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Asset Purchase Agreement
Asset Purchase Agreement (229K)
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ASSET PURCHASE AGREEMENT
DATED AS OF DECEMBER 27, 2002
AMONG
TRIBUNE BROADCASTING COMPANY,
TRIBUNE DENVER RADIO, INC.,
ACME TELEVISION OF OREGON, LLC,
ACME TELEVISION LICENSES OF OREGON, LLC
AND
ACME COMMUNICATIONS, INC.
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ARTICLE I DEFINITIONS...................................................... 1
Section 1.1. Definitions................................................ 1
ARTICLE II PURCHASE AND SALE OF PURCHASED ASSETS........................... 8
Section 2.1. Purchase and Sale of Purchased Assets...................... 8
Section 2.2. Excluded Assets............................................ 9
Section 2.3. Assumption of Liabilities.................................. 10
ARTICLE III PURCHASE PRICE AND CLOSING..................................... 13
Section 3.1. Closing Date............................................... 13
Section 3.2. Purchase Price............................................. 13
Section 3.3. Payment of the Closing Date Payment........................ 13
Section 3.4. Closing Date Deliveries.................................... 13
Section 3.5. Further Assurances......................................... 14
Section 3.6. Prorations and Adjustments................................. 14
Section 3.7. Purchase Price Adjustment.................................. 16
ARTICLE IV REPRESENTATIONS AND WARRANTIES OF THE ACME ENTITIES............. 16
Section 4.1. Organization............................................... 16
Section 4.2. Subsidiaries and Investments............................... 16
Section 4.3. Authority of the ACME Entities............................. 17
Section 4.4. Financial Statements....................................... 18
Section 4.5. Operations Since Balance Sheet Date........................ 18
Section 4.6. No Undisclosed Liabilities................................. 19
Section 4.7. Taxes...................................................... 20
Section 4.8. Sufficiency of Assets...................................... 20
Section 4.9. Governmental Permits....................................... 21
Section 4.10. Real Property; Real Property Leases....................... 22
Section 4.11. Personal Property......................................... 23
Section 4.12. Personal Property Leases.................................. 24
Section 4.13. Intellectual Property..................................... 24
Section 4.14. Intentionally Omitted..................................... 24
Section 4.15. Title to Purchased Assets................................. 24
Section 4.16. Employees................................................. 25
Section 4.17. Employee Relations........................................ 25
Section 4.18. Contracts................................................. 26
Section 4.19. Status of Contracts....................................... 27
Section 4.20. No Violation, Litigation or Regulatory Action............. 27
Section 4.21. Insurance................................................. 28
Section 4.22. Employee Plans; ERISA..................................... 29
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Section 4.23. Environmental Protection.................................. 29
Section 4.24. Insolvency Proceedings.................................... 30
Section 4.25. Transactions with Affiliates.............................. 31
Section 4.26. No Finder................................................. 31
ARTICLE V REPRESENTATIONS AND WARRANTIES OF BUYER.......................... 31
Section 5.1. Organization............................................... 31
Section 5.2. Authority of Buyer......................................... 31
Section 5.3. Litigation................................................. 32
Section 5.4. No Finder.................................................. 32
Section 5.5. Qualifications as FCC Licensee............................. 32
Section 5.6. WARN Act................................................... 32
ARTICLE VI ACTION PRIOR TO THE CLOSING DATE................................ 33
Section 6.1. Investigation of the Business.............................. 33
Section 6.2. Notice of Litigation....................................... 33
Section 6.3. FCC Consent; HSR Act Approval; Other Consents and Approvals 33
Section 6.4. Operations of the Station Prior to the Closing Date........ 34
Section 6.5. Third Party Consents....................................... 37
Section 6.6. Environmental Site Assessment.............................. 37
Section 6.7. Public Announcement........................................ 37
Section 6.8. Interim Financial Statements............................... 37
Section 6.9. Administrative Violations.................................. 38
Section 6.10. Bulk Sales Act............................................ 38
Section 6.11. Adverse Developments...................................... 38
Section 6.12. No Solicitation Covenant.................................. 38
Section 6.13. Copies of FCC Applications................................ 41
Section 6.14. Estoppel Certificates / Non-Disturbance Agreement......... 41
Section 6.15. Title Examination; Title Insurance; Surveys............... 41
Section 6.16. Personal Property Leases.................................. 41
Section 6.17. Lien Removal.............................................. 42
ARTICLE VII ADDITIONAL AGREEMENTS.......................................... 42
Section 7.1. Taxes; Sales, Use and Transfer Taxes....................... 42
Section 7.2. Employees; Employee Benefit Plans.......................... 43
Section 7.3. Control of Operations Prior to Closing Date................ 45
Section 7.4. Tax-Free Exchange.......................................... 45
Section 7.5. Covenant Not to Compete or Solicit Business................ 46
Section 7.6. Accounts Receivable........................................ 47
Section 7.7. The Daily Buzz............................................. 48
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ARTICLE VIII CONDITIONS PRECEDENT TO OBLIGATIONS OF BUYER.................. 48
Section 8.1. No Misrepresentation or Breach of Covenants and Warranties. 48
Section 8.2. No Restraint or Litigation................................. 48
Section 8.3. FCC Consent................................................ 49
Section 8.4. Closing Documents.......................................... 49
Section 8.5. Third Party Consents....................................... 49
Section 8.6. Closing of KPLR Transaction................................ 49
ARTICLE IX CONDITIONS PRECEDENT TO OBLIGATIONS OF THE ACME ENTITIES........ 49
Section 9.1. No Misrepresentation or Breach of Covenants and Warranties. 50
Section 9.2. No Restraint or Litigation................................. 50
Section 9.3. FCC Consent................................................ 50
Section 9.4. Closing Documents.......................................... 50
Section 9.5. Closing of KPLR Transaction................................ 50
ARTICLE X INDEMNIFICATION.................................................. 51
Section 10.1. Indemnification by the ACME Entities...................... 51
Section 10.2. Indemnification by Buyer.................................. 52
Section 10.3. Notice of Claims.......................................... 53
Section 10.4. Third Person Claims....................................... 53
Section 10.5. Limitations............................................... 54
ARTICLE XI TERMINATION AND REMEDIES........................................ 55
Section 11.1. Termination............................................... 55
Section 11.2. Notice of Termination..................................... 56
Section 11.3. Effect of Termination..................................... 56
Section 11.4. Liquidated Damages Not a Penalty.......................... 57
ARTICLE XII GENERAL PROVISIONS............................................. 57
Section 12.1. Survival of Representations, Warranties and Obligations... 57
Section 12.2. Confidential Nature of Information........................ 57
Section 12.3. Governing Law............................................. 58
Section 12.4. Notices................................................... 58
Section 12.5. Successors and Assigns.................................... 59
Section 12.6. Access to Records after Closing........................... 59
Section 12.7. Entire Agreement; Amendments.............................. 60
Section 12.8. Interpretation............................................ 60
Section 12.9. Waivers................................................... 60
Section 12.10. Expenses................................................. 60
Section 12.11. Partial Invalidity....................................... 61
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Section 12.12. Execution in Counterparts................................ 61
Section 12.13. Risk of Loss; Damage to Facilities....................... 61
Section 12.14. No Third Party Beneficiaries............................. 62
Section 12.15. Confidentiality Agreement................................ 62
Section 12.16. Performance by Sellers................................... 62
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{PAGE}
ASSET PURCHASE AGREEMENT
THIS ASSET PURCHASE AGREEMENT, dated as of December 27, 2002 (this
"Agreement"), is made and entered into by and among Tribune Broadcasting
Company, a Delaware corporation ("TBC"), Tribune Denver Radio, Inc., a Delaware
corporation ("Tribune Denver" and together with TBC, "Buyer"), ACME Television
of Oregon, LLC, a Delaware limited liability company ("ACME Oregon" and a
"Seller"), ACME Television Licenses of Oregon, LLC, a Delaware limited liability
company ("ACME Oregon Licensee" and a "Seller"), and ACME Communications, Inc.,
a Delaware corporation ("Parent" and each of Parent, ACME Oregon and ACME Oregon
Licensee being an "ACME Entity" and collectively, the "ACME Entities").
