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Purchase and Sale Agreement
Purchase and Sale Agreement (167K)
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PURCHASE AND SALE AGREEMENT made as of November 10, 2003, between 1185
SIXTH LLC, a limited liability company organized and existing under the laws of
the State of Delaware having an office c/o The Chetrit Group LLC, 601 West 26th
Street, Suite 3 West, New York, New York 10001 ("Seller"), and RECKSON 1185
AVENUE OF THE AMERICAS LLC, a limited liability company organized and existing
under the laws of the State of Delaware having its principal office c/o Reckson
Associates, 225 Broadhollow Road, Melville, New York 11747 ("Purchaser").
W I T N E S S E T H :
- - - - - - - - - -
Robert Cronheim, Howard Dornbusch, Phyllis Firtel et al., as Landlord,
and Fisher Brothers 47th Co., as Tenant, entered into that certain Lease, dated
May 3, 1968, a memorandum of which was recorded in Liber 328 page 340 et seq.
with the Register of the City of New York, New York County (the "Register"),
which Lease was modified by a Modification Agreement among Robert Cronheim,
Howard Dornbusch, Phyllis Firtel et al., as Landlord, and Fisher Brothers 47th
Co., as Tenant, recorded with the Register in Reel 151 page 1175 et seq.; which
Lease as so modified was amended and restated in its entirety by that certain
Modified, Amended and Restated Lease, dated September 17, 1969, among Robert
Cronheim, Howard Dornbusch, Phyllis Firtel et al., as Landlord, and Fisher
Brothers 47th Co., as Tenant, which Modified, Amended and Restated Lease was
recorded with the Register in Reel 417 page 814 et seq. and modified by Lease
Modification Agreement, made as of December 15, 1977, among Robert Cronheim,
Howard Dornbusch, Phyllis Firtel et al., as Landlord, and Fisher Brothers 47th
Co., as Tenant, which Lease Modification Agreement was recorded with the
Register in Reel 425 page 1057 et seq. and Reel 428 page 919 et seq. (such Lease
and Modified, Amended and Restated Lease as so modified, being hereinafter
referred to as the "Ground Lease"). The Ground Lease encumbers certain premises
(the "Ground Lease Parcels") on the west side of Avenue of the Americas between
West 46th Street and West 47th Street in Manhattan, New York.
Fisher Brothers 47th Co., also owned in fee simple certain other
premises (the "Fee Parcels") which adjoin the Ground Lease Parcels on the west
and lie between West 46th Street and West 47th Street.
Fisher Brothers 47th Co. leased the Fee Parcels to Robert Cronheim,
Howard Dornbusch, Phyllis Firtel et al., the landlord under the Ground Lease,
pursuant to that certain Agreement of Lease, made as of September 17, 1969, a
memorandum of which Agreement of Lease was recorded with the Register in Reel
151 page 1148 et seq. and which Agreement of Lease was recorded with the
Register of the City of New York in Reel 417 page 931 et seq. and modified by
Lease Modification Agreement, made as of December 15, 1977, among Fisher
Brothers 47th Co. and Robert Cronheim, Howard Dornbusch, Phyllis Firtel et al.,
which Lease Modification Agreement was recorded with the Register in Reel 425
page 1074 et seq. and Reel 428 page 938 et seq. (such Agreement of Lease as so
modified, being hereinafter referred to as the "Century-Oland Lease"). Robert
Cronheim, Howard Dornbusch, Phyllis Firtel et al. then, in turn, subleased the
Fee Parcels back to Fisher Brothers 47th Co. pursuant to the Ground Lease.
1
{PAGE}
Seller is the current owner of fee title to the Fee Parcels, the
subleasehold estate in the Fee Parcels under the Ground Lease and the leasehold
estate in the Ground Lease Parcels under the Ground Lease.
Seller desires to sell and Purchaser desires to purchase Seller's estates under
the Ground Lease and the Century-Oland Lease and the fee simple title to the Fee
Parcels.
NOW, THEREFORE, in consideration of the premises and mutual covenants herein
contained, the parties hereto agree as follows:
1. DEFINITIONS AND USAGE.
----------------------
1.1 The following terms used herein shall have the meanings hereinafter
ascribed to them:
(a) "Acceptable Title" means such title to the fee simple title to the
Fee Parcels or the leasehold estate in and to the Ground Lease, as the case may
be, as any Reputable Title Insurance Company licensed to conduct business in the
State of New York would be willing to insure to Purchaser without exception
other than the Permitted Title Exceptions and the standard preprinted exclusions
and general conditions customary in an owner's title insurance policy issued in
the State of New York. For all purposes under this Agreement, "Reputable Title
Insurance Company" shall mean Chicago Title Insurance Company, LandAmerica Title
Insurance Company, Commonwealth Land Title Insurance Company and/or First
American Title Insurance Company.
(b) "Building" means the building known as 1185 Avenue of the Americas,
New York, New York.
(c) "Building and other Improvements" means the Building, structures
and all other physical improvements constructed on the Premises or any portions
thereof.
(d) "Business Days" shall mean all days, excluding Saturdays, Sundays
and all days observed by banks in the State of New York sitting in the County of
New York as legal holidays.
(e) "Century-Oland Lease" means that certain Agreement of Lease, made
as of September 17, 1969, among Fisher Brothers 47th Co., as Lessor, and Robert
Cronheim, Howard Dornbusch, Phyllis Firtel et al., as Lessee, a memorandum of
which Agreement of Lease was recorded with the Register in Reel 151 page 1148 et
seq. and which Agreement of Lease was recorded with the Register of the City of
New York in Reel 417 page 931 et seq. and modified by Lease Modification
Agreement, made as of December 15, 1977, among Fisher Brothers 47th Co.,
171290
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Amerada Hess
As referenced in this Purchase and Sale Agreement:
Amerada Hess Corp – Owner or the lessee under the Century-Oland
Lease may reasonably request);
(r) estoppel certificates from (i) King & Spalding LLP, Fleet
National Bank, Amerada Hess Corp oration, WestPoint, (which may be incorporated
in the settlement agreement with WestPoint, discussed in Section 8.1(a) and
which the Purchaser agrees
_____________
dt 94545
;
C&W
As referenced in this Purchase and Sale Agreement:
Cushman & Wakefield, Inc – such union or collective
bargaining contract. This provision shall survive Closing. Seller has advised
Purchaser that Seller has heretofore retained Kaye Scholer LLP ("Kaye Scholer"),
Michael Kwartler and Associates ("Kwartler"), Cushman & Wakefield, Inc . ("C&W")
and Albert Valuation Group New York, Inc. ("Albert Valuation") as Seller's
attorneys, consulting architect, arbitrator and appraiser in connection with the
forthcoming arbitration to determine the
_____________
dt 1360768
;
 Fleet National
As referenced in this Purchase and Sale Agreement:
Fleet
National Bank, – as the Fee Owner or the lessee under the Century-Oland
Lease may reasonably request);
(r) estoppel certificates from (i) King & Spalding LLP, Fleet
National Bank, Amerada Hess Corporation, WestPoint, (which may be incorporated
in the settlement agreement with WestPoint, discussed in Section 8.1(a) and
which
_____________
dt 104011
;
|
Wachovia Bank
As referenced in this Purchase and Sale Agreement:
Wachovia Bank – mortgages encumbering the premises
demised by the Garage Lease or any Garage Sublease of such premises;
(xxi) Subordination and Non-Disturbance agreements from
Wachovia Bank National Association or any prior mortgagee given in
connection with any of the Leases.
