying party similarly notified, to assume the defense thereof, with counsel satisfactory to such indemnified party (who shall not, except with the consent of the indemnified party, be counsel to the indemnifying party), and after notice from the indemnifying party to such indemnified party of its election so to assume the defense thereof, the indemnifying party will not be liable to such indemnified party under this Section for any legal or other expenses subsequently incurred by such indemnified party in connection with the defense thereof other than reasonable costs of investigation.
(d) If the indemnification provided for in this Section is
unavailable or insufficient to hold harmless an indemnified party under
subsection (a) or (b) above, then each indemnifying party shall contribute to
the amount paid or payable by such indemnified party as a result of the losses,
claims, damages or liabilities referred to in subsection (a) or (b) above (i) in
such proportion as is appropriate to reflect the relative benefits received by
the Company and the Guarantor on the one hand and the Underwriters on the other
from the offering of the Securities or (ii) if the allocation provided by clause
(i) above is not permitted by applicable law, in such proportion as is
appropriate to reflect not only the relative benefits referred to in clause
(i) above but also the relative fault of the Company and the Guarantor on the
one hand and the Underwriters on the other in connection with the statements or
omissions which 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 Guarantor on the one hand and the Underwriters on the
other shall be deemed to be in the same proportion as the total net proceeds
from the offering (before deducting expenses) received by the Company and the
Guarantor bear to the total underwriting discounts and commissions received by
the Underwriters. The relative fault shall be determined by reference to, among
other things, whether the untrue or alleged untrue statement of a material fact
or the omission of alleged omission to state a
material fact relates to information supplied by the Company or the Guarantor on the one hand or the Underwriters on the other and the parties' relative intent, knowledge, access to information and opportunity to correct or prevent such untrue statement or omission. The amount paid by an indemnified party as a result of the losses, claims, damages or liabilities referred to in the first sentence of this subsection (d) shall be deemed to include any legal or other expenses reasonably incurred by such indemnified party in connection with investigating or defending any action or claim which is the subject of this subsection (d). Notwithstanding the provisions of this subsection (d), no Underwriter shall be required to contribute any amount in excess of the amount by which the total price at which the Securities underwritten by it and distributed to the public were offered to the public exceeds the amount of any damages which such 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 Act) shall be entitled to contribution from any person who was not guilty of such fraudulent misrepresentation. The Underwriters obligations in this subsection (d) to contribute are several in proportion to their respective underwriting obligations and not joint.
(e) The obligations of the Company and the Guarantor under this
Section shall be in addition to any liability which the Company or the Guarantor
may otherwise have and shall extend, upon the same terms and conditions, to each
person, if any, who controls any Underwriter within the meaning of the Act; and
the obligations of the Underwriters under this Section shall be in addition to
any liability which the respective Underwriters may otherwise have and shall
extend, upon the same terms and conditions, to each director of the Company or
the Guarantor, to each officer of the Company or the Guarantor who has signed
the Registration Statement and to each person, if any, who controls the Company
or the Guarantor within the meaning of the Act.
satisfactory to the Company and the Guarantor for the purchase of such
Securities by other persons, including any of the Underwriters, but if no such
arrangements are made by the Closing Date, the nondefaulting Underwriters shall
be obligated severally, in proportion to their respective commitments under this
Agreement and the Terms Agreement, to purchase the Securities that such
defaulting Underwriters agreed but failed to purchase. If any Underwriter or
Underwriters so default and the aggregate principal amount of the Securities
with respect to which such default or defaults occur exceeds 10% of the total
principal amount of the Securities and arrangements satisfactory to the
Representatives and to the Company and the Guarantor for the purchase of such
Securities by other persons are not made within 36 hours after such default,
such Terms Agreement will terminate without liability on the part of any
nondefaulting Underwriter, the Company or the Guarantor, except as provided in
Section 8. As used in this Agreement, the term "Underwriter" includes any
person substituted for an Underwriter under this Section. Nothing herein will
relieve a defaulting Underwriter from liability for its default. The respective
commitments of the several Underwriters for the purposes of this Section shall
be determined without regard to reduction in the respective Underwriters'
obligations to purchase the principal amount of the Securities set forth
opposite their names in the Terms Agreement as a result of Delayed Delivery
Contracts entered into by the Company and the Guarantor.
The foregoing obligations and agreements set forth in this Section will not apply if the Terms Agreement specifies that such obligations and agreements will not apply.
not consummated, the Company and the Guarantor shall remain responsible for the expenses to be paid or reimbursed by them pursuant to Section 4 and the respective obligations of the Company, the Guarantor and the Underwriters pursuant to Section 6 shall remain in effect. If this Agreement is terminated by the Underwriters by reason of (a) a breach of a representation, warranty or agreement by the Company or the Guarantor contained in this Agreement or (b) any change, or any development involving a prospective change, in or affecting particularly the business or properties of the Company or the Guarantor or their subsidiaries taken as a whole which materially impairs the investment quality of the Securities, the Company or the Guarantor will reimburse the Underwriters for all out-of-pocket expenses (including fees and disbursements of counsel) reasonably incurred by them in connection with the offering of the Securities.
York.