W I T N E S S E T H :
WHEREAS, Sellers are engaged in the business of owning and operating
television broadcast station KWBP-TV, Channel 32 in Portland, Oregon (the
"Station");
WHEREAS, Parent indirectly owns, beneficially and of record, all of
the membership units of ACME Oregon and ACME Oregon Licensee;
WHEREAS, Sellers desire to sell to Buyer, and Buyer desires to
purchase from Sellers, substantially all of the assets, properties and business
relating to the Station, all on the terms and subject to the conditions set
forth herein (the "KWBP Purchase");
WHEREAS, concurrently herewith, TBC, Parent and ACME Television, LLC
have entered into a Stock Purchase Agreement (the "KPLR Stock Purchase
Agreement"), dated as of the date of this Agreement, pursuant to which TBC has
agreed to purchase all of the issued and outstanding shares of capital stock of
ACME Television Holdings of Missouri, Inc. ("ACME Television Missouri") which,
directly and through its subsidiaries, is engaged in the business (the "KPLR
Business") of owning and operating television broadcast station KPLR-TV, Channel
11 in St. Louis, Missouri (such station being "KPLR" and such transaction being
the "KPLR Purchase"); and
WHEREAS, the consummation of the KPLR Purchase and KWBP Purchase are
both conditioned upon the consummation of the other, each as set forth in the
Stock Purchase Agreement and this Agreement, respectively.
NOW, THEREFORE, in consideration of the mutual covenants and
agreements hereinafter set forth, it is hereby agreed among Buyer and the ACME
Entities as follows:
ARTICLE I
DEFINITIONS
SECTION 1.1. DEFINITIONS. In this Agreement, the following terms
have the meanings specified or referred to in this Section 1.1 and shall be
equally applicable to both the singular and plural forms, including any
reference to "Sellers" shall include each Seller individually and collectively
and vice versa, and any reference to "Buyer" shall include each
{PAGE}
Buyer individually and collectively, and vice versa, unless otherwise specified.
Unless the context requires otherwise, references herein (i) to an agreement,
instrument or other document mean such agreement, instrument or other document
as amended, supplemented and modified from time to time to the extent permitted
by the provisions thereof and by this Agreement and (ii) to a statute mean such
statute as amended from time to time and includes any successor legislation
thereto.
"ACCOUNTS RECEIVABLE" means the rights of Sellers as of the Closing
Date to payment in cash for the sale of advertising time and other goods and
services by the Station (including without limitation goods and services
pursuant to any Barter Agreement or Trade Agreement and reimbursements for
cooperative advertising) prior to the Closing Date.
"ACME ANCILLARY AGREEMENTS" has the meaning specified in Section
4.3(a).
"ACME ENTITY" has the meaning specified in the introductory
paragraph hereof.
"ACME GROUP MEMBER" means each ACME Entity and their Affiliates,
directors, officers, managers, employees and agents and their respective
successors and assigns.
"ACME OREGON" has the meaning specified in the introductory
paragraph hereof.
"ACME OREGON LICENSEE" has the meaning specified in the introductory
paragraph hereof.
"ACME TELEVISION MISSOURI" has the meaning specified in the fourth
recital hereof.
"ADMINISTRATIVE VIOLATION" has the meaning specified in Section 6.9.
"AFFILIATE" means, with respect to any Person, any other Person
which directly or indirectly controls, is controlled by or is under common
control with such Person.
"AGREED ACCOUNTING PRINCIPLES" means generally accepted accounting
101775
|
 Bank One
As referenced in this Asset Purchase Agreement:
Bank One, Na – Code Section 414(m) or (o), of which an ACME Entity is (or at any
relevant time was) a member.
"ESCROW AGENT" means Bank One, Na tional Association.
"ESCROW DEPOSIT" means the sum of Five Hundred Thousand Dollars
($500,000), which is being deposited by Buyer or the qualified
_____________
dt 99955
;
Acme
As referenced in this Asset Purchase Agreement:
ACME COMMUNICATIONS, – DECEMBER 27, 2002
AMONG
TRIBUNE BROADCASTING COMPANY,
TRIBUNE DENVER RADIO, INC.,
ACME TELEVISION OF OREGON, LLC,
ACME TELEVISION LICENSES OF OREGON, LLC
AND
ACME COMMUNICATIONS, INC.
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ARTICLE I DEFINITIONS...................................................... 1
Section 1.1. Definitions................................................ 1
ARTICLE II PURCHASE
_____________
ACME Communications, – ACME Oregon" and a
"Seller"), ACME Television Licenses of Oregon, LLC, a Delaware limited liability
company ("ACME Oregon Licensee" and a "Seller"), and ACME Communications, Inc.,
a Delaware corporation ("Parent" and each of Parent, ACME Oregon and ACME Oregon
Licensee being an "ACME Entity" and collectively, the "
_____________
ACME Communications, – Austin Brown & Wood
Bank One Plaza
Chicago, Illinois 60603
Attention: Larry A. Barden
Facsimile: 312-853-7036
If to the ACME Entities, to:
ACME Communications, Inc.
2101 East Fourth Street
Suite 202
Santa Ana, California 92705
Attention: Thomas Allen
Facsimile: 714-245-9494
58
{PAGE}
with a
_____________
ACME COMMUNICATIONS, – PAGE}
IN WITNESS WHEREOF, the parties hereto have caused this Agreement to
be executed as of the day and year first above written.
ACME COMMUNICATIONS, INC.
By:
--------------------------------
Name:
------------------------------
Title:
-----------------------------
ACME TELEVISION OF OREGON, LLC
By:
--------------------------------
Name:
------------------------------
Title:
-----------------------------
ACME TELEVISION LICENSES OF OREGON,
LLC
By:
--------------------------------
Name:
------------------------------
Title:
-----------------------------
TRIBUNE
_____________
ACME
Communications, – of Oregon, LLC.