(xxii) Terms, Covenants, Conditions and Provisions of
Declaration made
_____________
Wachovia Bank, – the obligations of the borrower
accruing from and after the Closing Date under (i) that certain mortgage loan
encumbering the Property made by Wachovia Bank, National Association in the
12
{PAGE}
aggregate outstanding principal amount of Two Hundred Two Million
($202,000,000.00) Dollars (the "Existing
_____________
dt 88850
;
 Fried Frank
As referenced in this Purchase and Sale Agreement:
Fried Frank – Jason Barnett, Esq., General Counsel
Telecopier Number: (631) 694-6784
with a copy to counsel:
Fried Frank Harris Shriver & Jacobson
One New York Plaza
New York, New York 10004
Attention: Joshua Mermelstein,
dt 36739
;
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Purchase and Sale Agreement
Purchase and Sale Agreement (538K)
Doc #173822: Click preview link for longer preview.
PURCHASE AND SALE AGREEMENT
between
ATLAS PIPELINE PARTNERS, L.P.
and
SEMCO ENERGY, INC.
Dated as of September 16, 2003
{PAGE}
TABLE OF CONTENTS
ARTICLE I Definitions..............................................1
Section 1.1. Defined terms...........................................1
Section 1.2. Construction............................................9
ARTICLE II Sale and Purchase........................................9
Section 2.1. Sale and Purchase of Company Equity Interests...........9
Section 2.2. Conversion of Company to Limited Liability Company.....10
ARTICLE III Purchase Price..........................................10
Section 3.1. Purchase Price.........................................10
Section 3.2. Purchase Price Adjustment..............................10
ARTICLE IV Representations and Warranties of Seller................11
Section 4.1. Corporate Status; Power and Authority..................11
Section 4.2. Duly Executed..........................................12
Section 4.3. Qualification..........................................12
Section 4.4. Consent................................................13
Section 4.5. Capitalization of the Company; Title to Company
Equity Interests......................13
Section 4.6. Sufficiency of Company Assets; Title to Company
Assets................................13
Section 4.7. No Breach, Etc.........................................14
Section 4.8. Financial Statements; Material Liabilities;
Undisclosed Liabilities...................14
Section 4.9. Changes, etc...........................................15
Section 4.10. Environmental Laws.....................................15
Section 4.11. Personal Property......................................16
Section 4.12. Certain Regulatory Matters.............................16
Section 4.13. Material Contracts.....................................17
Section 4.14. Litigation.............................................17
Section 4.15. Rights-of-Way..........................................18
Section 4.16. Employee Matters.......................................18
Section 4.17. Insurance..............................................18
Section 4.18. Patents; Trademarks; Etc...............................18
Section 4.19. Indemnity Claim........................................19
Section 4.20. Books and Records; Other Information...................19
Section 4.21. Brokers................................................19
ARTICLE V Representations and Warranties of Purchaser.............19
Section 5.1. Corporate Status; Power and Authority..................19
Section 5.2. Power; Duly Executed...................................19
Section 5.3. Qualification..........................................19
Section 5.4. Governmental Consent...................................20
Section 5.5. Brokers................................................20
Section 5.6. Financial Arrangements of Purchaser....................20
Section 5.7. Purchaser Qualification................................20
{PAGE}
ARTICLE VI Covenants and Certain Actions of the Parties............20
Section 6.1. Obligations of Seller..................................20
Section 6.2. Obligations of Purchaser...............................25
Section 6.3. Insurance..............................................26
Section 6.4. Cooperation by Seller..................................26
Section 6.5. Certain Title Curative Work............................27
ARTICLE VII Approvals; Commercially Reasonable Efforts..............27
Section 7.1. Approvals; Commercially Reasonable Efforts.............27
ARTICLE VIII Conditions Precedent....................................28
Section 8.1. Closing Conditions.....................................28
Section 8.2. Hart-Scott-Rodino Compliance...........................28
Section 8.3. Conditions to Obligations of Seller....................28
Section 8.4. Conditions to Obligations of Purchaser.................30
ARTICLE IX Closing.................................................32
Section 9.1. Closing................................................32
ARTICLE X Termination.............................................32
Section 10.1. Termination............................................32
Section 10.2. Limitation on Right to Terminate; Effect of
Termination............33
ARTICLE XI Taxes...................................................34
Section 11.1. Seller Tax Representations and Warranties..............34
Section 11.2. Tax Covenants and Indemnification......................35
ARTICLE XII Indemnification.........................................37
Section 12.1. Indemnification........................................37
Section 12.2. Disclaimer Regarding Transmission Business.............41
ARTICLE XIII Miscellaneous...........................................42
Section 13.1. Modification...........................................42
Section 13.2. Entire Agreement.......................................42
Section 13.3. Expenses...............................................42
Section 13.4. Extension and Waiver...................................42
Section 13.5. Further Actions........................................42
Section 13.6. Notices................................................42
Section 13.7. Assignment.............................................44
Section 13.8. No Third Party Beneficiaries...........................44
Section 13.9. Severability...........................................44
Section 13.10. Counterparts...........................................44
Section 13.11. Applicable Law; Alternative Dispute Resolution.........44
Section 13.12. Publicity..............................................45
ii
{PAGE}
EXHIBITS
Exhibit A......Operation and Maintenance and Administrative Services Agreement
Exhibit B......Special Contract for Gas Transportation
Exhibit C......Gas Transmission Agreement
Exhibit D......Bill of Sale and Assignment Agreement
Exhibit E......Limited Liability Company Agreement
Exhibit F......Gas Control Agreement
Exhibit G......Tower License
Exhibit H......Reciprocal Easement and Joint Use Agreement
iii
{PAGE}
PURCHASE AND SALE AGREEMENT
THIS PURCHASE AND SALE AGREEMENT (this "Agreement"), effective as of
September 16, 2003 is by and between SEMCO Energy, Inc., a Michigan corporation,
and Atlas Pipeline Partners, L.P., a Delaware limited partnership.
WITNESSETH:
WHEREAS, Seller owns the Company Common Stock that will be converted
into the Company Equity Interests immediately prior to the Closing; and
WHEREAS, Purchaser desires to purchase, and Seller desires to sell, the
Company Equity Interests subject in all respects to the provisions of this
Agreement.
NOW, THEREFORE, in consideration of the premises and other good and
valuable consideration, the receipt and sufficiency of which are hereby
acknowledged, the Parties hereby agree as follows:
ARTICLE I
Definitions
Section 1.1 Defined terms. As used herein, the following terms have
the following meanings:
"AAA" is defined in Section 13.11(b)(ii).
"Affiliate" means, with respect to any Person, any other Person that
directly or indirectly, through one or more intermediaries, controls, is
controlled by or is under common control with the specified Person. For the
purpose of this definition, "control," when used with respect to any specified
Person, means the possession of the power to direct the management or policies
of the specified Person, directly or indirectly, whether through the ownership
of voting securities, partnership or limited liability company interests, by
contract or otherwise.
"Agreement" means this Purchase and Sale Agreement, as the same may be
amended or modified in writing by the Parties from time to time.
"Base Financial Statements" is defined in Section 4.8(a).
"Bill of Sale and Assignment Agreement" is defined in Section 8.4(k).
"Board of Directors" means the board of directors of Seller or
Purchaser's General Partner, as the case may be, or any duly authorized
committee of that board.
"Business Day" means any day except Saturday, Sunday and any other day
on which banking institutions located in the City of New York, New York are
required or authorized to close.
{PAGE}
"Claim Notice" means a written notice of claim given by a Party seeking
indemnification pursuant to the terms of this Agreement that specifies in
reasonable detail the specific nature of the Losses and the estimated amount of
such Losses.
"Closing" is defined in Section 9.1.
"Closing Date" is defined in Section 9.1.