Exhibit 4.2
THIS BEARER SECURITY DEPOSITARY AGREEMENT is made as of , 1996 (this "Agreement") by and between CROWN CORK & SEAL COMPANY, INC., a Pennsylvania corporation (the "Company"), CROWN CORK & SEAL FINANCE PLC, a public limited company organized under the laws of England and Wales (the "Issuer") and THE BANK OF NEW YORK, a New York banking corporation, as Bearer Security Depositary (the "Bearer Security Depositary").
ARTICLE I
(a) a term has the meaning assigned to it;
(b) "or" is not exclusive;
(c) "including" means including without limitation; and
(d) words in the singular include the plural and words in the plural include the singular.
ARTICLE II
(b) The Certificateless Depositary Interests shall be issuable only to the Depositary, or successors of the Depositary or their respective nominees. Except as provided in Section 2.07, no owner of beneficial interests in the Certificateless Depositary Interests shall be entitled to receive a Note on account of such beneficial interest, and such beneficial owner's interest therein shall be shown only in accordance with the procedures of the Depositary as set forth in the Letter of Representations.
owners of the Certificateless Depositary Interests or be authorized to undertake any obligations on behalf of the Issuer.
The foregoing paragraph shall not (i) impose an obligation on the Bearer Security Depositary to record the interests in or transfers of Book-Entry Interests held by institutions that have accounts with the Depositary or its successors or Persons that may hold Book-Entry Interests through such institutions and (ii) restrict transfers of such Book-Entry Interests held by such institutions or persons. The person in whose name the Certificateless Depositary Interests are registered on the Book-Entry Register shall be the "Holder" of the Certificateless Depositary Interests for the purposes of this Agreement. The Bearer Security Depositary shall treat the Holder or its nominee or their respective successors as the absolute owner thereof for all purposes whatsoever and shall not be bound or affected by any notice to the contrary, other than an order of a court having jurisdiction over the Bearer Security Depositary.
(b) The Bearer Security Depositary will forward to the Company, the Issuer or their agents such information from its records as such persons may reasonably request to enable such persons to file necessary reports with governmental agencies, and the Bearer Security Depositary, the Company, the Issuer or their agents may (but shall not be required to) file any such reports necessary to obtain benefits under any applicable tax treaties for the Holder of, or beneficial owners of interests in, the Certificateless Depositary Interests.
(c) Whenever the principal amount at maturity of a Global Note held by the Bearer Security Depositary is changed by the Trustee the Bearer Security Depositary shall notify the Depositary of the corresponding change in the principal amount of the related Certificateless Depositary Interest.
(b) Whenever the Bearer Security Depositary shall receive notice of any action to be taken by the Holder of a Global Note or holders of interests therein, or whenever the Bearer Security Depositary otherwise deems it appropriate in respect of any other matter, the Bearer Security Depositary shall fix a record date for the determination of the Holder who shall be entitled to take any such action or to act in respect of any such matter.
holders of interests therein under this Agreement or the Indenture, the Bearer
Security Depositary shall mail, at the expense of the Company, to the Holder a
notice containing (i) such information as is contained in such notice, (ii) a
statement that the Holder at the close of business on a specified record date
(established in accordance with Section 2.08 hereof) will be entitled, subject
to the provisions of or governing the Certificateless Depositary Interests or
Global Notes, as the case may be, to instruct the Bearer Security Depositary as
to the consent, waiver or other action, if any, pertaining to the
Certificateless Depositary Interests or Global Notes, as the case may be, and
(iii) a statement as to the manner in which such instructions may be given.
Upon the written request of the Holder received on or before the date
established by the Bearer Security Depositary for such purpose, the Bearer
Security Depositary shall endeavor insofar as practicable and permitted under
the provisions of or governing the Certificateless Depositary Interests or
Global Notes, as the case may be, to take such action regarding the requested
consent, waiver or other action in respect of such Certificateless Depositary
Interests or Global Notes, as the case may be, in accordance with any
instructions set forth in such request. The Bearer Security Depositary shall
not itself exercise any discretion in the granting of consents or waivers or the
taking of any other action in respect of the Certificateless Depositary
Interests or Global Notes.
(b) The Holder may direct the time, method and place of conducting any proceeding for any remedy available to the Bearer Security Depositary or of exercising any trust or power conferred on the Bearer Security Depositary. However, the Bearer Security Depositary may refuse to follow any direction that conflicts with law or this Agreement or the Indenture or, subject to Section 3.01 hereof, that the Bearer Security Depositary determines would involve it in personal liability.
to tax therein (each a "U.K. Tax Authority"), unless such Taxes are required by law to be withheld or deduced. In that event, the Bearer Security Depositary will pay by way of additional interest such additional amounts (the "Additional Amounts") as will result (after deduction of such Taxes payable in respect of such Additional Amounts) in the payment to the Holder of the amounts which would have been payable in respect of the Certificateless Depositary Interests had no such withholding or deduction been required (subject to the limitations contained in the Note, such limitations to be applied for these purposes by treating the owner of any interest in the Certificateless Depositary Interests as a holder or beneficial owner for purposes of the limitations contained in the Note). Notwithstanding anything to the contrary provided above, the Bearer Security Depositary shall pay or cause to be paid any Additional Amounts only out of funds that shall be received by it from the Company or the Issuer for that purpose.