3. The execution, delivery and performance of the Asset Purchase
Agreement and each of the ACME Ancillary Agreements to which ACME
Communications, Inc. is a party have been duly authorized by all
necessary corporate action on the part of ACME Communications, Inc.,
and the
_____________
dt 220146
;
Nielsen Media
As referenced in this Asset Purchase Agreement:
Nielsen Media Research, Inc – as conducted by Sellers as of the Closing Date (a
"Competitive Business") anywhere within the Portland, Oregon
Designated Market Area (as defined by Nielsen Media Research, Inc .);
or
(ii) until the first anniversary of the Closing Date, neither
the ACME Entities nor any of their Affiliates will induce or
_____________
dt 268258
;
|
Deutsche Bank
As referenced in this Asset Purchase Agreement:
Deutsche
Bank Securities Inc – such Person's behalf has paid or become obligated to pay any
fee or commission to any broker, finder or intermediary, except for Deutsche
Bank Securities Inc . (the fees and expenses of which shall be payable by the
ACME Entities), for or on account of the transactions contemplated by
_____________
dt 98489
;
GE Capital
As referenced in this Asset Purchase Agreement:
General Electric Capital Corp – SECTION 6.16. PERSONAL PROPERTY LEASES. Prior to the Closing, Parent
shall cause Sellers to purchase from Wells Fargo Equipment Finance, Inc. and
General Electric Capital Corp oration the property leased under the leases with
such entities referenced in Schedule 4.12 and take such other actions so that
such
_____________
dt 100965
;
More... |
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| 2004 |
Asset Purchase Agreement
Asset Purchase Agreement (178K)
Doc #289643: Click preview link for longer preview.
ASSET PURCHASE AGREEMENT
This ASSET PURCHASE AGREEMENT (�Agreement�) is made and entered into this 22nd day of July, 2004 by and between G. Leblanc Corporation, a Wisconsin corporation (the �Company�), and Steinway Musical Instruments, Inc., a Delaware corporation (the �Purchaser�; the Purchaser and the Company are each a �Party� and are collectively the �Parties�).
RECITALS:
WHEREAS, the Company is in the business of manufacturing and distributing musical instruments (the �Business�); and
WHEREAS, the Company desires to sell, transfer and assign to . . .
289643
|
Bank One
As referenced in this Asset Purchase Agreement:
Bank One NA – and at the direction, of the Company, at the Closing the Purchaser shall pay a specified portion of the Closing Payment directly to Bank One NA and to US Bank National Association.
2.2.6 The Parties shall make, or cause to be made, additional payments with respect
_____________
Bank One NA – the Purchased Assets, and no judgment, decree, injunction, order or ruling shall have been entered which has any of the foregoing effects;
(h) Bank One NA shall have provided a letter that the principal and interest outstanding under the Loan Agreement has been paid and shall have terminated
_____________
Bank One NA – the Inventory are the property of the Company, free and clear of any Lien other than Permitted Liens and liens in favor of Bank One NA and to US Bank National Association (the Secured Lenders) which shall be terminated as of the Closing, have not been pledged as
_____________
dt 246392
;
Steinway
As referenced in this Asset Purchase Agreement:
Steinway Musical Instruments, – is made and entered into this 22nd day of July, 2004 by and between G. Leblanc Corporation, a Wisconsin corporation (the Company), and Steinway Musical Instruments, Inc., a Delaware corporation (the Purchaser; the Purchaser and the Company are each a Party and are collectively the Parties).
RECITALS:
WHEREAS,
_____________
Steinway Musical Instruments, – LLP
311 South Wacker Drive
Suite 3000
Chicago, IL 60606-6677
Fax: (312) 360-6570
Attention: Peter I. Mason
If to the Purchaser:
Steinway Musical Instruments, Inc.
800 South Street, Suite 305
Waltham, Massachusetts 02453-1439
Fax: (781) 894-9803
Attention: Dennis M. Hanson
with a copy to:
_____________
STEINWAY MUSICAL
INSTRUMENTS, – FOLLOWS]
IN WITNESS WHEREOF, the undersigned have caused this Agreement to be duly executed as of the day and year first above written.
STEINWAY MUSICAL
INSTRUMENTS, INC.,
a Delaware corporation
By:
/s/ Dana D. Messina
Its:
Dana D. Messina
Chief Executive Officer
G. LEBLANC CORPORATION,
a Wisconsin corporation
_____________
dt 224402
;
|
 Milbank Tweed
As referenced in this Asset Purchase Agreement:
Milbank, Tweed – Instruments, Inc.
800 South Street, Suite 305
Waltham, Massachusetts 02453-1439
Fax: (781) 894-9803
Attention: Dennis M. Hanson
with a copy to:
Milbank, Tweed , Hadley & McCloy LLP
601 S. Figueroa Street, 30th Floor
Los Angeles, CA 90017
Fax: (213) 892-4710
Attention: Neil J Wertlieb, Esq.
_____________
dt 234688
|
| Preview
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| 2000 |
Asset Purchase Agreement
Asset Purchase Agreement (253K)
Doc #382570: Click preview link for longer preview.
ASSET PURCHASE AGREEMENT
BY AND AMONG
STONE & WEBSTER, INCORPORATED,
CERTAIN SUBSIDIARIES
OF
STONE & WEBSTER, INCORPORATED
AND
THE SHAW GROUP INC.
DATED AS OF JULY 14, 2000
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LIST OF SCHEDULES AND EXHIBITS
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Schedule 2.01(a).................................................................................List of Real Property
Schedule 2.01(e).............................................................................List of Assumed Contracts
Schedule 2.01(f)...............................................................List of Licenses, Permits and Approvals
Schedule 2.01(g).......................................................................List of Intellectual Properties
Schedule 2.01(i)...................................................................................List of Investments
Schedule 2.02(b)...................................................................................Completed Contracts
Schedule 2.02(d).......................................................................................Excluded Assets
Schedule 2.03......................................................................................Assumed Liabilities
Schedule 2.02(e)................................................................................Special Project Claims
Schedule 2.05(c)...............................................................Schedule of Cold Storage Selling Prices
Schedule 3.02(b).............................................................Requisite Approvals, Consents and Filings
Schedule 3.02(c).........................................................................Breaches of Assumed Contracts
Schedule 3.04............................................................Agreements, Contracts, Commitments and Rights
Schedule 3.05..........................................................................Legal and Regulatory Compliance
Schedule 3.06...................................................Financial Statements and Quarterly Report on Form 10-Q
Schedule 3.07..................................................................................Undisclosed Liabilities
Schedule 3.08........................................................................................Recent Activities
Schedule 3.09...................................Subsidiaries and Affiliates; Direct, Indirect and Beneficial Interests
Schedule 3.11...............................................................................Title to Personal Property
Schedule 3.12(a)............................................................................Real Property Encumbrances
Schedule 3.12(b)..................................................................Permitted Real Property Encumbrances
Schedule 3.13(b)..................................................................................Environmental Claims
Schedule 3.13(c)............................................................................Contamination and Releases
Schedule 3.13(d).......................................................................Reports, Audits and Assessments
Schedule 3.13(f)......................................Materials of Environmental Concern and Underground Storage Tanks
Schedule 3.14.........................................................Intellectual Properties, Computer Software, Etc.
Schedule 3.15................................................................................................Insurance
Schedule 3.16.....................................................................................Permits and Licenses
Schedule 3.17........................................................................................List of Contracts
Schedule 3.18.....................................................................................Contract Disclosures
Schedule 3.19(b)......................................................................Employees and Employee Relations
Schedule 3.20(a)................................................................................Employee Benefit Plans
Schedule 3.20(b).......................................................Employee Benefit Plan Audits and Adverse Events
Schedule 3.20(e)...............................................................................Prohibited Transactions
Schedule 3.20(f)....................................................................Terminations and Reportable Events
Schedule 3.20(g)............................................................................Multi-Employer Plans, Etc.