"Code" means the Internal Revenue Code of 1986, as amended.
"Company" means, prior to the LLC Conversion, Alaska Pipeline Company,
an Alaska corporation, and after the LLC Conversion, Alaska Pipeline Company,
LLC, a Delaware limited liability company.
"Company Assets" means all assets, properties and rights of the
Company.
"Company Common Stock" is defined in Section 4.5.
"Company Equity Interests" means all the outstanding limited liability
company interests of the Company.
"Company Regulatory Financial Statements" is defined in Section 4.8(a).
"Company's Charter Documents" is defined in Section 4.1(b).
"Confidentiality Agreement" is defined in Section 6.1(b)(i).
"Contracts" means all agreements, contracts, subcontracts, leases,
notes, bonds, guarantees, letters of credit, indentures and other legally
binding commitments, whether written or oral, and each amendment, supplement or
modification, whether written or oral, in respect of any of the foregoing to
which (i) the Company is a party, or (ii) by which the Company Assets are bound.
"Data Room" means the presentation materials prepared by Seller to
assist Purchaser in its investigation of the Company and the Transmission
Business and made available to Purchaser in Anchorage, Alaska, together with the
materials included on the CD-ROM provided by Seller to Purchaser and any
materials provided by Seller to Purchaser in response to written supplemental
requests.
"Encumbrance" means any mortgage, pledge, restriction on transfer
(other than any such restriction under applicable law and regulations or as may
be specified in the Company's Charter Documents), proxy or voting or other
similar agreement (other than as may be specified in the Company's Charter
Documents), assessment, security interest, lien, adverse claim, levy, charge or
other legal or equitable encumbrance of any kind.
"Environmental Laws" means any and all Legal Requirements (including
common law) pertaining to the protection of human health (as it relates to
exposure to Hazardous Materials), the environment (including, without
limitation, any generation, use, storage, treatment, Release, or threatened
173822
|
Atlas Pipeline
As referenced in this Purchase and Sale Agreement:
ATLAS PIPELINE PARTNERS, L –
{DOCUMENT}
{TYPE}EX-99
{SEQUENCE}3
{FILENAME}ex99-1.txt
{DESCRIPTION}EXHIBIT 99.1
{TEXT}
{PAGE}
PURCHASE AND SALE AGREEMENT
between
ATLAS PIPELINE PARTNERS, L .P.
and
SEMCO ENERGY, INC.
Dated as of September 16, 2003
{PAGE}
TABLE OF CONTENTS
ARTICLE I Definitions..............................................1
Section 1.1. Defined terms...........................................1
Section 1.2. Construction............................................
_____________
Atlas Pipeline Partners, L – iii
{PAGE}
PURCHASE AND SALE AGREEMENT
THIS PURCHASE AND SALE AGREEMENT (this "Agreement"), effective as of
September 16, 2003 is by and between SEMCO Energy, Inc., a Michigan corporation,
and Atlas Pipeline Partners, L .P., a Delaware limited partnership.
WITNESSETH:
WHEREAS, Seller owns the Company Common Stock that will be converted
into the Company Equity Interests immediately prior to the Closing; and
WHEREAS,
_____________
Atlas Pipeline Partners, L – after the Closing Date, Taxes relating to the portion of
such taxable period up to and including the Closing Date.
"Purchase Price" is defined in Section 3.1.
"Purchaser" means Atlas Pipeline Partners, L .P., a Delaware limited
partnership.
"Purchaser Indemnitees" means Purchaser and its officers, directors,
employees, agents, representatives, Affiliates, subsidiaries (including, after
the Closing, the Company), and their respective successors and
_____________
Atlas Pipeline Partners, L – the address of such Party set forth below. Any
such notice shall be effective upon receipt or three days after placed in the
mail, whichever is earlier.
If to Purchaser:
Atlas Pipeline Partners, L .P.
311 Rouser Road
Moon Township, PA 15108
Attention: President
Telecopy Number: (215) 546-4785
with copies to:
APC Acquisition, LLC
311 Rouser Road
Moon Township, PA 15108
Telecopy
_____________
ATLAS PIPELINE PARTNERS, L – caused this Agreement to be
executed as of the date first above written.
SELLER
SEMCO ENERGY, INC.
By: ____________________________________
Name: Marcus Jackson
Title: Chairman, President and Chief Executive Officer
PURCHASER
ATLAS PIPELINE PARTNERS, L .P.
By: ATLAS PIPELINE PARTNERS GP, LLC
By: __________________________
Name: Michael L. Staines
Title:President
46
{PAGE}
EXHIBIT A
OPERATION AND MAINTENANCE AND
ADMINISTRATIVE SERVICES AGREEMENT
by and between
_____________
dt 1316984
;
ConocoPhillips
As referenced in this Purchase and Sale Agreement:
ConocoPhillips – Shell Oil
Company and Alaska Pipeline Company, as amended and supplemented. (The
current parties to this Agreement are Chevron U.S.A. Inc.,
ConocoPhillips and the Municipality of Anchorage.)
2. Gas Purchase Agreement dated November 26, 1984, between Phillips
Petroleum Company (now ConocoPhillips) and Alaska Pipeline Company,
_____________
ConocoPhillips) – U.S.A. Inc.,
ConocoPhillips and the Municipality of Anchorage.)
2. Gas Purchase Agreement dated November 26, 1984, between Phillips
Petroleum Company (now ConocoPhillips) and Alaska Pipeline Company, as
amended.
3. Gas Purchase Agreement dated May 1, 1988, between Marathon Oil Company
and Alaska Pipeline Company,
_____________
dt 94579
;
SEMCO Energy
As referenced in this Purchase and Sale Agreement:
SEMCO ENERGY, INC. –
{DOCUMENT}
{TYPE}EX-99
{SEQUENCE}3
{FILENAME}ex99-1.txt
{DESCRIPTION}EXHIBIT 99.1
{TEXT}
{PAGE}
PURCHASE AND SALE AGREEMENT
between
ATLAS PIPELINE PARTNERS, L.P.
and
SEMCO ENERGY, INC.
Dated as of September 16, 2003
{PAGE}
TABLE OF CONTENTS
ARTICLE I Definitions..............................................1
Section 1.1. Defined terms...........................................1
Section 1.2. Construction............................................9
ARTICLE II Sale and
_____________
SEMCO Energy, Inc. – H......Reciprocal Easement and Joint Use Agreement
iii
{PAGE}
PURCHASE AND SALE AGREEMENT
THIS PURCHASE AND SALE AGREEMENT (this "Agreement"), effective as of
September 16, 2003 is by and between SEMCO Energy, Inc. , a Michigan corporation,
and Atlas Pipeline Partners, L.P., a Delaware limited partnership.
WITNESSETH:
WHEREAS, Seller owns the Company Common Stock that will be converted
into the Company Equity
_____________
SEMCO Energy, Inc. – electronic, digital, or other storage or back-up
media and retained in the ordinary course of Seller's or any of its Affiliates'
business or the Transmission Business.
"Seller" means SEMCO Energy, Inc. , a Michigan corporation.
"Seller Division" means the ENSTAR Natural Gas Company operating
division of Seller.
"Seller Indemnitees" means Seller and its officers, directors,
employees, agents, representatives, Affiliates, subsidiaries, and
_____________
SEMCO Energy, Inc. – 215) 546-4785
and
Vinson & Elkins L.L.P.
2300 First City Tower
1001 Fannin
Houston, TX 77002-6760
Attention: Douglas Bland
Telecopy Number: (713) 615-5649
If to Seller:
SEMCO Energy, Inc.
