Tobacco Documents Online

EXHIBIT 1

EXHIBIT 1 1,075,685 Shares The American Tobacco Company COMMON STOCK (par wlue $25 per s/late) UNDERWRITING AGRRRMENT~

I~arch 5, 1952 t MOF-GAN STANLEY & CO., 2 Wall Street, New York 5, 1~. "/. Dear Sirs: L We hereby agree with you with To*peat t~ the un~rwtlting b'~" y~ and the other U~derwrlter% it~c~dlug o~trselve~ severally, of the Qfferitag by Ti~e Amerlcatl Tobacco Company (hereinafter called the Compat~y) to holders of its presentIy outstandi~tg common stock oF an aggregate o| 1,075j685 ~.dclitloaal ~hares of its common stock having a par vaIue of $25 per share (hereinafter called the Conm~on Stock). Such of the shares of Common Stock as are not pureJla*ed by holders of sub~fiptltm warrantl (hereinMter called the Warrants) evldcncing ri~ts to subscribe to the Common Stock pur~ttant to the C~mpa~y's offering ~ ComIt~l Stcck ~ h~ldcrs ¢( it~ grese~ly t~ut~t~d~ttg c~u ~tock tts m~re fully described ill the agreement with the Conlpany, are herelnMter called the Un~ubscrlhed Stock. We authorize you to o:ecute ou uttr b~a~i ~e agre*tuent ~ the term ~tmexed hereto as Exhibit A (herein called the agreement with the Company). II. We authorize you during the period prior to the expiration of the vgarrants (in addition to the autliorlzat~on contained in Article IIf) to buy rights, on unsolicited orders to seJI rights, to exercise tights and to sell Conlmon Stock, all as you tuay detertu{ne, for tile aecotuits of ourselves and tile other Underwriters, severally, in the piopt~rtions set ~orth in Article I o} the agreement with the Company. Our net long or sI~rt position resultitlg from this at~thorlzatlon, comhined wlth our net I~g or short pasition ullder Artlcle Ill, is not to exceed 20~ of the maximum lanmher of shares whfcb we may become obligated to purchase from the Company. Such sales of Common Stock may loeltlde ~aI¢$ to dealers, inchldhig Underwriters, and in such cases you may at your discretion allow coneesslons not i~ exccs~ el $t.25 ~ ~hare. "~\re/lude~s~a~/d tbat a~hilg raider the autlmri~a~ion oi this paragraph sales ~f Comuloil Stock sbaIl uot be belolv the .~ubscription Price (before the concession* indicated above) nor above a price equal to either the last sale or the current offering price on the New York Stock Exchange, plus, ]n egher case, an mnount equal to the applleable New York Stock Exchange commlssinn, We and you agree to make no cl~erklge or sales o[ common stock or o| fights (other tlmn as provided in tl~i~ Ardel¢ a~d it, Artie/e IfI), except (i) s~ch ~ffedngs or sales as you may authorlze, ill) off~rkags or sales of figbts received as a stockhokler or C~nlnion Stock acquired through the exercise of such r~ghis, and (ill) sales made as a broker in exectttlng nnsoliclted orders. We may make purchases of rights for dee accounts of the several Underwriters only when such purchases are expressly authorized !,?" you. When you have been notified by the Company as to the number of shares of Pnsub~cfiMd Stoe.k~ you slta/l give us nmlee thereof and ot the number of shares oF Unsubscrlbed Stock which we will then be obligated to take up atx4 p,xy fear. We atuhoclr~ b'ott prMr tc~ tuch ttotiflcatiott t~ arrange with the CompaB) [{iv the reservation of sl/are* f~t" late snbscr~pti~n~ in meritorious case*. \Ve authorize yotl to detectable Irottl tkue to dine whether the Ut',~Mtscrlbed Stock purchesed hy its fr~tu the (7onlpauy a~d the Cornluon Stock ,~cquired dnr[ng the suh~et~ptlon period and not sold durklg such period (1) shall cetltbme to be sold hy you for ()tit account at prices and on the terms attthorlzed in the first paragraph of this Article ill the proportions Set inrfll iu Article ] o[ file agreement with the

Company, or (ii) shall be dellvered to us, or (iii) whether a poblle or any other of~erfog shall be made. ~" . and if on terms other than those authorized in the ffest paragraph of this Artiele. to fix the terms and ¢nndiffons (iilefodhlg the offering prlee or prices and concessions or discounts to deaters) on which $.t*~' ~ such offering or offeringa shall be made. Sales, for the accounts of Underwrlt~rs under ('ill) above, to inst~t~ttions shall be in the proportions set forth fo Article I of the agreement with the Company, hut sales to dealers shall be ~mde for the account of each Underwriter fo the proportion that shares of Commou Stock of ~tck ~Jnderwcher retained for ~uch seles bear to the total sh~res of Common Stock s~ retained for sale t~ dealers. You may at your discretion deliver Unsubscrlbed Stock against .sales made under the provisions of the first paragraph of this Article. For the purposes of this Article and of Arllele III the purchase or ~ale of five rights shall be counted as the equivalent of the purchase or *ale of one share of Common Stock. It Ii understOOd that you may exercise or determine not to exerelse tttty r~ts which you may purchase for the a¢counte of the Underwriters. IIL We authorize you for eur accotmt during the term of thls Agreement to bt~y t~nd to sell sh~t~s of eomtnon stock and rights of the Company, in addltfon to any transactions under the authority granted in Article II, i~ the open market or otl3erwise, for either long or ~ort account, at such prices a~ you shall deem adal~able, it being understond that, except as betsw prcalded, such purchases ~nd sales shall be made as nearIy as practicable proportionately for the aoeoutats of ~e several Underwriters. On demand we will take up a~d pay for any eh~.res of common stoak and rights so purchased for our aceount~ and deliver against payment atay ~ares of