SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13D
Under the Securities Exchange Act of 1934
Trizec Hahn Corporation
- ----------------------------------------------------------------------
(Name of Issuer)
Subordinate Voting Shares
- ----------------------------------------------------------------------
(Title of Class of Securities)
896938107
- ----------------------------------------------------------------------
(CUSIP Number)
Jeremiah W. O'Connor, Jr.
The O'Connor Group
399 Park Avenue
New York, NY 10022
(212) 308-7700
with a copy to:
Roger D. Turner, Esq.
Cravath, Swaine & Moore
Worldwide Plaza
825 Eighth Avenue
New York, NY 10019
- ----------------------------------------------------------------------
(Name, Address and Telephone Number of Person Authorized
to Receive Notices and Communications)
November 1, 1996
- ----------------------------------------------------------------------
(Date of Event which Requires Filing of this Statement)
If the filing person has previously filed a statement on Schedule
13G to report the acquisition which is the subject of this Schedule
13D, and is filing this schedule because of ss.ss.240.13d-1(e),
240.13d-1(f) or 240.13d-1(g), check the following box o.
Note: Schedules filed in paper format shall include a signed
original and five copies of the schedule, including all exhibits. See
ss.240.13d-7(b) for other parties to whom copies are to be sent.
*The remainder of this cover page shall be filled out for a
reporting person's initial filing on this form with respect to the
subject class of securities, and for any subsequent amendment
containing information which would alter disclosures provided in a
prior cover page.
The information required on the remainder of this cover page
shall not be deemed to be "filed" for the purpose of Section 18 of the
Securities Exchange Act of 1934, as amended (the "Act"), or otherwise
subject to the liabilities of that section of the Act but shall be
subject to all other provisions of the Act (however, see the Notes).
<PAGE>
CUSIP NO. 896938107
- -------------------------------------------------------------------------------
1 NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Argo Partnership, L.P.
13-3747194
- -------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
(a) [ ]
(b) [ ]
- -------------------------------------------------------------------------------
3 SEC USE ONLY
- -------------------------------------------------------------------------------
4 SOURCE OF FUNDS*
OO
- -------------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO
ITEMS 2(d) OR 2(e) [ ]
- -------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware
- -------------------------------------------------------------------------------
NUMBER OF 7 SOLE VOTING POWER
SHARES 16,216,721
BENEFICIALLY -------------------------------------------------------------
OWNED BY 8 SHARED VOTING POWER
EACH
REPORTING -------------------------------------------------------------
PERSON 9 SOLE DISPOSITIVE POWER
WITH 16,216,721
-------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
- -------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
16,216,721
- -------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES*
[ ]
- -------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
11.17%, based on the number of Subordinated Voting Shares outstanding
as of December 31, 1998
- -------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
PN
- -------------------------------------------------------------------------------
*SEE INSTRUCTIONS BEFORE FILLING OUT!
2
<PAGE>
CUSIP NO. 896938107
- -------------------------------------------------------------------------------
1 NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Argo Management Company, L.P.
13-3751561
- -------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
(a) [ ]
(b) [ ]
- -------------------------------------------------------------------------------
3 SEC USE ONLY
- -------------------------------------------------------------------------------
4 SOURCE OF FUNDS*
AF
- -------------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO
ITEMS 2(d) OR 2(e) [ ]
- -------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware
- -------------------------------------------------------------------------------
NUMBER OF 7 SOLE VOTING POWER
SHARES 16,216,721
BENEFICIALLY -------------------------------------------------------------
OWNED BY 8 SHARED VOTING POWER
EACH
REPORTING -------------------------------------------------------------
PERSON 9 SOLE DISPOSITIVE POWER
WITH 16,216,721
-------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
- -------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
16,216,721
- -------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES*
(See Instructions)
[ ]
- -------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
11.17%, based on the number of Subordinated Voting Shares outstanding
as of December 31, 1998
- -------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
PN
- -------------------------------------------------------------------------------
*SEE INSTRUCTIONS BEFORE FILLING OUT!
3
<PAGE>
CUSIP NO. 896938107
- -------------------------------------------------------------------------------
1 NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
O'Connor Capital Partners, L.P.