405 Water Street
Port Huron, MI 48060
Attention: Gene Dubay
Telecopy Number: (810) 989-4099
with copies to:
SEMCO Energy, Inc.
28470 13 Mile Road
Farmington Hills, MI 48334
_____________
SEMCO Energy, Inc. – Bland
Telecopy Number: (713) 615-5649
If to Seller:
SEMCO Energy, Inc.
405 Water Street
Port Huron, MI 48060
Attention: Gene Dubay
Telecopy Number: (810) 989-4099
with copies to:
SEMCO Energy, Inc.
28470 13 Mile Road
Farmington Hills, MI 48334
Attention: Mark Prendeville
Telecopy Number: (248) 702-6304
and
43
{PAGE}
LeBoeuf, Lamb, Greene & MacRae, L.L.P.
125 West 55th
_____________
dt 1501377
;
|
SEMCO Energy
As referenced in this Purchase and Sale Agreement:
SEMCO ENERGY, INC. –
{DOCUMENT}
{TYPE}EX-99
{SEQUENCE}3
{FILENAME}ex99-1.txt
{DESCRIPTION}EXHIBIT 99.1
{TEXT}
{PAGE}
PURCHASE AND SALE AGREEMENT
between
ATLAS PIPELINE PARTNERS, L.P.
and
SEMCO ENERGY, INC.
Dated as of September 16, 2003
{PAGE}
TABLE OF CONTENTS
ARTICLE I Definitions..............................................1
Section 1.1. Defined terms...........................................1
Section 1.2. Construction............................................9
ARTICLE II Sale and
_____________
SEMCO Energy, Inc. – H......Reciprocal Easement and Joint Use Agreement
iii
{PAGE}
PURCHASE AND SALE AGREEMENT
THIS PURCHASE AND SALE AGREEMENT (this "Agreement"), effective as of
September 16, 2003 is by and between SEMCO Energy, Inc. , a Michigan corporation,
and Atlas Pipeline Partners, L.P., a Delaware limited partnership.
WITNESSETH:
WHEREAS, Seller owns the Company Common Stock that will be converted
into the Company Equity
_____________
SEMCO Energy, Inc. – electronic, digital, or other storage or back-up
media and retained in the ordinary course of Seller's or any of its Affiliates'
business or the Transmission Business.
"Seller" means SEMCO Energy, Inc. , a Michigan corporation.
"Seller Division" means the ENSTAR Natural Gas Company operating
division of Seller.
"Seller Indemnitees" means Seller and its officers, directors,
employees, agents, representatives, Affiliates, subsidiaries, and
_____________
SEMCO Energy, Inc. – 215) 546-4785
and
Vinson & Elkins L.L.P.
2300 First City Tower
1001 Fannin
Houston, TX 77002-6760
Attention: Douglas Bland
Telecopy Number: (713) 615-5649
If to Seller:
SEMCO Energy, Inc.
405 Water Street
Port Huron, MI 48060
Attention: Gene Dubay
Telecopy Number: (810) 989-4099
with copies to:
SEMCO Energy, Inc.
28470 13 Mile Road
Farmington Hills, MI 48334
_____________
SEMCO Energy, Inc. – Bland
Telecopy Number: (713) 615-5649
If to Seller:
SEMCO Energy, Inc.
405 Water Street
Port Huron, MI 48060
Attention: Gene Dubay
Telecopy Number: (810) 989-4099
with copies to:
SEMCO Energy, Inc.
28470 13 Mile Road
Farmington Hills, MI 48334
Attention: Mark Prendeville
Telecopy Number: (248) 702-6304
and
43
{PAGE}
LeBoeuf, Lamb, Greene & MacRae, L.L.P.
125 West 55th
_____________
dt 1501403
;
First National
As referenced in this Purchase and Sale Agreement:
First National Bank of Alaska – obligation under this
Agreement. Shipper shall pay, no later than ten (10) days after Shipper's
receipt of the statement, any disputed amount into a separate interest bearing
account at First National Bank of Alaska or its successor and shall notify
Transporter of such deposit. Any interest which may accrue in such account shall
be payable to the Party in whose favor the dispute is
_____________
First
National Bank of Alaska – obligation under this Agreement.
SEMCO shall pay, no later than ten (10) days after SEMCO's receipt of the
statement, any disputed amount into a separate interest bearing account at First
National Bank of Alaska or its successor and shall notify APC of such deposit.
Any interest which may accrue in such account shall be payable to the Party in
whose favor the dispute is
_____________
dt 1447302
;
More... |
| Preview
Subscribers | 2003 |
Purchase and Sale Agreement
Purchase and Sale Agreement (538K)
Doc #176813: Click preview link for longer preview.
PURCHASE AND SALE AGREEMENT
between
ATLAS PIPELINE PARTNERS, L.P.
and
SEMCO ENERGY, INC.
Dated as of September 16, 2003
{PAGE}
TABLE OF CONTENTS
ARTICLE I Definitions..............................................1
Section 1.1. Defined terms...........................................1
Section 1.2. Construction............................................9
ARTICLE II Sale and Purchase........................................9
Section 2.1. Sale and Purchase of Company Equity Interests...........9
Section 2.2. Conversion of Company to Limited Liability Company.....10
ARTICLE III Purchase Price..........................................10
Section 3.1. Purchase Price.........................................10
Section 3.2. Purchase Price Adjustment..............................10
ARTICLE IV Representations and Warranties of Seller................11
Section 4.1. Corporate Status; Power and Authority..................11
Section 4.2. Duly Executed..........................................12
Section 4.3. Qualification..........................................12
Section 4.4. Consent................................................13
Section 4.5. Capitalization of the Company; Title to Company
Equity Interests......................13
Section 4.6. Sufficiency of Company Assets; Title to Company
Assets................................13
Section 4.7. No Breach, Etc.........................................14
Section 4.8. Financial Statements; Material Liabilities;
Undisclosed Liabilities...................14
Section 4.9. Changes, etc...........................................15
Section 4.10. Environmental Laws.....................................15
Section 4.11. Personal Property......................................16
Section 4.12. Certain Regulatory Matters.............................16
Section 4.13. Material Contracts.....................................17
Section 4.14. Litigation.............................................17
Section 4.15. Rights-of-Way..........................................18
Section 4.16. Employee Matters.......................................18
Section 4.17. Insurance..............................................18
Section 4.18. Patents; Trademarks; Etc...............................18
Section 4.19. Indemnity Claim........................................19
Section 4.20. Books and Records; Other Information...................19
Section 4.21. Brokers................................................19
ARTICLE V Representations and Warranties of Purchaser.............19
Section 5.1. Corporate Status; Power and Authority..................19
Section 5.2. Power; Duly Executed...................................19
Section 5.3. Qualification..........................................19
Section 5.4. Governmental Consent...................................20
Section 5.5. Brokers................................................20
Section 5.6. Financial Arrangements of Purchaser....................20
Section 5.7. Purchaser Qualification................................20
{PAGE}
ARTICLE VI Covenants and Certain Actions of the Parties............20
Section 6.1. Obligations of Seller..................................20
Section 6.2. Obligations of Purchaser...............................25
Section 6.3. Insurance..............................................26
Section 6.4. Cooperation by Seller..................................26
Section 6.5. Certain Title Curative Work............................27
ARTICLE VII Approvals; Commercially Reasonable Efforts..............27
Section 7.1. Approvals; Commercially Reasonable Efforts.............27
ARTICLE VIII Conditions Precedent....................................28
Section 8.1. Closing Conditions.....................................28
Section 8.2. Hart-Scott-Rodino Compliance...........................28
Section 8.3. Conditions to Obligations of Seller....................28
Section 8.4. Conditions to Obligations of Purchaser.................30
ARTICLE IX Closing.................................................32
Section 9.1. Closing................................................32
ARTICLE X Termination.............................................32
Section 10.1. Termination............................................32
Section 10.2. Limitation on Right to Terminate; Effect of
Termination............33
ARTICLE XI Taxes...................................................34
Section 11.1. Seller Tax Representations and Warranties..............34
Section 11.2. Tax Covenants and Indemnification......................35
ARTICLE XII Indemnification.........................................37
Section 12.1. Indemnification........................................37
Section 12.2. Disclaimer Regarding Transmission Business.............41
ARTICLE XIII Miscellaneous...........................................42
Section 13.1. Modification...........................................42
Section 13.2. Entire Agreement.......................................42
Section 13.3. Expenses...............................................42
Section 13.4. Extension and Waiver...................................42
Section 13.5. Further Actions........................................42
Section 13.6. Notices................................................42
Section 13.7. Assignment.............................................44
Section 13.8. No Third Party Beneficiaries...........................44
Section 13.9. Severability...........................................44
Section 13.10. Counterparts...........................................44
Section 13.11. Applicable Law; Alternative Dispute Resolution.........44
Section 13.12. Publicity..............................................45
ii
{PAGE}
EXHIBITS
Exhibit A......Operation and Maintenance and Administrative Services Agreement
Exhibit B......Special Contract for Gas Transportation
Exhibit C......Gas Transmission Agreement
Exhibit D......Bill of Sale and Assignment Agreement
Exhibit E......Limited Liability Company Agreement
Exhibit F......Gas Control Agreement
Exhibit G......Tower License
Exhibit H......Reciprocal Easement and Joint Use Agreement
iii
{PAGE}
PURCHASE AND SALE AGREEMENT
THIS PURCHASE AND SALE AGREEMENT (this "Agreement"), effective as of
September 16, 2003 is by and between SEMCO Energy, Inc., a Michigan corporation,
and Atlas Pipeline Partners, L.P., a Delaware limited partnership.