At least 10 days prior to the first date on which payment of
principal, premium (if any), interest and Additional Interest (as defined in the
Indenture) (if any) on the Certificateless Depositary Interests is to be made,
and at least 10 days prior to any subsequent such date if there has been any
change with respect to the matters set forth in the below-mentioned Officers'
Certificate, the Issuer will furnish the Bearer Security Depositary with an
Officers' Certificate instructing the Bearer Security Depositary whether such
payment of principal, premium (if any), interest or Additional Interest (if any)
on such Certificateless Depositary Interests shall be made to the Holder without
withholding for or on account of any tax, assessment or other governmental
charge. If any such withholding shall be required, then such Officers'
Certificate shall specify the amount required to be withheld on such payments to
the Holder. The Bearer Security Depositary shall have no responsibility for
determining whether the Holder or any owner of a Global Note is entitled to the
payment of Additional Amounts in accordance with the preceding paragraph, but
shall be entitled to rely conclusively for this purpose on an Officers'
Certificate or on certifications from the Depositary, which need only specify
the amount of Additional Amounts payable to the Holder, net of amounts to which
the Holder or any owner of a Global Note is not entitled in accordance with the
preceding paragraph. The Company and the Issuer shall, jointly and severally,
indemnify the Bearer Security Depositary for, and hold it harmless against, any
loss, liability or expense reasonably incurred without negligence or bad faith
on its part arising out of or in connection with actions taken or omitted by it
in reliance on any Officers' Certificate furnished to it pursuant to this
Section 2.13.
ARTICLE III
(b) No provision of this Agreement shall be construed to relieve the Bearer Security Depositary from liability for its own negligent action, its own negligent failure to act or its own wilful misconduct, except that:
(i) the duties and obligations of the Bearer Security Depositary with respect to the Certificateless Depositary Interests and the Global Notes shall be determined solely by the express provisions of this Agreement and the Bearer Security Depositary shall not be liable except for the performance of such duties and obligations as are specifically set forth in this Agreement, and no implied covenants or obligations shall be read into this Agreement against the Bearer Security Depositary; and
(ii) in the absence of bad faith on its part, the Bearer Security Depositary may conclusively rely, as to the truth of the statements and the correctness of the opinions expressed therein, upon any statements, certificates or opinions furnished to the Bearer Security Depositary and conforming to the requirements of this Agreement, but in the case of any such statements, certificates or opinions that by any provision hereof are specifically required to be furnished to the Bearer Security Depositary, the Bearer Security Depositary shall be under a duty to examine the same to determine whether or not they conform to the requirements of this Agreement.
(c) The Bearer Security Depositary shall not be liable for any error of judgment made in good faith by a Responsible Officer of the Bearer Security Depositary, unless it shall be proved that the Bearer Security Depositary was negligent in ascertaining the pertinent facts.
(d) The Bearer Security Depositary shall not be liable with respect to any action taken or omitted to be taken by it in good faith in accordance with the direction of the Holder relating to the time, method and place of conducting any proceeding for any remedy available to the Bearer Security Depositary, or exercising any power conferred upon the Bearer Security Depositary, under this Agreement or the Indenture.
(e) No provision of this Agreement shall require the Bearer Security Depositary to expend or risk its own funds or otherwise incur any financial liability in the performance of any of its duties hereunder, or in the exercise of any of its rights or powers, if it shall have reasonable grounds for believing that repayment of such funds or adequate indemnity against such risk or liability is not reasonably assured to it.
(f) Whether or not therein expressly so provided, every provision of this Agreement relating to the conduct or affecting the liability of or affording protection to the Bearer Security Depositary shall be subject to the provisions of this Section 3.01.
(g) The Bearer Security Depositary owes no fiduciary duties to any person by virtue of this Agreement except as expressly set forth herein.
Bearer Security Depositary shall transmit by mail to the Holder in the manner provided in Section 4.02 hereof, notice of such Note Default, unless such Note Default shall have been cured or waived.
(a) the Bearer Security Depositary may rely and shall be protected in acting or refraining from acting upon any resolution, certificate, statement, instrument, opinion, report, notice, request, direction, consent, order, bond, debenture, note, security or other paper or document believed by it to be genuine and to have been signed or presented by the proper party or parties;
(b) any request, direction, order or demand of the Issuer mentioned herein shall be sufficiently evidenced by an Officers' Certificate or Issuer Order and any resolution of the Board of Directors of the Issuer, as the case may be, may be sufficiently evidenced by a Board Resolution;
(c) the Bearer Security Depositary may consult with counsel of its selection and the written advice of such counsel or any Opinion of Counsel shall be full and complete authorization and protection with respect to any action taken, suffered or omitted by it hereunder in good faith and in reliance thereon in accordance with such advice or Opinion of Counsel;
(d) the Bearer Security Depositary shall not be bound to make any investigation into the facts or matters stated in any resolution, certificate, statement, instrument, opinion, report, notice, request, consent, order, approval, appraisal, bond, debenture, note, coupon, security or other paper or document, but the Bearer Security Depositary, in its discretion, may make reasonable further inquiry or investigation into such facts or matters directly related to the issuance of the Global Notes and if the Bearer Security Depositary shall determine to make such further inquiry or investigation, it shall be entitled to examine the books, records and premises of the Issuer, at reasonable times during normal business hours, personally or by agent or attorney, but not more than once in any twelve month period;
(e) the Bearer Security Depositary may execute any of the powers hereunder or perform any duties hereunder either directly or by or through agents or attorneys;
(g) whenever in the administration of its duties under this Agreement the Bearer Security Depositary shall deem it necessary or desirable that a matter be proved or established prior to taking or suffering or omitting any action hereunder, such matter (unless other evidence in respect thereof be herein specifically prescribed) may, in the absence of negligence or bad faith on the part of the Bearer Security Depositary, be deemed to be conclusively proved and established by an Officers' Certificate delivered to the Bearer Security Depositary, and such certificate, in the absence of negligence or bad faith on the part of the Bearer Security Depositary, shall be full warrant to the Bearer Security Depositary for any action taken, suffered or omitted by it under the provisions of the Agreement, upon the faith thereof.