common stock and rights so sold for our account; provided, however, that at no time shall our net commitment pursuant to s~eh porehases and sale~, for either long or short account, exceed ]0% of the max~nlttm mtmher of shares of Commot* Stock widch we may become obligated t~ porehase from the Company. We authorize you to file on our behalf with the Securities a~d Exeha~ge Commission ~ny reports required by l~ute X-17A-2 and you agree to notify t~s ~ you engaga in any such transactions. ~f pursuant to the proel~ons o~ the ]preceding paragraph and prior to the termination of thls Agreement (or prior to such earlier date a~ yon may have determined) you purchase or contract to pt~ehase for the aceotlnt o~ at~2¢ ~Tnderwriter hi the opP~ mar*xet cr otherwise a~y Shares of Common Stock purchased by tts from the U~lerwrffers durin~ the subscrlptidn period or which were rets~ned by or released ~o us for direct ~le or any shares whleh may have been issued in ~xcka~e ~or sueh share~, and which shares were therefore not effectivaly placed for investment by us. we authorize you either to charge ~t~r accottt~t w~th atl amounL equal to atay eonee~on to dealers w~th redirect thereto, xvidch amotlnt shall be credited aga~tl~t the ~ost of such ehares~ or to reqalre us to repttrelaase such shares at price equal to the total cost of such purehase, inelndidg commissions, if any, and ttansidr taxes on the r edellvery, 'Are agree to advise you from time to time tlpon request, prior to the termidat fort of this Agreememtj of the ~umber of shares of Common Stock remalnlntr unsold which were purchased by us from the Underwcher~ during" the suhserlpllm~ period or retained by or released to us for direct *ale, rind, on your ' request, we shall release to you any of s~ck shares remaining masold ~f in your opinion such shares $.re \ ~eeded to make delivery against sales made pursuant to /krt~ele~ II and ~II. We and you agree that, uatlt the term~natidn of tb~s Agreement, we w~ll make no purchases o~ snares of common stock and rights other than (1) as provided for in this Agreement or ~n the agreement with the Comba~y, (~i) as a broker in exeeutfog unsolicited orders, and (iil) by the exercise of ~my rlghts issued in respect of common stock beneficially owned by us or you at the date o~ this Agreement. IV. On the closing date a~ de~ned it~ the agreement w~th the Con~pony, at the office of Guaranty Trt~st Company of New York. 140 Broadway, New York, N'. Y., prlor t~ 9:00 o'clock A. M. (F.astern Standard Time) we w~lI deliver to yot~ a certified, ~ ffic~al or bank cashier's cheek, payable to your order id

New York Clearing House funds, for the purchase price of tile Unsubscrihed Stock which we are obligated to purchase from the Company. You will make payment to the Company against delivery to you for our account of stock certificates in definitive form, and you will dell,err t~ us certificates for such ol the. sha~s Of Unsub~eribed Stock as shall have been retained by or released to us for direct sale. V* We authorize you to receive and credit our account (i) the eompensatlon payable to us under Article III of the agreement with the Company and {ii) any other amounts which may ticcrue tous under the other provisions of this Agreement. We atdhorize you to ckarge to our account, as compensatiot~ for your services in connection with this underwriting, 20¢ a share it1 respect of that percentage o[ 1,07S,68S shares set forth opposite our name in Article l of the agreement with the Company. We authorize you to charge to our account (i) our proportion (i.¢l, the percentage set forth opposite our name in Article I of the agreement with the Company) of ag expenses, other than transfer taxes, incurred by you under the terms of this Agreement, and (ii) all transfer taxes paid on our behalf on sales or trat~sfers made for our account pursuant to this Agreement. VI. vge aud~orize yo[i to adcatlce your own fouds or to arrange loans for our account for the pilrpose of carrying out the plovisions of this Agreement and in connectlon therewith to hold or pledge as security therefor all or any of the shares of common stock which you may'be holding for our accouter. As to shares of Unsubseribed Stock sold for our account you will remit to us promptly at* amount wbkh shall he equivalent ekher to the price received by you for such shares or to the purchase price stated in the agreenlent with the Co~lpany, as you may determine. You may deliver to us from tlmc to thne, for carrying purposes only, any shares of common stock which you are haldbhg for sale for our account but not sold arid paid for, We will redchver to you any shares of common stock so delivered to us for carryfog purposes at suck fours as you may demand, With respect to the Unsuhscribed Stock purchased by us from the Company, we further authorize you, nntwgbstanding the provisions of Article IV hereof, to act as our custodian and to take delivery of such stock, registered in your llame or ntherwisej and to hold or dispose of it for our account subject to the grovislons of this Agreement. vlI. This Agreenlent shall lermiuate 45 days after the date of expiration of the WarrantJ unless sooner terminated by you. You may at your disctegon on notice to us prior to the termination of this Agreement !,~rmir.