WITNESSETH:
WHEREAS, Seller owns the Company Common Stock that will be converted
into the Company Equity Interests immediately prior to the Closing; and
WHEREAS, Purchaser desires to purchase, and Seller desires to sell, the
Company Equity Interests subject in all respects to the provisions of this
Agreement.
NOW, THEREFORE, in consideration of the premises and other good and
valuable consideration, the receipt and sufficiency of which are hereby
acknowledged, the Parties hereby agree as follows:
ARTICLE I
Definitions
Section 1.1 Defined terms. As used herein, the following terms have
the following meanings:
"AAA" is defined in Section 13.11(b)(ii).
"Affiliate" means, with respect to any Person, any other Person that
directly or indirectly, through one or more intermediaries, controls, is
controlled by or is under common control with the specified Person. For the
purpose of this definition, "control," when used with respect to any specified
Person, means the possession of the power to direct the management or policies
of the specified Person, directly or indirectly, whether through the ownership
of voting securities, partnership or limited liability company interests, by
contract or otherwise.
"Agreement" means this Purchase and Sale Agreement, as the same may be
amended or modified in writing by the Parties from time to time.
"Base Financial Statements" is defined in Section 4.8(a).
"Bill of Sale and Assignment Agreement" is defined in Section 8.4(k).
"Board of Directors" means the board of directors of Seller or
Purchaser's General Partner, as the case may be, or any duly authorized
committee of that board.
"Business Day" means any day except Saturday, Sunday and any other day
on which banking institutions located in the City of New York, New York are
required or authorized to close.
{PAGE}
"Claim Notice" means a written notice of claim given by a Party seeking
indemnification pursuant to the terms of this Agreement that specifies in
reasonable detail the specific nature of the Losses and the estimated amount of
such Losses.
"Closing" is defined in Section 9.1.
"Closing Date" is defined in Section 9.1.
"Code" means the Internal Revenue Code of 1986, as amended.
"Company" means, prior to the LLC Conversion, Alaska Pipeline Company,
an Alaska corporation, and after the LLC Conversion, Alaska Pipeline Company,
LLC, a Delaware limited liability company.
"Company Assets" means all assets, properties and rights of the
Company.
"Company Common Stock" is defined in Section 4.5.
"Company Equity Interests" means all the outstanding limited liability
company interests of the Company.
"Company Regulatory Financial Statements" is defined in Section 4.8(a).
"Company's Charter Documents" is defined in Section 4.1(b).
"Confidentiality Agreement" is defined in Section 6.1(b)(i).
"Contracts" means all agreements, contracts, subcontracts, leases,
notes, bonds, guarantees, letters of credit, indentures and other legally
binding commitments, whether written or oral, and each amendment, supplement or
modification, whether written or oral, in respect of any of the foregoing to
which (i) the Company is a party, or (ii) by which the Company Assets are bound.
"Data Room" means the presentation materials prepared by Seller to
assist Purchaser in its investigation of the Company and the Transmission
Business and made available to Purchaser in Anchorage, Alaska, together with the
materials included on the CD-ROM provided by Seller to Purchaser and any
materials provided by Seller to Purchaser in response to written supplemental
requests.
"Encumbrance" means any mortgage, pledge, restriction on transfer
(other than any such restriction under applicable law and regulations or as may
be specified in the Company's Charter Documents), proxy or voting or other
similar agreement (other than as may be specified in the Company's Charter
Documents), assessment, security interest, lien, adverse claim, levy, charge or
other legal or equitable encumbrance of any kind.
"Environmental Laws" means any and all Legal Requirements (including
common law) pertaining to the protection of human health (as it relates to
exposure to Hazardous Materials), the environment (including, without
limitation, any generation, use, storage, treatment, Release, or threatened
176813
|
Atlas Pipeline
As referenced in this Purchase and Sale Agreement:
ATLAS PIPELINE PARTNERS, L –
{DOCUMENT}
{TYPE}EX-10
{SEQUENCE}11
{FILENAME}exh10-10.txt
{DESCRIPTION}EXH10-10.TXT
{TEXT}
{PAGE}
PURCHASE AND SALE AGREEMENT
between
ATLAS PIPELINE PARTNERS, L .P.
and
SEMCO ENERGY, INC.
Dated as of September 16, 2003
{PAGE}
TABLE OF CONTENTS
ARTICLE I Definitions..............................................1
Section 1.1. Defined terms...........................................1
Section 1.2. Construction............................................
_____________
Atlas Pipeline Partners, L – iii
{PAGE}
PURCHASE AND SALE AGREEMENT
THIS PURCHASE AND SALE AGREEMENT (this "Agreement"), effective as of
September 16, 2003 is by and between SEMCO Energy, Inc., a Michigan corporation,
and Atlas Pipeline Partners, L .P., a Delaware limited partnership.
WITNESSETH:
WHEREAS, Seller owns the Company Common Stock that will be converted
into the Company Equity Interests immediately prior to the Closing; and
WHEREAS,
_____________
Atlas Pipeline Partners, L – after the Closing Date, Taxes relating to the portion of
such taxable period up to and including the Closing Date.
"Purchase Price" is defined in Section 3.1.
"Purchaser" means Atlas Pipeline Partners, L .P., a Delaware limited
partnership.
"Purchaser Indemnitees" means Purchaser and its officers, directors,
employees, agents, representatives, Affiliates, subsidiaries (including, after
the Closing, the Company), and their respective successors and
_____________
Atlas Pipeline Partners, L – the address of such Party set forth below. Any
such notice shall be effective upon receipt or three days after placed in the
mail, whichever is earlier.
If to Purchaser:
Atlas Pipeline Partners, L .P.