(a) to pay to the Bearer Security Depositary from time to time such compensation as the Company, the Issuer and the Trustee shall from time to time agree in writing for all services rendered by it hereunder (which compensation shall not be limited by any provision of law with regard to the compensation of a trustee of an express trust);
(b) except as otherwise expressly provided herein, to reimburse the Bearer Security Depositary and any predecessor Bearer Security Depositary upon its request for all reasonable expenses, disbursements and advances incurred or made by the Bearer Security Depositary in accordance with any provision of this Agreement (including the reasonable compensation and the reasonable expenses and disbursements of its agents and counsel), except any such expense, disbursement or advance as may be attributable to its negligence or bad faith; and
(c) to indemnify the Bearer Security Depositary and any predecessor Bearer Security Depositary for, and to hold it harmless against, any loss, liability or expense incurred without negligence or bad faith on its part, arising out of or in connection with the acceptance or administration of this Agreement and its duties hereunder, including the costs and expenses
of
defending itself against or investigating any claim of liability in connection with the exercise or performance of any of its powers or duties hereunder.
(b) The Bearer Security Depositary may resign with respect to the Global Notes by giving written notice thereof to the Company, the Issuer and the Holder, in accordance with Section 4.01 and Section 4.02 hereof, 90 days prior to the effective date of such resignation. If an instrument of acceptance by a successor Bearer Security Depositary required by Section 3.09 hereof shall have been delivered to the Bearer Security Depositary, the Bearer Security Depositary may be removed at any time upon the filing with it of an instrument in writing signed on behalf of the Company and the Issuer and specifying such removal and the date when it is intended to become effective. If the instrument of acceptance by a successor Bearer Security Depositary required by Section 3.09 hereof shall not have been delivered to the Bearer Security Depositary within 30 days after the giving of such notice of resignation, the resigning Bearer Security Depositary may petition any court of competent jurisdiction for the appointment of a successor Bearer Security Depositary eligible under this Article, including without limitation Section 3.07.
(c) If at any time:
(i) the Bearer Security Depositary shall cease to be eligible under
Section 3.07 hereof, or shall cease to be eligible as Trustee under the
Indenture, and shall fail to resign after written request therefor by the
Issuer or by the Holder, or
(ii) the Bearer Security Depositary shall become incapable of acting with respect to the Certificateless Depositary Interests or shall be adjudged a bankrupt or insolvent, or a receiver or liquidator of the Bearer Security Depositary or of its property shall be appointed or any public officer shall take charge or control of the Bearer Security Depositary or of its property or affairs for the purpose of rehabilitation, conservation or liquidation,
then, in any such case, (i) the Issuer, by Board Resolution, may remove the Bearer Security Depositary and appoint a successor Bearer Security Depositary, or (ii) the Holder may, on behalf of itself and all others similarly situated, petition any court of competent jurisdiction for the removal of the Bearer Security Depositary and the appointment of a successor Bearer Security Depositary or Book-Entry Depositaries, unless Definitive Notes have been issued in accordance with the Indenture. Such court may thereupon, after such notice, if any, as it may deem proper and prescribe, remove the Bearer Security Depositary and appoint a successor Bearer Security Depositary.
(d) If the Bearer Security Depositary shall resign, be removed or become incapable of acting, or if a vacancy shall occur in the office of Bearer Security Depositary for any cause, the Issuer, by Board Resolution, shall promptly appoint a successor Bearer Security Depositary (other than the Issuer) and shall comply with the applicable requirements of Section 3.09 hereof. If no successor Bearer Security Depositary with respect to the Global Notes shall have been so appointed by the Issuer and accepted appointment in the manner required by Section 3.09, the Holder may, on behalf of itself and all others similarly situated, petition any court of competent jurisdiction for the appointment of a successor Bearer Security Depositary eligible under this Article, including without limitation Section 3.07, unless Definitive Notes have been issued in accordance with the Indenture.
(e) The Issuer shall give, or shall cause such successor Bearer Security Depositary to give, notice of each resignation and each removal of a Bearer Security Depositary and each appointment of a successor Bearer Security Depositary to the holder in accordance with Section 4.02 hereof. Each notice shall include the name of the successor Bearer Security Depositary and the address of its Corporate Trust Office.
(b) Upon request of any such successor Bearer Security Depositary, the Issuer shall execute any and all instruments for more fully and certainly vesting in and confirming to such successor Bearer Security Depositary all such rights, powers and agencies referred to in paragraph (a) of this Section 3.09.