~le ,~ stJspend the effectiveness of Article II or III, or any part of elther~ or alter any of the terms or condick : of offerfog dctcmdned pursuant to the third paragraph of Article II, Upon termln~fion of this Agreement, or prior thereto at your discretion, (1) you shall deliver to us any shares of Unsubscrihed Stock purchased by us from the Company and held by you for tale for our account bnt not sold and paid for and ally shares of common stock which are held {or our account pursuant to file provisions o[ Articles fI and III and (il) our account under this Agreement shall be settled and paid. The determination by you of the amount $o to be paid to or by u* chal[ be final and conclusive. Notwithstanding at~y setden/ent Oil the termination of this Agreement, we agree to pay our propmtlon (as defined in Article V) of any amount payable oil account of any claim, demand or liability which may be asserted against the lJnderwriters, or ally of them, based on tile claim that the Under- wllters cons¢ilum an assoclalion, otdtlcorporated htls]ness or other separate entky~ or based on or arising out of a claim that this Agreenlent or the agleement wkh tile Company is invalid or illegal for any reasonj

arid otlr [ir(~portiou of aa)r ex~llses hzcllrr~ by l'O~t in detettdblg agaltlst tiny such clahlh dezz~*tiid or 1lability. Wc also agree Io pay rely t~aIlsler taxes whlch nlay be a~sc~sed aud padl alter such settlement oll act'oLult ol ~lly ~'de or trallBfe~ ol S]lar~ ¢3i COlUll~on St(~:l~ tor OLI~ ,2ceolult. VIII. Tile agreement with the Company provides that the several obligations ¢1 the Llnderwrbers thereurider are subjecl Io the Registration Statement having beconle effective not laler than ~Vtarch 5, 1952, You are authorized to extelld such date to not later than *~ar~b 6, 1952, and to e.xecule on our behalf any snpplenlentary aglceulenl wigl the Coulpan1, necessary for stleh purpose. We bare examitled the ]/eglslraticn Statemem including the Prospectus as amended to date and are fatuiiiar ~qth the proposed alm'ndments thereto, and we eonfirtll that they alx correct in so far as they relate to us. You are altthorized~ with the approval o1 counsel lot tile Underwriters, to approve on our behalf any furflaer amctaluleilts to the Registration Statement or the l~rospeetus. II the agreement with the Company is lerndnated as permitted by the terms thereof, our obligations hereutlder allall bnnledi~taly termdlaLe except that we shall be gable for our proportiol~ (as defiiled in Article V) o[ all exp~tlses and {or any purchases or sales wldeb may bare been lllade for otlt" account pursuant to the provisions c1 Articles II ~r III, including ally transfer taxes on any such sales, Default by any one or more of the other Underwriters in respect of their several ubligation~ under the agreement with the Coluppny shall not release us from al~y of our obligations. Nothing herein contained shall constitute ~ts partner~ with you or with the other Underwriters arid the obllgatiolls of ourselves und of each of tl~ other r~tlder~wilers ale several and not jolnb Azl), notice {toni yau to us shall he deemed to have been duly given ii mailed or telegrapbed to us at our address as set forth in tile Prospectus, TblsAgreenletlllsbeinge×ecutcdbyusanddeliveredtoyotlbltrlpllcate, Upon yc4ar cenbr mat i~rl hereo[ and upon yonr ccmfirJnatloix of agreements in ]dengcal iornt with each of the other Underwriters, this Agreement shall eotlstit ~lte a "¢alid and binding contract between u~. Yours vet'] truly, Confirmed Mareb 5, 1952 MORGAN STANLEY & CO. P.P, ................. • .............. , .............. .. ................ ,~cr

EXHIBIT A March 5, 1952 MORGAN STANLEY & CO., 2 Wall Street, New York 5, N.Y. Dear Sirs: The American Tobacco Company (hereinafter called the Company) proposes to offer to the holders o[ its presently otltstaadlng connnotl slock tot subscription at $52 a share an gggragate of 1,075,685 additional shares of common stock having a par value of $25 per share (hereinafter called Common Steak) on the basis ol one share of Common Stock for each five shares of common stock held of record at the clnse of busin~s on March 5~ 1952 and to issue transferable Warri~nts ~vldenelng rights to subscribe for such shares. The rights will expire at 3:00 o'clock P. M,, Eastern Standard Time on March 24, 1952. The Company desires to obtain agreements to purchase such of th~ shares of Common Stock as shall not he subscribed for by tile exercise of such rights, such shares being hereinafter sometimes re[erred to as the Onsuhscribed Stock. The Company has filed with the Securities and Exchange Commission a Registration Statement including a Prospectus relating to such Common Stock. The Registration Statement, as amended at the time when it becomes effective, blcluding financial statements and exhibits, is hereinafter referred to as the Registratiml Stalcment and the Prospectus as then amended is hereinafter referred to as the Prospectus. I. The Company hereby agrees to sell to the several Underwriters named below, and the Under- writers, upon tha basis oi tile repr esentatinIt s and warranties herein contained but subject to the conditions he*eitlafter stated, aglee to purchase from the Conlpany, severally and not jolntly~ at $52 a share that percentage of the Unsubscribed Stock (aclinsted so that no Underwriter will be obligated to purchase a fraction of a share) set forth below opposite their nmnes. Perccu~ge Morgan St,lnley & Co .................................................................................... 4.00~ A. C. Allyn and Company Incorporated .............................................. A0 Almstedt Brothers .................... ~ ................................................................. 10 American Securlt;es Corporation ................................................................. 