311 Rouser Road
Moon Township, PA 15108
Attention: President
Telecopy Number: (215) 546-4785
with copies to:
APC Acquisition, LLC
311 Rouser Road
Moon Township, PA 15108
Telecopy
_____________
ATLAS PIPELINE PARTNERS, L – caused this Agreement to be
executed as of the date first above written.
SELLER
SEMCO ENERGY, INC.
By: ____________________________________
Name: Marcus Jackson
Title: Chairman, President and Chief Executive Officer
PURCHASER
ATLAS PIPELINE PARTNERS, L .P.
By: ATLAS PIPELINE PARTNERS GP, LLC
By: __________________________
Name: Michael L. Staines
Title:President
46
{PAGE}
EXHIBIT A
OPERATION AND MAINTENANCE AND
ADMINISTRATIVE SERVICES AGREEMENT
by and between
_____________
dt 1316985
;
ConocoPhillips
As referenced in this Purchase and Sale Agreement:
ConocoPhillips – Shell Oil
Company and Alaska Pipeline Company, as amended and supplemented. (The
current parties to this Agreement are Chevron U.S.A. Inc.,
ConocoPhillips and the Municipality of Anchorage.)
2. Gas Purchase Agreement dated November 26, 1984, between Phillips
Petroleum Company (now ConocoPhillips) and Alaska Pipeline Company,
_____________
ConocoPhillips) – U.S.A. Inc.,
ConocoPhillips and the Municipality of Anchorage.)
2. Gas Purchase Agreement dated November 26, 1984, between Phillips
Petroleum Company (now ConocoPhillips) and Alaska Pipeline Company, as
amended.
3. Gas Purchase Agreement dated May 1, 1988, between Marathon Oil Company
and Alaska Pipeline Company,
_____________
dt 94584
;
SEMCO Energy
As referenced in this Purchase and Sale Agreement:
SEMCO ENERGY, INC. –
{DOCUMENT}
{TYPE}EX-10
{SEQUENCE}11
{FILENAME}exh10-10.txt
{DESCRIPTION}EXH10-10.TXT
{TEXT}
{PAGE}
PURCHASE AND SALE AGREEMENT
between
ATLAS PIPELINE PARTNERS, L.P.
and
SEMCO ENERGY, INC.
Dated as of September 16, 2003
{PAGE}
TABLE OF CONTENTS
ARTICLE I Definitions..............................................1
Section 1.1. Defined terms...........................................1
Section 1.2. Construction............................................9
ARTICLE II Sale and
_____________
SEMCO Energy, Inc. – H......Reciprocal Easement and Joint Use Agreement
iii
{PAGE}
PURCHASE AND SALE AGREEMENT
THIS PURCHASE AND SALE AGREEMENT (this "Agreement"), effective as of
September 16, 2003 is by and between SEMCO Energy, Inc. , a Michigan corporation,
and Atlas Pipeline Partners, L.P., a Delaware limited partnership.
WITNESSETH:
WHEREAS, Seller owns the Company Common Stock that will be converted
into the Company Equity
_____________
SEMCO Energy, Inc. – electronic, digital, or other storage or back-up
media and retained in the ordinary course of Seller's or any of its Affiliates'
business or the Transmission Business.
"Seller" means SEMCO Energy, Inc. , a Michigan corporation.
"Seller Division" means the ENSTAR Natural Gas Company operating
division of Seller.
"Seller Indemnitees" means Seller and its officers, directors,
employees, agents, representatives, Affiliates, subsidiaries, and
_____________
SEMCO Energy, Inc. – 215) 546-4785
and
Vinson & Elkins L.L.P.
2300 First City Tower
1001 Fannin
Houston, TX 77002-6760
Attention: Douglas Bland
Telecopy Number: (713) 615-5649
If to Seller:
SEMCO Energy, Inc.
405 Water Street
Port Huron, MI 48060
Attention: Gene Dubay
Telecopy Number: (810) 989-4099
with copies to:
SEMCO Energy, Inc.
28470 13 Mile Road
Farmington Hills, MI 48334
_____________
SEMCO Energy, Inc. – Bland
Telecopy Number: (713) 615-5649
If to Seller:
SEMCO Energy, Inc.
405 Water Street
Port Huron, MI 48060
Attention: Gene Dubay
Telecopy Number: (810) 989-4099
with copies to:
SEMCO Energy, Inc.
28470 13 Mile Road
Farmington Hills, MI 48334
Attention: Mark Prendeville
Telecopy Number: (248) 702-6304
and
43
{PAGE}
LeBoeuf, Lamb, Greene & MacRae, L.L.P.
125 West 55th
_____________
dt 1501378
;
|
SEMCO Energy
As referenced in this Purchase and Sale Agreement:
SEMCO ENERGY, INC. –
{DOCUMENT}
{TYPE}EX-10
{SEQUENCE}11
{FILENAME}exh10-10.txt
{DESCRIPTION}EXH10-10.TXT
{TEXT}
{PAGE}
PURCHASE AND SALE AGREEMENT
between
ATLAS PIPELINE PARTNERS, L.P.
and
SEMCO ENERGY, INC.
Dated as of September 16, 2003
{PAGE}
TABLE OF CONTENTS
ARTICLE I Definitions..............................................1
Section 1.1. Defined terms...........................................1
Section 1.2. Construction............................................9
ARTICLE II Sale and
_____________
SEMCO Energy, Inc. – H......Reciprocal Easement and Joint Use Agreement
iii
{PAGE}
PURCHASE AND SALE AGREEMENT
THIS PURCHASE AND SALE AGREEMENT (this "Agreement"), effective as of
September 16, 2003 is by and between SEMCO Energy, Inc. , a Michigan corporation,
and Atlas Pipeline Partners, L.P., a Delaware limited partnership.
WITNESSETH:
WHEREAS, Seller owns the Company Common Stock that will be converted
into the Company Equity
_____________
SEMCO Energy, Inc. – electronic, digital, or other storage or back-up
media and retained in the ordinary course of Seller's or any of its Affiliates'
business or the Transmission Business.
"Seller" means SEMCO Energy, Inc. , a Michigan corporation.
"Seller Division" means the ENSTAR Natural Gas Company operating
division of Seller.
"Seller Indemnitees" means Seller and its officers, directors,
employees, agents, representatives, Affiliates, subsidiaries, and
_____________
SEMCO Energy, Inc. – 215) 546-4785
and
Vinson & Elkins L.L.P.
2300 First City Tower
1001 Fannin
Houston, TX 77002-6760
Attention: Douglas Bland
Telecopy Number: (713) 615-5649
If to Seller:
SEMCO Energy, Inc.
405 Water Street
Port Huron, MI 48060
Attention: Gene Dubay
Telecopy Number: (810) 989-4099
with copies to:
SEMCO Energy, Inc.
28470 13 Mile Road
Farmington Hills, MI 48334
_____________
SEMCO Energy, Inc. – Bland
Telecopy Number: (713) 615-5649
If to Seller:
SEMCO Energy, Inc.
405 Water Street
Port Huron, MI 48060
Attention: Gene Dubay
Telecopy Number: (810) 989-4099
with copies to:
SEMCO Energy, Inc.
28470 13 Mile Road
Farmington Hills, MI 48334
Attention: Mark Prendeville
Telecopy Number: (248) 702-6304
and
43
{PAGE}
LeBoeuf, Lamb, Greene & MacRae, L.L.P.
125 West 55th
_____________
dt 1501404
;
First National
As referenced in this Purchase and Sale Agreement:
First National Bank of Alaska – obligation under this
Agreement. Shipper shall pay, no later than ten (10) days after Shipper's
receipt of the statement, any disputed amount into a separate interest bearing
account at First National Bank of Alaska or its successor and shall notify
Transporter of such deposit. Any interest which may accrue in such account shall
be payable to the Party in whose favor the dispute is
_____________
First
National Bank of Alaska – obligation under this Agreement.