Schedule 3.21...............................................................................Litigation and Proceedings
Schedule 3.22....................................................................................................Taxes
Schedule 3.32......................................................................................Accounts Receivable
Schedule 3.33...............................................................................Related Party Transactions
Schedule 4.08..................................................................................Actions and Proceedings
Schedule 5.01...........................................................................................Retention Plan
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Schedule 5.03...........................................................................Certain Actions: D&O Insurance
Schedule 5.04......................................................................................Employee Agreements
Schedule 5.15.............................................................................................Encumbrances
Schedule 5.16(b)............................................................................List of Rejected Contracts
Schedule 7.02(c)................................................................................Consents to Assignment
Exhibit A..............................................................................Form of Buyer's Counsel Opinion
Exhibit B.............................................................................Form of Sellers' Counsel Opinion
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1. DEFINITIONS AND REFERENCES..............................................................................1
1.01. Definitions....................................................................................1
1.02. Certain References............................................................................14
2. SALE OF ASSETS AND RELATED MATTERS.....................................................................14
2.01. Sale of Assets................................................................................14
2.02. Excluded Assets...............................................................................16
2.03. Assumed Liabilities...........................................................................17
2.04. Excluded Liabilities..........................................................................17
2.05. Equity Purchase Price; Indemnity Deposit, LC Deposit and Litigation Deposit;
Delivery of Consideration; Equity Purchase Price Adjustments; Allocation of Equity
Purchase Price................................................................................18
2.06. Registration Rights...........................................................................20
2.07. Addition of Sellers; Schedules................................................................21
3. REPRESENTATIONS AND WARRANTIES OF S & W................................................................21
3.01. Organization..................................................................................21
3.02. Powers; Consents; Absence of Conflicts, Etc...................................................21
3.03. Binding Agreement.............................................................................22
3.04. Subsidiaries, Investments and Third Party Rights..............................................22
3.05. Legal and Regulatory Compliance...............................................................22
3.06. Financial Statements..........................................................................22
3.07. Undisclosed Liabilities.......................................................................22
3.08. Recent Activities.............................................................................22
3.09. Subsidiaries and Affiliates; Assets...........................................................23
3.10. Equipment.....................................................................................23
3.11. Title to Personal Property....................................................................23
3.12. Real Property.................................................................................24
3.13. Environmental Matters.........................................................................24
3.14. Intellectual Properties, Computer Software, etc...............................................25
3.15. Insurance.....................................................................................25
3.16. Permits and Licenses..........................................................................26
3.17. Agreements and Commitments....................................................................26
3.18. The Contracts.................................................................................27
3.19. Employees and Employee Relations..............................................................28
3.20. Employee Benefit Plans........................................................................28
3.21. Litigation and Proceedings....................................................................30
3.22. Taxes.........................................................................................30
3.23. Brokers and Finders...........................................................................30
3.24. Payments......................................................................................31
3.25. Operation of the Business.....................................................................31
3.26. Customer List.................................................................................31
3.27. Backlog.......................................................................................31
3.28. Investment Experience and Intent; No Registration.............................................31
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3.29. Accredited Investor Status....................................................................31
3.30. Rule 144......................................................................................31
3.31. Government Contracting........................................................................32
3.32. Accounts Receivable...........................................................................32
3.33. Related Party Transactions....................................................................33
4. REPRESENTATIONS AND WARRANTIES OF BUYER................................................................33
4.01. Organization..................................................................................33
4.02. Corporate Powers; Consents; Absence of Conflicts, Etc.........................................33
4.03. Binding Agreement.............................................................................34
4.04. Issuance of Share Consideration...............................................................34
4.05. Brokers and Finders...........................................................................34
4.06. Payments 34
4.07. SEC Documents and other Reports...............................................................34
4.08. Actions and Proceedings.......................................................................35
4.09. Capital Structure.............................................................................35
4.10. Absence of Certain Changes or Events..........................................................35
5. COVENANTS AND AGREEMENTS OF THE PARTIES................................................................35
5.01. Bankruptcy Cases and Sale Motion; Entry of Sale Order; Additional Sellers.....................35
5.02. Operations....................................................................................35
5.03. Certain Actions...............................................................................36
5.04. Employee Matters..............................................................................37
5.05. Access to and Provision of Additional Information.............................................38
5.06. Post-Closing Maintenance of and Access to Information.........................................39
5.07. Governmental Authority Approvals: Consents to Assignment......................................40
5.08. Noncompetition................................................................................41
5.09. Use of Names..................................................................................42
5.10. Allocation of Equity Purchase Price for Tax Purposes..........................................42
5.11. Further Acts and Assurances...................................................................42
5.12. Costs and Expenses............................................................................42
5.13. Insurance Ratings.............................................................................43
5.14. Fulfillment of Conditions.....................................................................43
5.15. Release of Encumbrances.......................................................................43
5.16. Assumed and Assigned Contracts; Rejected Contracts............................................43
5.17. Bankruptcy Court Approval.....................................................................44
5.18. Transfer Taxes................................................................................45
5.19. Listing Application...........................................................................45
5.20. Bankruptcy Filings............................................................................45
5.21. Non-Solicitation..............................................................................46
5.22. Tail Insurance................................................................................46
5.23. Other Agreements..............................................................................46
5.24. Temporary Space...............................................................................46
5.25. Schenectady Lease.............................................................................46
5.26. Representation, Warranties and Covenants of Certain Subsidiaries..............................46
5.27. Jacobs Credit Agreement.......................................................................48
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5.28. Canadian Transfer.............................................................................48
6. CONDITIONS PRECEDENT TO OBLIGATIONS OF SELLERS.........................................................49
6.01. Representations and Warranties; Covenants.....................................................49
6.02. Adverse Actions or Proceedings................................................................49
6.03. Pre-Closing Confirmations.....................................................................49
6.04. Approval, Execution and Delivery of Additional Agreements.....................................49
6.05. Opinion of Buyer's Counsel....................................................................49
6.06. No Buyer Material Adverse Change..............................................................49
7. CONDITIONS PRECEDENT TO OBLIGATIONS OF BUYER...........................................................49
7.01. Representations and Warranties; Covenants.....................................................50
7.02. Pre-Closing Confirmations and Contractual Consents............................................50
7.03. Adverse Actions or Proceedings................................................................50
7.04. Operations; No Material Adverse Effect........................................................50
7.05. Title Insurance Policies and Surveys..........................................................50
7.06. Opinion of Sellers' Counsel...................................................................51
7.07. Deliveries at Closing.........................................................................51
7.08. Lien Searches.................................................................................51
7.09. Approval, Execution and Delivery of Additional Agreements.....................................51
8. CLOSING; TERMINATION OF AGREEMENT......................................................................51
8.01. Closing.......................................................................................51
8.02. Action of Sellers at Closing..................................................................52
8.03. Action of Buyer at Closing....................................................................53
8.04. Termination Prior to Closing..................................................................53
9. INDEMNIFICATION........................................................................................54
9.01. Indemnification by Sellers....................................................................54
9.02. Sellers' Limitations..........................................................................55
9.03. Indemnification by Buyer......................................................................55
9.04. Buyer's Limitations...........................................................................55
9.05. Notice and Procedure..........................................................................56
9.06. Survival of Representations; Indemnity Periods................................................58
9.07. Limitations of Liability......................................................................59
10. GENERAL................................................................................................59
10.01. Schedules.....................................................................................59
10.02. Tax Effect....................................................................................59
10.03. Reproduction of Documents.....................................................................60
10.04. Time of Essence...............................................................................60
10.05. Consents, Approvals and Discretion............................................................60
10.06. Choice of Law; Submission to Jurisdiction.....................................................60
10.07. Benefit; Assignment...........................................................................60
10.08. No Third Party Beneficiary....................................................................60
10.09. Waiver of Breach, Right or Remedy.............................................................61
10.10. Notices.......................................................................................61
10.11. Misdirected Payments; Offset Rights...........................................................62
{/TABLE}
iii
{PAGE} 7
{TABLE}
{S} {C} {C}
10.12. Severability..................................................................................62
10.13. Entire Agreement; Counterparts; Amendment.....................................................63
10.14. Drafting .....................................................................................63
10.15. Confidentiality...............................................................................63
10.16. Publicity.....................................................................................63
{/TABLE}
iv
{PAGE} 8
ASSET PURCHASE AGREEMENT
This Asset Purchase Agreement ("Agreement") is made and entered into as
of the 14th day of July, 2000, by and among THE SHAW GROUP INC., a Louisiana
corporation (together with its assignees, if any, "Buyer"), and STONE & WEBSTER,
INCORPORATED, a Delaware corporation ("S & W"), and the Subsidiaries (as
defined) of S & W that become signatories to this Agreement in accordance with
the terms hereof (together with S & W, "Sellers").