(c) No successor Bearer Security Depositary shall accept its
appointment unless at the time of such acceptance such successor Bearer Security
Depositary shall be eligible under this Article, including without limitation
Section 3.07.
(d) Upon acceptance of appointment by any successor Bearer Security Depositary as provided in this Section 3.09, the Issuer shall give notice thereof to the Holder in accordance with Section 4.02 hereof. If the acceptance of appointment is substantially contemporaneous with the resignation of the Bearer Security Depositary, then the notice called for by the preceding sentence may be combined with the notice called for by Section 3.08(b) hereof. If the Issuer fails to give such notice within 10 days after acceptance of appointment by the successor Bearer Security Depositary, the successor Bearer Security Depositary shall cause such notice to be given at the expense of the Issuer.
ARTICLE IV
(a) the Bearer Security Depositary by the Holder, by the Trustee, the Company or the Issuer shall be sufficient for every purpose hereunder (unless otherwise herein expressly provided) if made, given, furnished or filed in writing and personally delivered or mailed, first-class postage prepaid, to the Bearer Security Depositary at its Corporate Trust Office, Attention: Corporate Trust Trustee Administration, or at any other address previously furnished in writing by the Bearer Security Depositary to the Holder, the Trustee and the Issuer, or
(b) the Company or the Issuer, by the Bearer Security Depositary or by the Holder shall be sufficient for every purpose hereunder (unless otherwise herein expressly provided) if made, given, furnished or filed in writing and personally delivered or mailed, first-class postage prepaid to Crown Cork & Seal Company, Inc., 9300 Ashton Road, Philadelphia, PA
19136, Attention: Chief Financial Officer, or at any other address previously furnished in writing to the Bearer Security Depositary by the Company.
In case by reason of the suspension of regular mail service or by reason of any other cause it shall be impracticable to give such notice by mail, then such notification as shall be made with the approval of the Bearer Security Depositary shall constitute a sufficient notification for every purpose hereunder.
based upon this Agreement may be instituted in any state or Federal court in the Borough of Manhattan, The City of New York, and waives any objection which it may now or hereafter have to the laying of venue of any such proceeding and irrevocably submits to the nonexclusive jurisdiction of such courts in any suit, action or proceeding. Each of the Issuer and the Company has appointed CT Corporation, 1633 Broadway, New York, New York 10019, as its authorized agent (the "Authorized Agent") upon whom process may be served in any legal suit, action or proceeding arising out of or based upon this Agreement which may be instituted in any state or Federal court in the Borough of Manhattan, The City of New York, by the Holder or the Bearer Security Depositary, and expressly accepts the nonexclusive jurisdiction of any such court in respect of any such action. Such appointment shall be irrevocable. Each of the Issuer and the Company represents and warrants that the Authorized Agent has agreed to act as said agent for service of process, and Issuer agrees to take any and all action, including the filing of any and all documents and instruments, that may be necessary to continue such appointment in full force and effect as aforesaid. Service of process upon the Authorized Agent shall be deemed, in every respect, effective service of process upon the Company or the Issuer, as applicable.
(a) to cure any ambiguity, omission, defect or inconsistency;
(b) to add to the covenants and agreements of the Bearer Security Depositary or the Issuer;
(c) to effectuate the assignment of the Bearer Security Depositary's rights and duties to a qualified successor, as provided herein;
(d) to comply with any requirements of the Securities Act, the Exchange Act or the Investment Company Act of 1940, as amended, and the TIA; or
(e) to modify, alter, amend or supplement this Agreement in any other manner that is not adverse to the Depositary or the holders of Book-Entry Interests.
Except as set forth in this Section 4.12, no amendment that adversely affects the Depositary or the holders of Book-Entry Interests may be made to this Agreement or the Book-Entry Interests without the consent of the Depositary or the holders of the Book-Entry Interests.
(a) such amendment is authorized or permitted by this Agreement;
(b) each of the Company and the Issuer has all necessary corporate power and authority to execute and deliver the amendment and that the execution, delivery and performance of such amendment has been duly authorized by all necessary corporate action;
(c) the execution, delivery and performance of the amendment do not conflict with, or result in the breach of or constitute a default under any of the terms, conditions or provisions of (i) this Agreement, (ii) the articles of incorporation of the Company or the Memorandum or Articles of Association of the Issuer, (iii) any law or regulation applicable to the Company or the Issuer, (iv) any material order, writ, injunction or decree of any court or governmental instrumentality applicable to the Company or the Issuer or (v) any material agreement or instrument to which the Company or the Issuer is subject; and
(d) such amendment has been duly and validly executed and delivered by the Company and the Issuer, and this Agreement together with such amendment constitutes a legal, valid and binding obligation of the Company and the Issuer enforceable against each of them in accordance with its terms, except as such enforceability may be limited by applicable bankruptcy, insolvency or similar laws affecting the enforcement of creditors' rights generally and general equitable principles.
IN WITNESS WHEREOF, the parties have caused this Agreement to be duly executed as of the date first written above.
CROWN CORK & SEAL COMPANY, INC.,
Title:
CROWN CORK & SEAL COMPANY, PLC,
Title:
THE BANK OF NEW YORK, as Bearer Security
Depositary,
Title:
[LETTERHEAD OF DECHERT PRICE & RHOADS APPEARS HERE]
December 10, 1996
Crown Cork & Seal Company, Inc.