13-3747190
- -------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
(a) [ ]
(b) [ ]
- -------------------------------------------------------------------------------
3 SEC USE ONLY
- -------------------------------------------------------------------------------
4 SOURCE OF FUNDS*
AF
- -------------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO
ITEMS 2(d) OR 2(e) [ ]
- -------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware
- -------------------------------------------------------------------------------
NUMBER OF 7 SOLE VOTING POWER
SHARES 16,216,721
BENEFICIALLY -------------------------------------------------------------
OWNED BY 8 SHARED VOTING POWER
EACH
REPORTING -------------------------------------------------------------
PERSON 9 SOLE DISPOSITIVE POWER
WITH 16,216,721
-------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
- -------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
16,216,721
- -------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES*
[ ]
- -------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
11.17%, based on the number of Subordinated Voting Shares outstanding
as of December 31, 1998
- -------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
PN
- -------------------------------------------------------------------------------
*SEE INSTRUCTIONS BEFORE FILLING OUT!
4
<PAGE>
CUSIP NO. 896938107
- -------------------------------------------------------------------------------
1 NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
O'Connor Capital Incorporated
13-3708170
- -------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
(a) [ ]
(b) [ ]
- -------------------------------------------------------------------------------
3 SEC USE ONLY
- -------------------------------------------------------------------------------
4 SOURCE OF FUNDS*
AF
- -------------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO
ITEMS 2(d) OR 2(e) [ ]
- -------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware
- -------------------------------------------------------------------------------
NUMBER OF 7 SOLE VOTING POWER
SHARES 16,216,721
BENEFICIALLY -------------------------------------------------------------
OWNED BY 8 SHARED VOTING POWER
EACH
REPORTING -------------------------------------------------------------
PERSON 9 SOLE DISPOSITIVE POWER
WITH 16,216,721
-------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
- -------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
16,216,721
- -------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES*
[ ]
- -------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
11.17%, based on the number of Subordinated Voting Shares outstanding
as of December 31, 1998
- -------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
CO
- -------------------------------------------------------------------------------
*SEE INSTRUCTIONS BEFORE FILLING OUT!
5
<PAGE>
CUSIP NO. 896938107
- -------------------------------------------------------------------------------
1 NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
J.W. O'Connor & Co. Incorporated
13-3165788
- -------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
(a) [ ]
(b) [ ]
- -------------------------------------------------------------------------------
3 SEC USE ONLY
- -------------------------------------------------------------------------------
4 SOURCE OF FUNDS*
AF
- -------------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO
ITEMS 2(d) OR 2(e) [ ]
- -------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware
- -------------------------------------------------------------------------------
NUMBER OF 7 SOLE VOTING POWER
SHARES 16,216,721
BENEFICIALLY -------------------------------------------------------------
OWNED BY 8 SHARED VOTING POWER
EACH
REPORTING -------------------------------------------------------------
PERSON 9 SOLE DISPOSITIVE POWER
WITH 16,216,721
-------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
- -------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
16,216,721
- -------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES*
[ ]
- -------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
11.17%, based on the number of Subordinated Voting Shares outstanding
as of December 31, 1998
- -------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
CO
- -------------------------------------------------------------------------------
*SEE INSTRUCTIONS BEFORE FILLING OUT!
6
<PAGE>
CUSIP NO. 896938107
- -------------------------------------------------------------------------------
1 NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Jeremiah W. O'Connor, Jr.
- -------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
(a) [ ]
(b) [ ]
- -------------------------------------------------------------------------------
3 SEC USE ONLY
- -------------------------------------------------------------------------------
4 SOURCE OF FUNDS*
AF
- -------------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO
ITEMS 2(d) OR 2(e) [ ]
- -------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
New York
- -------------------------------------------------------------------------------
NUMBER OF 7 SOLE VOTING POWER
SHARES 16,216,721
BENEFICIALLY -------------------------------------------------------------
OWNED BY 8 SHARED VOTING POWER
EACH
REPORTING -------------------------------------------------------------
PERSON 9 SOLE DISPOSITIVE POWER
WITH 16,216,721
-------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
- -------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
16,216,721
- -------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES*
[ ]
- -------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
11.17%, based on the number of Subordinated Voting Shares outstanding
as of December 31, 1998
- -------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
IN
- -------------------------------------------------------------------------------
*SEE INSTRUCTIONS BEFORE FILLING OUT!