WITNESSETH
WHEREAS, Buyer and Sellers desire to enter into a definitive agreement
for the sale and purchase of the Assets (as defined) and the assumption of the
Assumed Contracts (as defined) and the Assumed Liabilities (as defined) of
Sellers, as more fully described and defined in this Agreement;
WHEREAS, the Assets are owned by S & W and certain of its direct and
indirect Subsidiaries and this Agreement is being executed initially by S & W
and Buyer with the agreement of S & W as is set forth herein to cause any of its
Subsidiaries that has any right, title or interest in or to the Assets to become
a party to, and one of the Sellers under, this Agreement by an amendment hereto;
WHEREAS, in order to facilitate the Transaction (as defined), S & W has
filed, and has caused certain of the other Sellers to file, cases under chapter
11 of the Bankruptcy Code (as defined);
WHEREAS, in furtherance of the Transaction, Sellers have received
approval of the Executory Contract Assumption and Assignment Order (as defined)
and the Sale Order (as defined) from the Bankruptcy Court (as defined);
WHEREAS, the Parties intend to consummate the sale and purchase of the
Assets owned by the Foreign Sellers (as defined) outside of the Bankruptcy Cases
and in compliance with the Legal Requirements (as defined) of such foreign
jurisdictions governing the sale and purchase of such Assets; and
WHEREAS, Sellers desire to sell the Assets to Buyer, and Buyer desires
to purchase the Assets from Sellers, on the terms and subject to the conditions
set forth in this Agreement;
NOW, THEREFORE, for and in consideration of the foregoing premises, and
the agreements, covenants, representations and warranties hereinafter set forth,
and other good and valuable consideration, the receipt and adequacy of which are
forever acknowledged and accepted, the parties, intending to be legally bound,
hereby agree as follows:
1. DEFINITIONS AND REFERENCES
1.01. Definitions. As used in this Agreement, the following terms have
the meanings given:
Accounting Arbitrator: as defined in Section 2.05(c)(i)(C);
1
{PAGE} 9
Accounts Receivable: all accounts receivable of any Seller, of
whatever kind or nature, including all current or deferred rights to
payment for projects completed or commenced or services rendered on or
prior to the Closing Date, whether or not such services have been billed by
Sellers as of the Closing Date;
Accredited Investor: as defined in Rule 501 of Regulation D
promulgated under the Securities Act;
Adjustment Amount: as defined in Section 2.05(c)(i)(A);
Adjustment Assets: as defined in Section 2.05(c)(i)(A);
Adjustment Liabilities: as defined in Section 2.05(c)(i)(A);
Affiliate: any Person that, directly or indirectly through one or more
intermediaries, controls, is controlled by, or is under common control with
another Person, including the power to direct or cause the direction of the
management and policies of a Person, whether through the ownership of
securities, election or appointment of directors, by contract or otherwise;
Affiliated Group: any affiliated group within the meaning of Code Sec.
1504 or any similar group defined under a similar provision of state, local
or foreign law;
Aggregate Consideration: as defined in Section 2.05(a);
Agreement: this Asset Purchase Agreement and all Exhibits and
Schedules attached hereto, as amended, consolidated, supplemented, novated
or replaced by the parties from time to time;
Applicable Rate: shall mean a per annum rate of interest (computed on
the basis of the actual number of days elapsed (including the first but
excluding the last day) over a year of 365 or 366 days, as the case may be)
equal to 3% plus the Prime Rate as from time to time in effect, the
Applicable Rate to change automatically from time to time effective at the
beginning of each business day on which a change in the Prime Rate becomes
effective;
Assets: all assets, real, personal and mixed, tangible and intangible,
owned by Sellers or leased by Sellers pursuant to capital leases, including
the assets reflected on the March 31 Balance Sheet, in such amounts as
exist on the Closing Date, but excluding in any event the Excluded Assets;
Assumed Contracts: all Contracts of Sellers (including the Employee
Agreements) other than the Rejected Contracts and the Completed Contracts;
Assumed Liabilities: (i) all liabilities and obligations of Sellers
set forth on Schedule 2.03 as of the Closing Date and (ii) with respect to
such liabilities and obligations as are properly reflected on a balance
sheet under GAAP, in such amounts as are incurred in the ordinary course of
the Business and reflected on the Closing Balance
2
{PAGE} 10
Sheet and which are anticipated to be equal to or in excess of Four Hundred
Million Dollars ($400,000,000); provided, however, that, notwithstanding
anything contained in this Agreement to the contrary, Assumed Liabilities
shall not include any Excluded Liability, including those listed in Section
2.04;
Audited Financial Statements: the audited consolidated balance sheet
of S & W as of December 31, 1999 and the audited consolidated statements of
operations and comprehensive income and cash flows for the three fiscal
years then ended, together with the notes thereto and the report thereon of
PricewaterhouseCoopers LLP, independent certified public accountants, and
any audited restatements thereof;
Average Price: as defined in Section 2.05(a);
Bankruptcy Cases: the cases under chapter 11 of the Bankruptcy Code
filed by each of the Sellers (other than the Foreign Sellers) in the
Bankruptcy Court or any Person who hereafter becomes a Seller and files a
case under chapter 11 of the Bankruptcy Code pursuant to Section 5.01,
which cases have been administratively consolidated;
Bankruptcy Code: 11 U.S.C. 101 et. seq., and applicable federal rules
of bankruptcy procedure thereunder;
Bankruptcy Court: (a) the United States District Court for the
District of Delaware, which has jurisdiction over the Bankruptcy Cases or
(b) such other Court to which the Bankruptcy Cases may be transferred;
Bid: any quotation, bid or proposal by any Seller which, if accepted
or awarded, would lead to a Fixed Price Contract;
Business: any and all businesses owned, leased, managed or otherwise
operated or conducted by any of Sellers;
Buyer: as defined in the Preamble;
Buyer Material Adverse Effect: a material adverse change (or event or
condition that could result in a material adverse change) in the business,