30 Anderson & Strudwlck .................................................................................... 10 Auehineloss, Parker & Redpath .................................................................. 30 Baoon, Whipple & Co .............................................................................. 15 Robert W. ]laird & Co., Incorporated ............................................ 75 Baker, Watts & Co ....................................................................................... 20 Baker, Weeks & Harden ................................................................... 20 J. Barth & Co .................................................................. 10 Bateman, Eichler & Co ................................................................................. 15 A. G. Becket & Co. Incorporated .............................................................. .40 Biddle, Whelen & Co ......................................................................... 15 William Blair & Company ........................................................................ 15 Blair, Rollins & Co. Incorporated ........................................................... 75

Na~ Pe~ceotege Blunt Ellis & Simmons ................................................................................. 15% Blyth & Co., Inc ............................................................................................. 2.75 Bcetteher and Company ............................................................................... 15 Bosworth, SuUivan & Company, 1no ........................................................... 15 J. C. Bradford & Co ..................................................................................... 15 Bramhall, Barbour & Co,, Inc ..................................................................... 10 Alex. Brown & Sons ...................................................................................... 50 Central National Corporation ......................................................................... 15 Central Republic Company (Incorporated) .................................................. 40 E. W. Clark & Co ........................................................................................ 30 ~lark, Dodge & Co ........................................................................................ 1.90 Coffitt & Burr, Incorporated ....................................................................... 40 Cooley & Company ...................................................................................... 15 Julien Collins & Company ............................................................................. 15 Courts & Co .................................................................................................... .. 15 Cullman ]Brothers ........................................................................................... 50 Curtlss, House & Company ............................................................................. 15 Paul H, Davis & Co ....................................................................................... 20 Dick & Merle-Smlth ...................................................................................... 40 R, S. Diekson & Company, Incorporated ..................................................... 20 DilIon, Read & Co. Inc ................................................................................. 3.00 Dixon & Company ........................................................................................... 20 Dominlck & Dominick ................................................................................... 1.90 Drexel & Co ............................................................................................... 1.90 Francis I. duPont & Co .................................................................................. 50 EIkins, Morris & Co ....................................................................................... 40 Elworthy & Co .............................................................................................. 15 Equitable Securities Corporation .................................................................. 50 Estabrook & Co .............................................................................................. l.O0 Clement A. Evans & Co. Incorpo~ted ...................................................... |0 Farwell, Chapman & Co ................................................................................. 15 The First Boston Corporation ..................................................................... 3.00 First of Michigan Corporation ...................................................................... 20 First Southwest Company ........................................................................... 10 Folger, Nolan Incorporated .......................................................................... 40 Fulton, Raid & Co .......................................................................................... 15 G]ore, Forgan & Co ....................................................................................... 2.75 Goldlnanf Sachs & Co ..................................................................................... 2.75 Goodbedy & Co ................................................................................................ SO Grant-Brownell & Co .................................................................................... 10 Green, Ellis & Anderson ................................................................................. 