9300 Ashton Road
Philadelphia, PA 19136
Gentlemen:
We have acted as counsel to Crown Cork & Seal Company, Inc. (the "Company") in connection with the preparation of a Registration Statement on Form S-3 (Registration No. 333-16869) (the "Registration Statement") under the Securities Act of 1933, as amended (the "Securities Act"), relating to the issuance of an aggregate of up to $1,500,000,000 of debt securities (the "Debt Securities") of the Company, Crown Cork & Seal Finance PLC, a public limited company organized under the laws of England and Wales ("Crown Limited"), and Crown Cork & Seal Finance S.A., a societe anonyme organized under the laws of the Republic of France ("Crown S.A."; Crown Limited and Crown S.A. are hereinafter collectively referred to as the "Subsidiaries"; and each of the Subsidiaries or the Company, as the case may be, is hereinafter referred to as the "Issuer" with respect to Debt Securities issued by it pursuant to the indenture hereinafter referred to) pursuant to an indenture in the form filed as Exhibit 4.1 to the Registration Statement (the "Indenture") among The Bank of New York, as trustee, the Company, Crown Limited and Crown S.A. Debt Securities issued by either Subsidiary will be guaranteed by the Company pursuant to a guarantee provided for under the Indenture (the "Guarantee").
We have examined such corporate records and documents and other matters as we have deemed necessary in order to render this opinion.
Crown Cork & Seal Company, Inc.
December 10, 1996
In our examination, we have assumed the genuiness of all signatures, the authenticity of all documents submitted to us as originals and the conformity to authentic original documents of all documents submitted to us as copies.
Based upon the foregoing, and subject to the limitations set forth below, it is our opinion that under current law:
1. When the Debt Securities have been duly executed, authenticated and delivered in accordance with the terms of the Indenture and delivered to the purchasers thereof against payment therefor in accordance with the procedures described in the Registration Statement, such Debt Securities will constitute the legal and binding obligations of the Issuer.
2. When the Guarantee has been duly executed, authenticated and delivered in accordance with the terms of the Indenture, and the Debt Securities to which such Guarantee relates have been duly executed, authenticated and delivered in accordance with the terms of the Indenture and delivered to the purchasers thereof against payment therefor in accordance with the procedures described in the Registration Statement, such Guarantee will constitute the legal and binding obligation of the Company.
Our opinions herein are limited solely to the laws of the United States of America, the State of New York and the Commonwealth of Pennsylvania, in each case to the extent applicable, and we express no opinion herein concerning the laws of any other jurisdiction. We understand that you are relying on the opinions of Jeantet & Associes and Titmuss Sainer Dechert as to matters involving the legality and binding nature of the Debt Securities issued by Crown Limited and Crown S.A., respectively, which are governed by the laws of the Republic of France and the United Kingdom, respectively, and no opinion is expressed herein with respect to such matters.
Our opinions herein are subject to the effect of any applicable bankruptcy, insolvency, fraudulent conveyance, moratorium, reorganization or similar law affecting creditors' rights or debtors' obligations generally and to general equity principles, including (without limitation) concepts of materiality, reasonableness, good faith and fair dealing, and other similar doctrines affecting the legality and binding nature of obligations or agreements generally.
Our opinions herein are rendered solely for your benefit in connection with the transaction contemplated herein. Our opinions herein may not be used or relied on by any other person, nor may this letter or any copies thereof be furnished to a third party, filed with a government agency, quoted, cited or otherwise referred to without our prior written consent, except as noted below.
Crown Cork & Seal Company, Inc.
December 10, 1996
We hereby consent to the filing of this opinion letter as Exhibit 5.1 to the Registration Statement and to the reference to this opinion letter under the caption "Legal Matters" in the prospectus forming a part of the Registration Statement. In giving such consent, we do not thereby admit that we are in the category of persons whose consent is required under Section 7 of the Securities Act.
Sincerely,
DECHERT PRICE & RHOADS
Exhibit 5.2
[LETTERHEAD OF TITMUSS SAINER DECHERT APPEARS HERE]
Crown Cork & Seal Finance PLC,
Downsview Road,
Wantage,
Oxon OX12 4BP
9 December 1996
Dear Sirs,
We have acted as English solicitors to Crown Cork & Seal Finance PLC, an English public limited company ("Crown UK"), in connection with the registration on Form S-3 filed on 26 November 1996 with the Securities and Exchange Commission (the "Registration Statement"; terms defined in the Registration Statement being used herein as therein defined) under the US Securities Act of 1933, as amended (the "Act"), relating to the proposed offering of up to US $1,500,000,000 aggregate principal amount of debt securities of Crown UK, Crown Cork & Seal Company, Inc. ("CCS") and Crown Cork & Seal Finance S.A. ("CCFS")(the "Debt Securities"), to be issued in accordance with the provisions of an Indenture (the "Indenture") to be entered into between Crown UK, CCS and CCFS and the Bank of New York as trustee, substantially in the form attached as an exhibit to the Registration Statement.
This opinion is limited to English law as presently applied by the English courts and is given on the basis that it will be governed by and construed in accordance with English law. We have made no investigation of the laws of any jurisdiction other than England and neither express nor imply any opinion as to any other laws and in particular the laws of the State of New York and the United States of America.