7
<PAGE>
Item 1. Security and Issuer
This Statement on Schedule 13D (the "Statement") relates to the
Subordinate Voting Shares of Trizec Hahn Corporation, a corporation
organized under the laws of Ontario, Canada (the "Company"). The principal
executive offices of the Company are located at BCE Place, 181 Bay Street,
Suite 3900, Toronto, Ontario, Dominion of Canada M5J 2T3.
Item 2. Identity and Background
(a)-(c) and (f) This Statement is filed by (i) Argo Partnership, L.P.
("Argo"), a Delaware limited partnership; (ii) Argo Management Company,
L.P. ("AMC"), a Delaware limited partnership and the general partner of
Argo; (iii) O'Connor Capital Partners, L.P. ("OCP"), a Delaware limited
partnership and the general partner of AMC; (iv) O'Connor Capital
Incorporated ("OCI"), a Delaware corporation and the general partner of
OCP; (v) J.W. O'Connor and Co. Incorporated ("OCINC"), a Delaware
corporation and the owner of all the outstanding capital stock of OCI; and
(v) Jeremiah W. O'Connor, Jr., a United States citizen who is the owner of
a majority of the outstanding capital stock of OCINC (collectively, the
"Reporting Persons"). Each of the Reporting Persons has its principal
office and business at 399 Park Avenue, New York, New York 10022 and is
engaged principally in real estate investment. In addition to indirectly
controlling Argo, OCINC indirectly controls Argo Partnership II, L.P.,
Peabody Global Real Estate Partners, L.P. and Peabody International Real
Estate Partners, L.P. The Argo partnerships and the Peabody partnerships
are private investment funds that invest principally in real estate and
real estate related companies. Schedule 1 sets forth the name, business
address and present principal occupation of each director and executive
officer of OCINC.
(d) and (e) During the last five years, none of the Reporting Persons
or, to the best knowledge of the Reporting Persons, any of their respective
executive officers or directors, has been convicted in a criminal
proceeding (excluding traffic violations or similar misdemeanors), nor has
any of them been a party to a civil proceeding of a judicial or
administrative body of competent jurisdiction and as a result of such
proceeding was or is subject to a judgment, decree or final order enjoining
future violations of, or prohibiting activities subject to, federal or
state securities laws or finding any violation of such laws.
Item 3. Source and Amount of Funds or Other Consideration
Pursuant to a Plan of Arrangement of Trizec under the Canadian
Business Corporations Act which became effective in July 1994, Argo
acquired 27,959,865 common shares of Trizec Corporation Ltd., a corporation
organized under the laws of Canada ("Trizec"), for a purchase price of
approximately $259.9 million (the "Trizec Investment"). The funds required
to make the Trizec Investment were obtained by Argo from capital
contributions by the partners of Argo. Pursuant to a Plan of Arrangement of
Trizec under the Canadian Business Corporations Act which became effective
in November 1996, Trizec merged with and into Horsham Corporation, a
corporation organized under the laws of Ontario, Canada ("Horsham"), with
Horsham as the surviving corporation (the "Merger"). Pursuant to the
Merger, each Trizec common share (other than those held by Horsham) was
exchanged for 0.58 Subordinate Voting Shares of Horsham, and Horsham's name
was changed to Trizec Hahn Corporation. In the Merger, the Trizec common
shares owned by Argo were exchanged for 16,216,721 Subordinated Voting
Shares of the Company (the "Shares").
Item 4. Purpose of Transaction
The Trizec common shares were acquired by Argo for investment purposes
and the Shares continue to be held by Argo for such purpose. In connection
with the Merger, Mr. O'Connor, Mr. Glenn J. Rufrano and Mr. Thomas S. Quinn
III were elected to the Board of Directors of the Company as
representatives of Argo. The current term of the directorships of Messrs.
O'Connor and Rufrano will expire in 2000 and the current term of the
directorship of Mr. Quinn will expire in 2002. Argo does not have any
contractual or other right to designate any successors or replacements of
such directors.
8
<PAGE>
Item 5. Interest in Securities of the Issuer
(a)-(b) Each of the Reporting Persons is the beneficial owner of
the Shares, which represent approximately 11.17% of the outstanding
Subordinated Voting Shares of the Company (based upon number of
Subordinated Voting Shares outstanding on December 31, 1998). Argo has
the sole power to vote and dispose of the Shares and each of the other
Reporting Persons has the sole power to direct the vote and
disposition of the Shares.