15 Hallgarten & Co ............................................................................................ 1.00 Hatriman R[pley & Co., Iileorporated ........................................................ 2.7S ttarris, Itall & Company (Incorporated) ................................................. 50 Hayden, Miller & Co ....................................................................................... 20 Hayden, Stone & Co .................................................................................... SO HemphilL Noyea, Graham, Parsons & Co ................................................... 1.90 Henry Herrman & Co ...................................................................................... 10 J. J. B. Hilliard & Son ..................................................................................... 15 Hirsch & Co .................................................................................................... . 10 Hornblower & Weeks ..................................................................................... 1.90 E. F, Hutton & Company ............................................................................. 50 2

I ( Nam~ Pcfceam~ W, E. Hutton & Co ......................................................................................... 1,9~% Tile Illlno[s Compml)'. ................................................................................... |~ Janney & Co .................................................................................................... 10 Johnson, Laue~ Space and Co., Inc ............................................................. 10 Johnston, Lemon & Co .................................................................................... 10 Kay, Richards & Co ..................................................................................... 15 A. M. Kidder & Co ......................................................................................... 15 Kidder, Peabody & Co ................................................................................ 2,75 Kirkpatrick-Pet ds Company .......................................................................... ,10 Kuhn, Loeb & Co ........................................................................................... ,~,00 Laird, Bissell & Meeds .................................................................................... 15 W. C. Langley & Co ..................................................................................... 1,00 Lazard F*'eres & Co ........................................................................................ 2.75 Lee I-ligginson Corporation ............................................................................ ISO John C. Legg & Company ................................................................................ 15 Lehman Brother~ ................................................................................... 2.75 Carl M. I.oeh. Rfioades & Co .......................................................................... 50 Laurence M. Marks & Co ............................................................................ 50 Mason-Ilagau, Inc ..................................................................................... ,20 A. E. Masten & Company ........................................................................... 15 Mccormick & Co .......................................................................................... 15 McDonald & Company ............................................................................ l~J Merrill L~,nch, Pierce, Fenner & Beane ............................................... 2.75 Merrill, Turben & Co ................................................................................. 15 Tile Milwaukee ConlparJy. ....................................................................... .15 Mitchum, Ttfily & Co ................................................................................... 15 Moore, ].eouald & Lynch ......................................................................... 20 F, S. Moseley & Co ..................................................................................... 1.90 iV. tI. NewfiakFs Son & Co ....................................................................... .20 Newhard, Cook & Co .................................................................................. 20 The Ohio Comparty .................................................................................... 20 Pacific Northwest Company ......................................................................... 15 P~ine, Veebber, Jacksoll & Curtis .................................................................. 1.90 Piper, Jaffray & Ilopwc.ad ........................................................................... 15 Prescott, Shepard & Co., lnc ......................................................................... 15 I,:. W. Pres~prlcfi & CO .................................................................................... 75 Putnam & Co ................................................................................................... 20 Keinholdt & Gardner ...................................................................................... 20 Reynokls & Co ........................................................................................ 50 Kiter & Co ................................................................................................. 30 The l~obinson-t][umphrey Cotupaay, Ine ................................................... 15 Wm. C. Rotley & Co ................................................................................. 