SEMCO shall pay, no later than ten (10) days after SEMCO's receipt of the
statement, any disputed amount into a separate interest bearing account at First
National Bank of Alaska or its successor and shall notify APC of such deposit.
Any interest which may accrue in such account shall be payable to the Party in
whose favor the dispute is
_____________
dt 1447303
;
More... |
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Subscribers | 2004 |
Portfolio Purchase and Sale Agreement
Portfolio Purchase and Sale Agreement (150K)
Doc #224850: Click preview link for longer preview.
PORTFOLIO PURCHASE AND SALE AGREEMENT
BY AND AMONG
LESCO, INC.
LESCO SERVICES, INC.
AIM LAWN & GARDEN PRODUCTS, INC.
LESCO TECHNOLOGIES, LLC
AND
GE CAPITAL FINANCIAL INC.
DATED AS OF DECEMBER 16, 2003
4
{PAGE}
TABLE OF CONTENTS
{TABLE}
{CAPTION}
Page
----
{S} {C}
ARTICLE 1 DEFINITIONS........................................................................................... 1
Section 1.1 Definition of Terms Used in the Agreement............................................ 1
Section 1.2 Matters of Construction.............................................................. 8
(a) Sections............................................................................. 8
(b) Amendment of Defined Instruments..................................................... 8
(c) Singular and Plural.................................................................. 9
(d) References to "Seller"............................................................... 9
ARTICLE 2 PURCHASE OF PORTFOLIO ASSETS.......................................................................... 9
Section 2.1 Purchase............................................................................. 9
Section 2.2 Access and Training; Pre-Conversion; Preliminary Information......................... 9
Section 2.3 Purchase Price....................................................................... 10
Section 2.4 Use of Seller's Account Marks........................................................ 11
ARTICLE 3 THE CLOSING AND POST-CLOSING ADJUSTMENTS.............................................................. 11
Section 3.1 Place and Date of Closing............................................................ 11
Section 3.2 Buyer's Deliveries at Closing........................................................ 11
Section 3.3 Seller's Deliveries at Closing....................................................... 11
Section 3.4 Final Closing Statement.............................................................. 12
ARTICLE 4 REPRESENTATIONS AND WARRANTIES........................................................................ 13
Section 4.1 General Representations and Warranties of Seller..................................... 13
(a) Organization of LI................................................................... 13
(b) Organization of LSI.................................................................. 13
(c) Organization of AIM.................................................................. 13
(d) Organization of LTLLC................................................................ 13
(e) Authority Relative to this Agreement................................................. 13
(f) Conflicts; Defaults; Etc............................................................. 13
(g) No Pending Litigation................................................................ 14
(h) Accuracy of Information.............................................................. 14
(i) No Broker............................................................................ 14
(j) Account Processing System............................................................ 14
Section 4.2 Representations and Warranties of Seller Regarding Purchased Assets.................. 14
(a) Purchased Asset Pledge............................................................... 14
(b) Title to Purchased Assets; Effectiveness of Transfer................................. 14
(c) Accuracy of Seller Files............................................................. 14
(d) Compliance with Laws................................................................. 15
(e) Account Debtor Agreements............................................................ 15
(f) Account Documentation................................................................ 15
(g) Administration of Accounts........................................................... 16
(h) Indebtedness......................................................................... 16
{/TABLE}
- i -
{PAGE}
{TABLE}
{S} {C}
Section 4.3 General Representations and Warranties of Buyer...................................... 16
(a) Organization......................................................................... 16
(b) Authority Relative to this Agreement................................................. 16
(c) Conflicts; Defaults; Etc............................................................. 16
(d) No Pending Litigation................................................................ 17
(e) Permits Licenses and Approvals....................................................... 17
(f) No Broker............................................................................ 17
ARTICLE 5 CONDITIONS PRECEDENT.................................................................................. 17
Section 5.1 Conditions to Buyer's Obligation To Purchase The Purchased Assets.................... 17
(a) Closing Documents.................................................................... 17
(b) Compliance with Covenants............................................................ 17
(c) Accuracy of Representations and Warranties........................................... 17
(d) Closing Files........................................................................ 17
(f) Corporate Formation Documents........................................................ 18
(g) The Program Agreement................................................................ 18
Section 5.2 Conditions to Obligations of Seller.................................................. 18
(a) Closing Documents.................................................................... 18
(b) Compliance With Covenants............................................................ 18
(c) Accuracy of Representations and Warranties........................................... 18
ARTICLE 6 ADDITIONAL AGREEMENTS AND COVENANTS................................................................... 19
Section 6.1 Post-Closing Deliveries.............................................................. 19
Section 6.2 No Sale of Assets.................................................................... 20
Section 6.3 Tax on Sale.......................................................................... 20
Section 6.4 Public Announcements................................................................. 20
Section 6.5 Confidentiality...................................................................... 20
Section 6.6 Pre-Notification of Account Debtors; Notices to Account Debtors...................... 22
Section 6.7 Conversion of Accounts............................................................... 22
Section 6.8 Further Assistance................................................................... 23
Section 6.9 Preservation of Business............................................................. 24
Section 6.10 HSR Act Compliance................................................................... 24
Section 6.11 Sponsor Consents; Filings............................................................ 25
ARTICLE 7 INDEMNIFICATION....................................................................................... 25
Section 7.1 Indemnification by Seller............................................................ 25
Section 7.2 Indemnification by Buyer............................................................. 26
Section 7.3 Procedures........................................................................... 26
Section 7.4 Limitations on Indemnification....................................................... 28
Section 7.5 Remedy for Breach of Account Representations......................................... 28
Section 7.6 Survival; Remedies................................................................... 28
ARTICLE 8 TERMINATION........................................................................................... 29
Section 8.1 Termination of Account Portfolio Purchase............................................ 29
Section 8.2 Notice of Termination................................................................ 29
Section 8.3 Effect of Termination................................................................ 29
{/TABLE}
- ii -
{PAGE}
{TABLE}
{S} {C}
ARTICLE 9 MISCELLANEOUS......................................................................................... 30
Section 9.1 No Recourse.......................................................................... 30
Section 9.2 No Waiver............................................................................ 30
Section 9.3 No Joint Venture..................................................................... 30
Section 9.4 Payment Terms........................................................................ 30
Section 9.5 Entire Agreement..................................................................... 30
Section 9.6 Notices.............................................................................. 31
Section 9.7 Modification......................................................................... 31
Section 9.8 Governing Law........................................................................ 32
Section 9.9 Severability......................................................................... 32
Section 9.10 Assignment........................................................................... 32
Section 9.11 No Third Party Beneficiaries......................................................... 32
Section 9.12 Joint and Several Obligations........................................................ 32
Section 9.13 Headings............................................................................. 32
Section 9.14 Expenses............................................................................. 32
Section 9.15 Counterparts; Fax Signatures......................................................... 33
Section 9.16 Waiver of Jury Trial................................................................. 33
{/TABLE}
SCHEDULES
Schedule 2.3 Calculation of Imbedded Losses
Schedule 4.2(a) Existing Liens
EXHIBITS
EXHIBIT A-1 Preliminary Closing Statement
EXHIBIT A-2 Final Closing Statement
EXHIBIT A-3 Valuation Statement
EXHIBIT B Bill of Sale (Purchased Assets)
EXHIBIT C-1 Account Debtor Agreement (form)
EXHIBIT C-2 Account Debtor Agreement (form)
EXHIBIT C-3 Customized Account Debtor Agreement Parties
- iii -
{PAGE}
PORTFOLIO PURCHASE AND SALE AGREEMENT
This Portfolio Purchase and Sale Agreement (this "Agreement")
is made and entered into as of December 16, 2003 (the "Effective Date") by and
among LESCO, Inc., an Ohio corporation ("LI"), with its principal place of
business at 15885 Sprague Road, Strongsville, Ohio 44136, LESCO Services, Inc.,
an Ohio corporation ("LSI"), with its principal place of business at 15885
Sprague Road, Strongsville, Ohio 44136, AIM Lawn & Garden Products, Inc., an
Ohio corporation ("AIM"), with its principal place of business at 15885 Sprague
Road, Strongsville, Ohio 44136, and LESCO Technologies, LLC, a Nevada limited
liability company ("LTLLC", and together with LI, LSI and AIM, "Seller"), with
its principal place of business at 15885 Sprague Road, Strongsville, Ohio 44136,
and GE Capital Financial Inc., a Utah industrial loan corporation ("Buyer"),
with its principal place of business at 4246 South Riverboat Road, Suite #300,
Salt Lake City Utah 84123.