(c)-(d) Except as set forth herein, none of the Reporting Persons
nor, to the best knowledge of the Reporting Persons, any of the
persons listed on Schedule 1 hereto, beneficially owns or has a right
to acquire directly or indirectly any securities of the Company. None
of the Reporting Persons nor, to the best knowledge of the Reporting
Persons, any of the persons listed on Schedule 1 hereto, has effected
any transactions in the securities of the Company during the past 60
days.
Item 6. Contracts, Arrangements, Understandings or Relationships with
Respect to Securities of the Issuer
In connection with the Trizec Investment, Trizec granted to Argo
and Horsham customary registration rights with respect to their Trizec
common shares. In connection with the Merger, the Company agreed to
extend such registration rights to each U.S. holder of Subordinate
Voting Shares that was an affiliate of Trizec prior to the Merger
(including but not limited to Argo). Such registration rights will
expire on November 1, 1999. AMC is the general partner of Argo, OCP is
the general partner of AMC, OCI is the general partner of OCP, OCINC
is the owner of all the outstanding capital stock of OCI, and Mr.
O'Connor is the owner of a majority of the outstanding capital stock
of OCINC. The partnership agreements of Argo, AMC and OCP include
provisions relating to the ownership and administration of assets
generally and the division of profits or losses realized by such
person and such provisions would apply to the ownership and
administration of the Shares and the division of any profits or losses
realized on the Shares. Except as set forth above, there are no
contracts, arrangements or understandings among such persons or any
person named on Schedule 1 or between any such person and any other
person with respect to the Shares.
Item 7. Material to Be Filed as Exhibits
(1) Acknowledgment dated November 1, 1996, with respect to
Undertaking Regarding Registration Rights dated June 10, 1994.
9
<PAGE>
SIGNATURE
After due inquiry and to the best of my knowledge and belief, I
certify that the information set forth in this statement is true,
complete and correct.
Dated: May 18, 1999
ARGO PARTNERSHIP, L.P.,
By: ARGO MANAGEMENT COMPANY, L.P., its
General Partner,
By: O'CONNOR CAPITAL PARTNERS, L.P., its
General Partner,
By: O'CONNOR CAPITAL INCORPORATED, its
General Partner,
By: /s/ Jeremiah W. O'Connor, Jr.
---------------------------------------
Name: Jeremiah W. O'Connor, Jr.
Title: Chairman and Chief Executive Officer
ARGO MANAGEMENT COMPANY, L.P.,
By: O'CONNOR CAPITAL PARTNERS, L.P., its
General Partner,
By: O'CONNOR CAPITAL INCORPORATED, its
General Partner,
By: /s/ Jeremiah W. O'Connor, Jr.
---------------------------------------
Name: Jeremiah W. O'Connor, Jr.
Title: Chairman and Chief Executive Officer
O'CONNOR CAPITAL PARTNERS, L.P.,
By: O'CONNOR CAPITAL INCORPORATED, its
General Partner,
By: /s/ Jeremiah W. O'Connor, Jr.
---------------------------------------
Name: Jeremiah W. O'Connor, Jr.
Title: Chairman and Chief Executive Officer
10
<PAGE>
O'CONNOR CAPITAL INCORPORATED,
By: /s/ Jeremiah W. O'Connor, Jr.
---------------------------------------
Name: Jeremiah W. O'Connor, Jr.
Title: Chairman and Chief Executive Officer
J.W. O'CONNOR & CO. INCORPORATED,
By: /s/ Jeremiah W. O'Connor, Jr.
---------------------------------------
Name: Jeremiah W. O'Connor, Jr.
Title: Chairman and Chief Executive Officer
/s/ Jeremiah W. O'Connor, Jr.
---------------------------------------
Jeremiah W. O'Connor, Jr.
11
<PAGE>
Schedule 1
Directors and Executive Officers of J.W. O'Connor & Co. Incorporated
The name and present principal occupation of each of the
directors and executive officers of J.W. O'Connor & Co. Incorporated
("OCINC") are set forth below. Each of the directors and executive
officers of OCINC is a United States citizen. The business address of
each such person is 399 Park Avenue, New York, New York 10022.
Name Present Principal Occupation
Jeremiah W. O'Connor, Jr. Director and Chairman of the Board of OCINC.