For the purposes of this opinion, we have examined the documents listed in a schedule attached to this letter (the "Schedule") and we have assumed that the Indenture will be executed in the form of the document we have examined. In such examination, we have assumed the genuiness of all signatures, that the form of the Debt Securities will conform to the form set forth in the Indenture, the authenticity of all documents submitted to us as originals and the conformity with the originals of all documents submitted to us as copies.
Subject as mentioned herein, we are of the opinion that:-
(a) Crown UK is a company duly incorporated and validly existing under the laws of England; and
[LOGO OF TITMUSS SAINER DECHERT APPEARS HERE]
(b) When (i) the Indenture has been duly executed by the parties thereto;
(ii) the terms of the Debt Securities and their issuance and sale have been
duly established in conformity with the Indenture so as not to violate any
applicable law of any jurisdiction other than England and Wales; and
(iii) the Debt Securities have been duly authorised by Crown UK and duly
issued in accordance with the Indenture and duly delivered to and paid for
by the purchasers thereof, the Debt Securities will, insofar as English law
is concerned, constitute valid and binding obligations of Crown UK, except
as enforceability thereof may be limited by bankruptcy, insolvency
(including, without limitation, all laws relating to fraudulent or
undervalued transfers), reorganization, moratorium or other similar laws
affecting enforcement of creditors' rights generally, and except as
enforcement thereof is subject to general principles of equity, principles
of English public policy and English rules relating to enforcement or
recognition of foreign judgements.
As regards the opinion expressed in sub-paragraph (a) above, we have relied upon a search made today at the Companies Registry which revealed no order or resolution for the winding-up, or order for the administration of Crown UK. However, it should be noted that such a search is not capable of revealing whether or not a petition for a winding-up order or for an administration order has been presented in a County Court or District Registry or in the High Court of Justice. Notice of a winding-up order or administration order made or a resolution passed or a receiver or administrator appointed may not be filed at the Companies Registry immediately.
In connection with the opinion expressed in sub-paragraph (b) above, we draw your attention to the facts that (i) if an original action is brought in England, predicated solely upon the United States Federal Securities laws, English courts may not have the requisite jurisdiction to adjudicate such action or grant the remedies sought; and (ii) the Debt Securities may not constitute valid and binding obligations of Crown UK to the extent that they are offered for sale or sold to the public or any section of the public in the United Kingdom.
This opinion is addressed to you on the understanding that it may not be transmitted to any person for any purpose, or quoted or referred to in any public document or filed with any government agency or other person, without our prior written consent. We hereby consent to the filing of this opinion as an exhibit to the Registration Statement and to the use of our name under the headings "The Subsidiary Issuers - Enforceability of Certain Civil Liabilities" and "Legal Matters" in the Registration Statement. In giving such consent, we do not thereby admit that we are in the category of persons whose consent is required under Section 7 of the Act.
Yours faithfully,
Titmuss Sainer Dechert
SCHEDULE
1. Memorandum and Articles of Association of Crown Cork & Seal Finance PLC ("Crown UK").
2. A copy of the Minutes of a Meeting of the Directors of Crown UK held on 26 November 1996.
3. A copy of the certificate issued by the Registrar of Companies for England and Wales and dated 26 November 1996 as to Crown UK's ability to commence business and borrow.
4. A copy of the Registration Statement.
5. Draft form of Indenture dated 25 November 1996 filed as Exhibit 41 to the
Registration Statement.
[LETTERHEAD OF JEANTET & ASSOCIES APPEARS HERE]
DECEMBER 6, 1996
Crown Cork & Seal Company, Inc.
9300 Ashton Road
Philadelphia, PA 19136
United States of America
Re.: Crown Cork & Seal Company, Inc.
Crown Cork & Seal Finance S.A.
Debt Securities - USD 1,500,000,000
Dear Sirs,
We have acted as French counsel for Crown Cork & Seal Company, Inc. (the "Company"), in connection with the Registration Statement on Form S-3 (as amended, the "Registration Statement"; terms defined in the Registration Statement being used herein as therein defined), including a prospectus (the "Prospectus") on November 26, 1996 with the United States Securities and Exchange Commission (the "Commission") under the Securities Act of 1933, as amended (the "Act"), and as amended on December 5, 1996, relating to the proposed issuance of $1,500,000,000 aggregate principal amount of debt securities (respectively the "Issuance" and the "Debt Securities") by the Company, Crown Cork & Seal Finance PLC and Crown Cork & Seal Finance S.A., a French societe anonyme all of the shares of which were acquired on November 22, 1996 by Crown Development SNC, a French subsidiary of the Company, to be made in accordance with the provisions of an indenture (the "Indenture") among the Company, Crown Cork & Seal Finance PLC and Crown Cork & Seal Finance S.A. and the Bank of New York, as Trustee, Notwithstanding anything to the contrary in any documents whatsoever and for the sole purpose of this opinion, Crown Cork & Seal Finance S.A. will be referred to herein as the "Issuer".
Jeantet & Associes
For the purpose of our opinion, we have examined the articles of incorporation (statuts) of the Issuer, extracts (forms "K-Bis") of the Paris Registre du Commerce et des Societes relating to the Issuer attesting that the latter has existed since 1990, a certified copy of the resolutions of the Issuer's shareholders' meeting dated November 25, 1996 authorizing the Issuance and the Issuer's board to enter into the Indenture, a certified copy of the resolutions of the Issuer's board meeting dated November 25, 1996 deciding on the Issuance, the Registration Statement on Form S-3, including a Prospectus and a form of Indenture (together the "Debt Securities Documentation").