15 I.. 1. Ixotks0uld & Co ................. 75 Saklmon Bros. & t5utzler ........................................................................... 75 Scfioellkopf, ]Iutton & Ponleroy, hie ...................................................... 40 Schwal/acficr & Co ....................................................................................... 30 Scott & Stritlg[ellow. ................................................................................ 20 Chas. W. Scranton & Co ............................................................................... 20 Shields & Company .................................................................................... 50 Sfiuulan, Agnew & Co .......................................................................... 20 1. M. Simo~l & Co ..................................................................................... I5 Singers Dealle & Serlbner ............................................................................... ,20 3

!aere~,ntage Smith, Barney & Co .................................................................................... 2.75~ Smith, Moore & Co ........................................................................................ 15 F. S. Smltilers & Co ...................................................................................... 15 V.qlllam R. Staats & Co ............................................................................. 20 Stein Bros. & Boyee ..................................................................................... Stern Brothers & Co .................................................................................... 20 Stillman, Maynard & Co ............................................................................. 15 Stone & Webster Securities Corporation ...................................................... 2.75 Stroud & Company. Incorporated ................................................................ 20 Swiss American Corporation .......................................................................... 30 Spencer Trask & Co ...................................................................................... 50 Tucker, Anthony & Co ................................................................................... .75 Underwood, Neuhaus & Co ............................................................................. 10 lJnion Secnsities Corporation .................................................................. 2,75 G. 11. Walker & Co .......................................................................................... 75 Watllng, Lercken & Co ................................................................................... 20 x.Veeden & Co. Incorporated .......................................................................... l0 Wcr tbeim & Co ................................................................................................. 1.90 Wlllte, XATeld & Co ....................................................................................... 2.75 \¥hitiog, Weeks & Stubbs ............................................................................ 30 Dean Witter& Co ........................................................................................... 1.90 Wood, Struthers & Co ................................................................................... 1,00 ~.rVur[s, ])ulles & Co .................................................................................... 10 Yarnall & Co ................................................................................................. 15 f00.0og By 12:00 o'clock noon, Eastern Standard Time, on March 25, 1952, the Cvmffany will notify you of the nund~er ol shares of Unsubserlbed Stock. You agree that in the event tile number of shares of Unsubserihed Stock shall be less than 107~569p you, as representative of the several Underwriters, will use your hest efforts to $¢11 such sbarea tor the accounts of the several lJnderwriters at a price above the subscrlption price and that tts to whatever shares you are able to sell by 3:09 o'clock P. M., Eastern Standard Time, on April 7, 1952, you will remit to) the C~lmpany as su~u as pract&ahle thereafter (a) any excess over the subscription price realized ozt the aggregate o[ such sales if there shall he up to 32,271 shares of Unsubsesibed Stock, or (b) 5095 ot any such excess if there shall be more than 32,271 shares but less than 107,569 shares of Unsubscribed Stock, tke excess, in either case, to be conaputed after deduction of all expends (including transfer taxes and sclllng concessions) io¢ident to such sales. Nothing contained herein shall limit your right as ieptesentative ol the several Underwriters, in )'onr discretion, to determine the price or prices at wh&h, and the time or times when, any shares of Unsubscrihed Stock sheIl be sold whether or llot prior to) the cxp&ation of the Warrants, II. The Company will as expeditiously as possible after the explratlon of the subserlption period. prepare and file with tile Securities and Exchange Commission such amendments or supplements to the Registration Statement or Prospectus; or both, as in the opinion of counsel for the Underwriters, Davis Polk \Vardwcll Sunderland & Kicnd[, are uecessary or advisable, and the Company will use its best efforts to have atly atllcndulents to the 1,~eglstratlon Statenlent hecolne effeclive as promptly as possible, ally such alllelidnlents or stlpplotllenl$ to be subject in all respects Io the approval of such counsel and counsel fol tke Conlpany, \