Glenn J. Rufrano Director and President of OCINC.
Thomas E. Quinn Director, Executive Vice President and Chief
Financial Officer of OCINC.
12
EXHIBIT 1
ACKNOWLEDGEMENT
TO: Each U.S.-resident holder of subordinate voting shares in the
capital of Trizec Hahn Corporation ("Trizec Hahn") who was an
affiliate (within the meaning of the United States Securities Act
of 1933) of Trizec Corporation Ltd. ("Trizec") at October 31,
1996 (a "U.S. Holder").
- ---------------------------------------------------------------------------
Reference is made to the undertaking of Trizec in favour of
The Horsham Corporation (now Trizec Hahn) and Argo Partnership, L.P.
regarding registration rights (the "Undertaking"), which Undertaking
is annexed as Schedule A hereto.
The undersigned hereby acknowledges and agrees that the
Undertaking shall remain in full force and effect pursuant to its
terms except that:
(a) the term "Seller" shall refer to any U.S. Holder,
including, but not limited to, Argo Partnership
L.P.;
(b) the term "Trizec" shall refer to Trizec Hahn
Corporation; and
(c) the Undertaking shall terminate at 11:59 p.m. on
November 1, 1999, following which time Trizec Hahn
shall cease to have any obligations and the U.S.
Holders shall cease to have any rights thereunder.
DATED the 1st day of November, 1996.
/s/ Sari L. Diamond c/s
----------------------------
TRIZEC HAHN CORPORATION
<PAGE>
TO: The Horsham Corporation
Argo Partnership, L.P.
UNDERTAKING REGARDING REGISTRATION RIGHTS
For good and valuable consideration, Trizec agrees that if
and whenever Horsham or Argo (each a "Seller") wishes to sell any
securities of Trizec in Canada and/or the U.S., Trizec shall upon
request of a Seller prepare and/or file in co-operation with the
Seller a prospectus, a registration statement and/or such other
documents, and shall take such commercially reasonable actions as may
be required, in order to effect a public offering and sale of such
securities in the U.S. and/or Canada in accordance with all applicable
Canadian and provincial laws and all applicable U.S. federal and state
laws. In connection therewith Trizec shall:
(i) advise the Seller of all communications with all
relevant governmental authorities pertaining
thereto;
(ii) make reasonably available for inspection by the
Seller or any underwriter participating in any
such offering, and any attorney, accountant or
other agent retained by the Seller or any such
underwriter, all relevant financial and other
records, corporate documents and properties of
Trizec and its subsidiaries;
(iii) cause Trizec's officers, directors and employees
to supply all relevant information reasonably
requested by the Seller or any such underwriter or
any such attorney, accountant or agent as is
customary for similar due diligence examinations;
provided, however, that any information that is
designated in writing by Trizec, in good faith, as
confidential shall be kept confidential unless
such disclosure is made in connection with a court
proceeding or required by law, or such information
becomes available to the public generally or
through a third party without an accompanying
obligation of confidentiality;
(iv) make covenants, representations and warranties to
the Seller or such underwriter, in form, substance
and scope customary for primary underwritten
offerings;
(v) obtain opinions of counsel to Trizec (which are in
form, scope and substance customary for primary
underwritten offerings and satisfactory to the
Seller and the managing underwriters, acting
reasonably), addressed to the Seller and any
underwriters;
(vi) obtain "cold comfort" letters from the independent
public accountants of Trizec, addressed to the
Seller, the board of directors of Trizec and the
underwriters, if any, in form, substance and scope
customary for primary underwritten offerings;
(vii) enter into a customary cross-indemnity agreement
with the Seller and provide an indemnity to the
underwriters, if any, in form, substance and scope
customary for primary underwritten offerings; and
(viii) take such other commercially reasonable action as
may be necessary or desirable to effect the
foregoing.
Page 1 of 2
<PAGE>
All out-of-pocket costs and expenses of Trizec in such connection
(including, without limitation, legal fees and disbursements, filing
fees, application fees and printing costs) shall be borne by the
Seller. Trizec's obligations under this Undertaking shall be subject
to non-interference with the bona fide contemporaneous public
financing requirements of Trizec.
Dated: June 10, 1994
TRIZEC CORPORATION LTD.
by: /s/ Kevin E. Benson
------------------------
Chairman and Co-Chief
Executive Officer