condition (financial or other), operations, assets or liabilities of Buyer,
whether individually or in the aggregate;
Buyer SEC Documents: as defined in Section 4.07;
Buyer's Indemnified Persons: Buyer and Buyer's stockholders, members,
Affiliates, successors and assigns, and their respective stockholders,
partners, Affiliates, directors, trustees, officers, employees, agents and
representatives;
Canadian Assets: Assets held by direct or indirect Canadian
Subsidiaries of S & W;
Canadian Consideration: cash in the amount of Three Million Dollars
($3,000,000) and 255,688 shares of Common Stock having a market value of
Twelve
3
{PAGE} 11
Million One Hundred Twenty-One Thousand Two Hundred Twelve Thousand
Dollars ($12,121,212), which was determined by dividing Ten Million
Dollars ($10,000,000) based on the Average Price by the 82.5% rate at
which Common Stock was given credit in the auction relating to the
Transaction;
Canadian Liabilities: Assumed Liabilities of direct or indirect
Canadian Subsidiaries of S & W;
Canadian Transfer: as defined in Section 5.28(b);
382570
|
Bank One
As referenced in this Asset Purchase Agreement:
Bank One, NA – the event that the Wall Street Journal
ceases to report the Prime Rate, then "Prime Rate" shall mean the
fluctuating interest rate per annum announced from time to time by
Bank One, NA as its "prime rate" (or, if otherwise denominated, such
bank's reference rate for interest rate calculations on general
commercial loans), which rate is not necessarily the lowest or
_____________
dt 1373978
;
Jacobs
As referenced in this Asset Purchase Agreement:
Jacobs Engineering Group Inc – of capital stock of any corporation,
interests in partnerships or limited liability companies, or other
equity or debt instruments issued by any Person, and proceeds from the
sale thereof;
Jacobs: Jacobs Engineering Group Inc ., a Delaware corporation;
Jacobs Asset Purchase Agreement: the Asset Purchase Agreement
dated as of June 1, 2000, by and among Jacobs, S & W and certain
subsidiaries of S & W,
_____________
dt 1393969
;
Shaw Group
As referenced in this Asset Purchase Agreement:
SHAW GROUP INC – txt
{DESCRIPTION}ASSET PURCHASE AGREEMENT - JULY 14, 2000
{TEXT}
{PAGE} 1
EXECUTION COPY
ASSET PURCHASE AGREEMENT
BY AND AMONG
STONE & WEBSTER, INCORPORATED,
CERTAIN SUBSIDIARIES
OF
STONE & WEBSTER, INCORPORATED
AND
THE SHAW GROUP INC .
DATED AS OF JULY 14, 2000
{PAGE} 2
LIST OF SCHEDULES AND EXHIBITS
{TABLE}
{S} {C}
Schedule 2.01(a).................................................................................List of Real Property
Schedule 2.01(e).............................................................................List
_____________
SHAW GROUP INC – 63
{/TABLE}
iv
{PAGE} 8
ASSET PURCHASE AGREEMENT
This Asset Purchase Agreement ("Agreement") is made and entered into as
of the 14th day of July, 2000, by and among THE SHAW GROUP INC ., a Louisiana
corporation (together with its assignees, if any, "Buyer"), and STONE & WEBSTER,
INCORPORATED, a Delaware corporation ("S & W"), and the Subsidiaries (as
defined) of S & W that become
_____________
Shaw Group Inc – the
date tendered for delivery by United States mail, with postage prepaid thereon,
certified or registered mail, return receipt requested, in any event addressed
as follows:
If to Buyer:
The Shaw Group Inc .
8545 United Plaza Blvd.
Baton Rouge, Louisiana 70809
Attn: Gary P. Graphia, Esq.
Facsimile: (225) 932-2642
with a copy to:
Fulbright & Jaworski L.L.P.
1301 McKinney, Suite
_____________
SHAW GROUP INC – 71
IN WITNESS WHEREOF, the parties have caused this Agreement to be
executed in multiple originals by their duly authorized officers as of the
Effective Date.
STONE & WEBSTER, INCORPORATED THE SHAW GROUP INC .
By: By:
------------------------------ -------------------------------
Title: Title:
------------------------------ ----------------------------
64
{PAGE} 72
DOMESTIC SUBSIDIARIES
1435 ENCLAVE PARKWAY CORPORATION
By:
-------------------------------
Title:
----------------------------
245 SUMMER STREET CORPORATION
By:
-------------------------------
Title:
----------------------------
AEC INTERNATIONAL PROJECTS, INC.
By:
-------------------------------
Title:
----------------------------
ASSOCIATED ENGINEERS &
_____________
dt 1419210
;
|
Goldman, Sachs
As referenced in this Asset Purchase Agreement:
Goldman Sachs & Co. – nor any officer, director,
employee or agent thereof, has engaged any finder or broker in connection with
the Transaction, except that S & W has engaged Lazard Freres & Co. LLC and
Goldman Sachs & Co. to act as S & W's independent financial advisors in
connection with the transactions contemplated by this Agreement.
30
{PAGE} 38
3.24. Payments. No Seller has, directly or
_____________
Goldman Sachs & Co. – incurring
such expense, whether or not the Transaction is consummated. Sellers shall be
responsible for paying any allowed fees and expenses of Lazard Freres & Co.
42
{PAGE} 50
LLC and Goldman Sachs & Co. in connection with the transactions contemplated by
this Agreement.
(b) Buyer shall pay the cost of Buyer's owner's title insurance
policies described in Section 7.05, and
_____________
dt 1488904
;
Fulbright
As referenced in this Asset Purchase Agreement:
Fulbright &
Jaworski – the sale and purchase of the Assets and the
Business and the other transactions contemplated by and described in this
Agreement (the "Closing") shall take place at the offices of Fulbright &
Jaworski L.L.P., 1301 McKinney, Suite 5100, Houston, Texas at 10:00 a.m. on the
first business day following satisfaction or waiver of the conditions set forth
in Article
_____________
Fulbright & Jaworski – as follows:
If to Buyer:
The Shaw Group Inc.
8545 United Plaza Blvd.
Baton Rouge, Louisiana 70809
Attn: Gary P. Graphia, Esq.
Facsimile: (225) 932-2642
with a copy to:
Fulbright & Jaworski L.L.P.
1301 McKinney, Suite 5100
Houston, Texas 77010
Attn: Charles L. Strauss, Esq. and
William H. Caudill, Esq.
Facsimile: (713) 651-5246
61
{PAGE} 69
If to Seller:
_____________
dt 1390514
;
Skadden
As referenced in this Asset Purchase Agreement:
Skadden, Arps – Facsimile: (713) 651-5246
61
{PAGE} 69
If to Seller:
Stone & Webster, Incorporated
245 Summer Street
Boston, Massachusetts 02210
Attn: General Counsel
Facsimile: (617) 589-2201
with a copy to:
Skadden, Arps , Slate, Meagher & Flom LLP
One Rodney Square
Wilmington, Delaware 19801
Attn: Gregg Galardi, Esq.