In considering the above documents, we have assumed (i) the genuineness of all signatures thereon or on the originals thereof, (ii) the authenticity and completeness of all documents submitted to us as originals, (iii) the conformity to original documents and the completeness of all documents submitted to us by facsimile, as certified copies or as photocopies and the authenticity of the originals where faxed copies, certified copies or photocopies have been submitted, (iv) the due authorization and execution of the Indenture by the parties thereto other than the Issuer, (v) that the form of the Debt Securities will conform to the form of Debt Securities set forth in the Indenture, (vi) that the Indenture will constitute the legal, valid and binding obligation of the parties thereto other than the Issuer, enforceable in accordance with its respective terms, (vii) that the Debt Securities Documentation, as signed by the parties thereto, conforms to the forms thereof as submitted to us, and (viii) that all documents, including all certificates, dated prior to the date hereof, are true, accurate and complete as to all their particulars on and as of the date hereof, are valid and effective thereunder and examined.
In addition, with your permission, we have made no independent investigation of factual matters expressed herein, which factual matters have been determined solely upon the basis of the documents described in the second paragraph hereof.
We are rendering this opinion solely on the foregoing basis and upon matters of French law and regulations.
Based upon and subject to the foregoing and to any matters not disclosed to us, and subject to the qualifications expressed at the end of this letter, we are of the opinion that (i) the execution and delivery of the Indenture and the Issuance have been duly authorized by the Issuer and (ii) when the Indenture relating to the Debt Securities has been duly executed and delivered by the Issuer, the terms of the Debt Securities and of their issuance and sale have been duly established in conformity with the Indenture so as not to violate any applicable law or result in a default under or breach of any agreement of instrument binding upon the Issuer and so as to comply with any requirement or restriction imposed by any Court or governmental body having jurisdiction over the Issuer, and the Debt Securities have been duly executed and delivered by the Issuer, and when authenticated by the Trustee in the manner provided for in the Indenture and sold and paid for each Debt Security will constitute a valid and binding obligation of the Issuer entitled to the benefits of the Indenture and will be enforceable against the Issuer in accordance with its terms, except as enforceability thereof may be limited by bankruptcy, insolvency (including, without limitation, all laws relating to fraudulent transfers), reorganization, moratorium or other similar laws affecting enforcement of creditors' rights generally and except as enforcement thereof is subject to general principles of equity (regardless of whether such enforceability is considered in a proceeding in equity or at law).
Jeantet & Associes
We express no opinion on any laws other than French law and, in particular, we express no opinion on US law.
This opinion is subject to the fact that in actions brought in French courts, certain questions of procedural law and, in certain events, questions of public policy (ordre public), would be governed by French law. In particular and without prejudice to the generality of the foregoing, the enforceability of the Debt Securities is subject to the following qualifications:
(i) If an original action is brought in France, predicated solely upon the United States Federal securities laws, French courts may not have the requisite jurisdiction to adjudicate such action or to grant the remedies sought and that actions for enforcement in France or judgments of United States courts rendered against French persons would require such French persons to waive their right under Article 15 of the French Civil Code to be sued in France only. In addition, actions in the United States under the U.S. Federal securities laws could be affected under certain circumstances by the French law of July 16, 1980, which may preclude or restrict the obtaining of evidence in France or from French persons in connection with such actions and a French court may stay proceedings if concurrent proceedings are being brought elsewhere.
(ii) Under Article 1152 of the French Civil Code, French Courts have discretion to increase or decrease the amount of any damages, indemnities or penalties provided for in the Debt Securities Documentation to the extent they would deem them manifestly excessive or derisory and pursuant to Articles 1244-1 to 1244-3 of the French Civil code, a French judge has the power to re-schedule the term for repayment of a debt owed by a French debtor by a period of up to two years, based upon the situation of the debtor and the needs of the creditor.
(iii) Nothing in this opinion must to be taken as indicating that any obligation, other than for the payment of a sum of money, would be specifically enforceable.
(iv) A French court might not enforce the provisions of the Debt Securities Documentation requiring the Issuer to indemnify third parties for courts cost and legal fees.
(v) Claims made against the Issuer may become barred under French statutes of limitations or may be or become subject to defenses of set-off or counter-claim.
(vi) Any judgment obtained against the Issuer in the courts in France in respect of any sum payable by it under the Debt Securities Documentation may be expressed in French Francs.
We express no opinion as to the legal and binding effect or enforceability of provisions of the Debt Securities Documentation pursuant to which the obligations of the Issuer may be increased without their respective contemporaneous agreement as well as to any provision of the Debt Securities Documentation which could be construed as providing for the calculation of interest on any basis other than the actual number of elapsed days.
We hereby consent to the filing of this opinion with the Commission as an exhibit to the Registration Statement and to the references made to us in the Registration Statement and the
Jeantet & Associes
Prospectus under the captions "The Subsidiary Issuers" and "Legal Matters". In giving such consent, we do not thereby admit that we are in the category or persons whose consent is required under Section 7 of the Act.
Very truly yours,
/s/ Jeantet & Associes |