Facsimile: (302) 651-3001
or to such other address or number, and to the attention
_____________
dt 1430927
|
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Asset Purchase and Sale Agreement
Asset Purchase and Sale Agreement (142K)
Doc #421664: Click preview link for longer preview.
ASSET PURCHASE AND SALE AGREEMENT
This Asset Purchase and Sale Agreement (the "Agreement") is made on the
30th day of April, 2001 (the "Effective Time"), by and among CALUMET ACQUISITION
CORP., a Delaware corporation, CALUMET COACH COMPANY, an Illinois corporation,
CALUMET COACH COMPANY LTD, an English limited company ("Calumet Coach"), MOBIL
TECH, INC., a Delaware corporation, BAF COMMUNICATIONS CORP., a District of
Columbia corporation, (collectively, "Seller"), and AK Associates, LLC, a Texas
limited liability company ("Purchaser").
RECITALS
A. Seller is engaged in the manufacturing of high technology,
specialized mobile trailers and coaches (hereinafter referred to as the
"Business");
B. Seller desires to sell to Purchaser, and Purchaser desires to
purchase from Seller, the Business and all of Seller's tangible and intangible
assets, as a going concern, and to assume certain of the liabilities of Seller
as specified herein, subject to and in accordance with the terms and conditions
set forth herein.
NOW, THEREFORE, in consideration of the foregoing premises and the
respective representations, warranties, covenants and agreements herein
contained, and intending to be legally bound hereby, the parties hereby agree as
follows:
ARTICLE I
DEFINITIONS
Unless otherwise provided herein, the following terms used in this
Agreement shall have the meanings set forth below:
"Accounting Fee Escrow Amount" shall have the meaning set forth in
Section 3.1(b)(ii).
"Affiliate" shall mean, with respect to a specified person, a person
that directly or indirectly, through one or more intermediaries, controls, is
controlled by or is under common control with, such specified person, and also
includes any stockholder, member, officer, manager or director of such person.
"Agreement" shall mean this Agreement, including the Schedules and
Exhibits hereto, as same may be amended from time to time.
"Allocation" shall have the meaning set forth in Section 3.3.
"Assumed Liabilities" shall have the meaning set forth in Section
2.2(a).
"Audited Financial Statements" shall have the meaning set forth in
Section 4.13.
"Books and Records" shall have the meaning set forth in Section 2.1(k).
"Business" shall have the meaning set forth in Recital A.
"Business Day" means a day of the year on which banks are not required
or authorized to be closed in the State of New York.
"Butler Chapman" means Butler, Chapman & Co. LLC.
"Calumet Coach Assets" shall have the meaning set forth in Section 2.3.
"Calumet Coach Employees" shall have the meaning set forth in Section
2.3.
"Calumet Coach Finance Obligations" shall have the meaning set forth in
Section 2.3(b).
"Calumet Coach Leased Property" shall have the meaning set forth in
Section 4.10(m).
"Closing" shall have the meaning set forth in Section 7.1.
"Closing Balance Sheet" shall have the meaning set forth in Section
3.2(b).
"Closing Date" shall have the meaning set forth in Section 7.1.
"Closing Value" means the amount by which the book value of the
Purchased Assets (exclusive of goodwill) is greater than the book value of all
Assumed Liabilities, as such book values are determined in accordance with GAAP.
"Code" shall mean the Internal Revenue Code of 1986, as amended.
"Contracts" shall have the meaning set forth in Section 2.1(c).
"Customs and Excise" shall have the meaning set forth in Section
2.4(a)(iii).
"Damages" shall have the meaning set forth in Section 9.2.
"Effective Time" shall have the meaning set forth on the first page
hereof.
"Employee Benefit Plans" shall have the meaning set forth in Section
4.18.
"Employees" shall have the meaning set forth in Section 4.17.
"Encumbrances" shall mean any mortgages, liens, pledges, security
interests, leases, options or rights in third persons to acquire or lease,
charges, adverse interests, judgments, claims, encumbrances, restrictions or
defects of any nature whatsoever.
"Environmental Laws" shall mean the Resource Conservation Recovery Act,
the Comprehensive Environmental Response Compensation and Liability Act, the
Superfund Amendments and Reauthorization Act, the Toxic Substances Control Act,
the Hazardous Materials Transportation Act, the Clean Air Act, the Clean Water
Act, and other similar federal and state laws, as amended and currently in
effect, together with all regulations issued or promulgated thereunder, and all
other Laws relating to pollution, the protection of the environment or the
health and safety of workers or the general public.
"Equipment" shall have the meaning set forth in Section 2.1(d).
"ERISA" shall mean the Employee Retirement Income Security Act of 1974,
as amended, together with all regulations issued or promulgated thereunder, and
all other Laws relating to the employment and compensation of employees.
"Escrow Agent" means Bank One, National Association, and its successors
and permitted assigns.
"Excluded Liabilities" shall have the meaning set forth in Section
2.2(b).
"Financial Statements" shall have the meaning set forth in Section
4.13.
"GAAP" shall mean U.S. generally accepted accounting principles,
consistently applied.
"Governmental Authority" shall mean any public body, governmental,
administrative or regulatory authority, agency, instrumentality or commission,
including courts of competent jurisdiction and arbitral tribunals, whether
Federal, state, local or foreign.
"Hazardous Substance" shall mean any hazardous substance, hazardous or
toxic waste, hazardous material, pollutant, or contaminant, as defined under the
Environmental Laws, and includes without limitation, friable asbestos and
asbestos related products, chlorofluorocarbons, oils or petroleum derived
compounds, polychlorinated biphenyls, pesticides, and radon.
"IBJ" shall have the meaning set forth in Section 2.2(b)(ii).
"Indemnified Party" shall have the meaning set forth in Section 9.4.
"Indemnifying Party" shall have the meaning set forth in Section 9.4.
"Independent Accountant" shall have the meaning set forth in Section
3.2(c).
"Individual Indemnified Parties" shall have the meaning set forth in
Section 9.2(c).
"Inland Revenue" shall have the meaning set forth in Section 4.26(b).
"Insurance Policies" shall have the meaning set forth in Section 4.23.
"Intangible Rights" shall have the meaning set forth in Section 2.1(f).
"Interim Balance Sheet" shall mean the balance sheet contained in the
Interim Financial Statements.
"Interim Financial Statements" shall have the meaning set forth in
Section 4.13.
"Inventory" shall have the meaning set forth in Section 2.1(h).
"Laws" shall mean any statutes, ordinances, rules, regulations, orders
or other laws of any Governmental Authority.
"Leased Real Property" shall have the meaning set forth in Section
2.1(b).
"Material" or "Materiality" shall be deemed to mean an economic impact
exceeding $15,000 with respect to the fact or matter being referred to or
described.
"Material Contracts" shall have the meaning set forth in Section 4.6.
"Material Permits" shall have the meaning set forth in Section 4.21.
"Minimum Amount" shall have the meaning set forth in Section 9.2(b).
"Mitigating Reimbursement" shall have the meaning set forth in Section
9.2(e).
"Named Indemnified Parties" shall have the meaning set forth in Section
421664
|
Bank One
As referenced in this Asset Purchase and Sale Agreement:
Bank One, Na – Income Security Act of 1974,
as amended, together with all regulations issued or promulgated thereunder, and
all other Laws relating to the employment and compensation of employees.
"Escrow Agent" means Bank One, Na tional Association, and its successors
and permitted assigns.
"Excluded Liabilities" shall have the meaning set forth in Section
2.2(b).
"Financial Statements" shall have the meaning set forth in
_____________
dt 1374979
;
|
Akin Gump
As referenced in this Asset Purchase and Sale Agreement:
Akin, Gump – instance.
ARTICLE VII
CLOSING
7.1 Closing Date. The transactions contemplated by this Agreement shall
be consummated at a closing (the "Closing"), which shall be held at the offices
of Akin, Gump , Strauss, Hauer & Feld, L.L.P., 816 Congress Avenue, Suite 1900,
Austin, Texas 78701, at 10:00 a.m. on April 30, 2001, except as may be otherwise
mutually
_____________
Akin, Gump – in form and substance reasonably
satisfactory to Seller, as shall be necessary to fully effectuate the
transactions contemplated hereby.
(e) Opinion of Purchaser's Counsel. Seller shall have received
------------------------------
from Akin, Gump , Strauss, Hauer & Feld, L.L.P., counsel for Purchaser, an
opinion addressed to Seller, dated the Closing Date, in substantially the form
attached hereto as Exhibit C.
---------
(f) Certificate
_____________
Akin, Gump – PURCHASER: AK Associates, LLC
1301 Capital of Texas Hwy., Suite C-300
Austin, Texas 78746
Attn: President
Telecopier: (512) 328-8510
with a copy to (which shall not constitute notice):
Akin, Gump , Strauss, Hauer & Feld, LLP
816 Congress Avenue, Suite 1900
Austin, Texas 78701
Attn: Timothy L. LaFrey
Telecopier: (512) 703-1111
IF TO SELLER: Kulen Capital, L.P.
45 Rockefeller
_____________
dt 1523930
;
Kramer Levin
As referenced in this Asset Purchase and Sale Agreement:
Kramer Levin – may be necessary to put Purchaser in actual possession and
operating control of the Business and the Purchased Assets.
(f) Opinion of Seller's Counsel. Purchaser shall have received
from Kramer Levin Naftalis & Frankel LLP, counsel for Seller, an opinion
addressed to Purchaser, dated the Closing Date, in substantially the form
attached hereto as Exhibit B.
(g) Certificate of Executive Officer
_____________
Kramer Levin – L.P.
45 Rockefeller Plaza, Suite 2408
New York, New York 10111
Attn: Michael H. de Havenon
Telecopier: (212) 218-5145
with a copy to (which shall not constitute notice):
Kramer Levin Naftalis & Frankel LLP
919 Third Avenue
New York, New York 10022
Attn: Michael S. Nelson
Telecopier: (212) 715-8000
or to such other address or addresses as a party
_____________
dt 1417474
|
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Asset Purchase Agreement
Asset Purchase Agreement (28K)
Doc #423312: Click preview link for longer preview.
ASSET PURCHASE AGREEMENT
This ASSET PURCHASE AGREEMENT (the "Agreement") is made as of the 1st day
of April, 2002, by and between SOUTHWORTH INTERNATIONAL GROUP, INC., a Maine
corporation with a principal place of business in Falmouth, Maine (the "Buyer");
and PRESTO LIFTS, INC., a Rhode Island corporation with a principal place of
business in Pawtucket, Rhode Island (the "Seller").
WITNESSETH:
WHEREAS, the Seller is engaged in the business of, among other things,
manufacturing, and selling to material handling dealers and industrial
catalogues, lift tables, stackers, pallet trucks and related parts
(collectively, the "Seller's Business"); and
WHEREAS, Seller desires to sell, and Buyer desires to purchase, the
Seller's Business and substantially all of the Seller's assets; and
WHEREAS, the Seller is the debtor in the bankruptcy case (the Case")
bearing case number 02-11154 now pending before the United States Bankruptcy
Court for the District of Rhode Island (the "Court"); and
WHEREAS, the Court has signed an Order dated March 30, 2002 (the "Order")
in the Case approving the sale of the Seller's Business and substantially all of
the Seller's assets to the Buyer on the terms set forth in this Agreement;
NOW, THEREFORE, in consideration of the premises and the mutual covenants
contained herein, and for other good, fair and valuable consideration, the
receipt, reasonable equivalency and sufficiency of which are hereby
acknowledged, the parties hereto hereby agree as follows:
ARTICLE 1. DEFINITIONS
The following terms shall have the following meanings when used in this
Agreement:
1.1 "Purchased Assets" means all right, title and interest in and to all
of the following assets of the Seller as of the Closing Date, including, without
limitation, those items listed on Schedule 1.1 attached hereto:
(a) all fixed and movable equipment, machinery, furniture, fixtures,
rolling stock, tools, tooling, accessories, parts, leasehold improvements,
computer equipment and hardware, computer software, and other tangible personal
property of the Seller used, intended to be used, or otherwise associated with,
the Seller's Business;
1
{PAGE}
(b) all inventories used, intended to be used, or otherwise related to
the Seller's Business including, without limitation, raw materials,
finished goods, work in process, parts, goods in transit, packaging and shipping
materials, supplies and accessories;
(c) all leases of fixtures, tangible personal property and motor
vehicles, used by the Seller, and approved by Buyer on or before Closing,
and all rights of the Seller under such leases, except for such leases which by
their terms may not be assigned or transferred without the consent of the lessor
and for which the Seller does not obtain appropriate consents to allow the
transfer of its interest therein to Buyer;
(d) all outstanding purchase orders and sales orders, contracts or
agreements with customers of the Seller for the sale and distribution of goods
and/or services in connection with the Seller's Business (collectively, the
"Customer Orders"), and all purchase orders with vendors and suppliers in
connection with the Seller's Business;
(e) all license agreements, distributor agreements, franchise agreements,
service contracts, maintenance agreements, investments in buying co-ops and
other contracts, agreements and commitments, whether written or oral, to which
the Seller is a party and which are directly related, are used, are intended to
be used, or are related to or necessary for, the conduct of the Seller's
Business in the ordinary course and which may be transferred to Buyer, either by
their terms or for which the Seller has obtained the consent to such transfer
from all parties required to permit such transfer. Such shall include, without
limitation, all contracts, bids, proposals and offers for the sale of inventory
and all outstanding purchase orders and sales orders, and all rights of the
Seller under all of the foregoing (collectively, the "Contracts");
(f) all mailing, customer, vendor and supplier lists, names and addresses
of customers, vendors and suppliers, and all other information related to
customers, vendors and suppliers of the Seller in the Seller's Business,
including, but not limited to, sales and business records, invoices, research
and development files, and customer credit information;
(g) all files, books and records (including all employee records related
to the Seller's Business), whether written, on magnetic tapes, disks or other
media, and all essential business information wherever located;
(h) all approvals, permits, licenses, orders, registrations,
certificates, variances, exemptions and similar rights obtained from
governments, governmental agencies or third parties (to the extent assignable);
(i) the Seller's Intellectual Property (as defined below) used, intended
to be used, or related to the Seller's Business;
(j) all trade accounts receivable;
(k) all prepaid expenses, accounts, and other receivables to the extent
the same may be assigned to the Buyer;
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(l) all good will associated with the Seller's Business; and
(m) all other assets of the Seller (other than leases of real estate)
used, or intended to be used, or related to, the Seller's Business, or required
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