WITNESSETH
WHEREAS, Seller and Buyer have entered into that certain
Private Label Business Credit Program Agreement of even date herewith (as
amended from time to time, the "Program Agreement"), pursuant to which Buyer
agreed to establish a commercial credit program for use by qualified customers
of LI to purchase goods and services on credit extended by Buyer (the
"Program"); and
WHEREAS, in connection with the establishment of the Program,
Seller desires to sell the portfolio of accounts and related indebtedness that
arose from the sale of goods and services by Seller so that such accounts may be
included in the Program;
WHEREAS, prior to the full implementation of the Program by
Buyer, Buyer expects to administer the portfolio of purchased accounts on
Seller's systems on the terms and subject to the conditions set forth in the
Program Agreement; and
WHEREAS, Buyer desires to purchase from Seller such accounts,
related indebtedness, and related assets, on the terms and conditions set forth
herein;
NOW, THEREFORE, in consideration of the premises, the mutual
agreements set forth herein, the benefits to be derived herefrom, and for other
good and valuable consideration, the receipt and sufficiency of which are hereby
acknowledged, the Parties hereby agree as follows:
ARTICLE 1 DEFINITIONS
SECTION 1.1 DEFINITION OF TERMS USED IN THE AGREEMENT.
The following terms shall have the following meanings when
used in this Agreement:
"Account" means any Account Debtor Agreement, together with
(a) any account, account receivable, Indebtedness, other receivable, contract
right, general intangible, chattel
224850
|
LESCO
As referenced in this Portfolio Purchase and Sale Agreement:
Lesco, – in connection with a confidential treatment
request filed with the Securities and Exchange Commission by Lesco, Inc.
Some of the schedules of Exhibit 2.1 are not filed pursuant Regulation
LESCO, – omitted schedules to the Commission upon request.
PORTFOLIO PURCHASE AND SALE AGREEMENT
BY AND AMONG
LESCO, INC.
LESCO SERVICES, INC.
AIM LAWN & GARDEN PRODUCTS, INC.
LESCO TECHNOLOGIES, LLC
AND
GE
LESCO – to the Commission upon request.
PORTFOLIO PURCHASE AND SALE AGREEMENT
BY AND AMONG
LESCO, INC.
LESCO SERVICES, INC.
AIM LAWN & GARDEN PRODUCTS, INC.
LESCO TECHNOLOGIES, LLC
AND
GE CAPITAL FINANCIAL INC.
LESCO – SALE AGREEMENT
BY AND AMONG
LESCO, INC.
LESCO SERVICES, INC.
AIM LAWN & GARDEN PRODUCTS, INC.
LESCO TECHNOLOGIES, LLC
AND
GE CAPITAL FINANCIAL INC.
DATED AS OF DECEMBER 16, 2003
4
{PAGE}
LESCO, – made and entered into as of December 16, 2003 (the "Effective Date") by and
among LESCO, Inc., an Ohio corporation ("LI"), with its principal place of
business at 15885 Sprague
dt 59220
;
TOTAL
As referenced in this Portfolio Purchase and Sale Agreement:
TOTAL
--- ---- ---------- -----
{S – Cut-Off Time shall be an
amount equal to the result of the following computation set forth in Parts I and
II below.
{TABLE}
{CAPTION}
PROX
BRC PROX W/RECOURSE TOTAL
--- ---- ---------- -----
{S } {C} {C} {C} {C} {C} {C}
I. RECEIVABLES ON SELLER'S BOOKS (to be completed by Seller)
(1) Beginning LESCO, Inc. Receivables Balance - AS OF DEC XX,
2003 $0.
_____________
TOTAL
--- ---- ---------- -----
{S – Inc. and LESCO Technologies, LLC (the "Agreement"), and
reconciles the Estimated Purchase Price with the Purchase Price as of the
Cut-Off Time.
{TABLE}
{CAPTION}
PROX
BRC PROX W/RECOURSE TOTAL
--- ---- ---------- -----
{S } {C} {C} {C} {C} {C} {C}
I. RECEIVABLES ON SELLER'S BOOKS (to be completed by Seller)
(1) Beginning LESCO, Inc. Receivables Balance - AS OF DEC XX,
2003 $00.
_____________
dt 1394344
;
National City
As referenced in this Portfolio Purchase and Sale Agreement:
National City Bank – Prior to the Closing Date, Seller shall (i) cause all
of Seller's right title and interest in the "lockbox" deposit account at
National City Bank and in each account listed on the schedule attached to that
certain letter from Seller to Buyer, dated December 16, 2003 (the "Cash
-
_____________
dt 103702
;
|
PNC Bank
As referenced in this Portfolio Purchase and Sale Agreement:
PNC Bank, – after
the Closing Date, and Buyer shall cooperate with Seller to effectuate such
transfer, and (ii) use its commercially reasonable efforts to cause PNC Bank,
National Association to transfer dominion and control over all such accounts,
and in any funds contained therein representing proceeds of any Purchased
_____________
PNC Bank, – set forth in Section 5.1(e) in respect of
Section 4.2(b) as it pertains to the liens or encumbrances of PNC Bank, National
Association, as agent, on the Purchased Assets), Seller shall pay Buyer the sum
of Five Hundred Thousand Dollars ($500,000) in
_____________
PNC BANK, – Buyer
calculates write-offs as 33% of 91-180 delinquent receivables).
{REDACTED}
{PAGE}
SCHEDULE 4.2(a)
TO PURCHASE AGREEMENT
EXISTING ENCUMBRANCES
1. PNC BANK, NATIONAL ASSOCIATION, AS AGENT
2. AVENTIS CROPSCIENCE
3. AVENTIS CROPSCIENCE USA LP
4. BAYER CORPORATION
5. BAYER CROPSCIENCE LP
6. NOVARTIS CROP
_____________
dt 114227
;
GE Capital Financial Inc.
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Subscribers | 2004 |
Purchase and Sale Agreement
Purchase and Sale Agreement (538K)
Doc #406091: Click preview link for longer preview.
PURCHASE AND SALE AGREEMENT
between
ATLAS PIPELINE PARTNERS, L.P.
and
SEMCO ENERGY, INC.
Dated as of September 16, 2003
{PAGE}
TABLE OF CONTENTS
ARTICLE I Definitions..............................................1
Section 1.1. Defined terms...........................................1
Section 1.2. Construction............................................9
ARTICLE II Sale and Purchase........................................9
Section 2.1. Sale and Purchase of Company Equity Interests...........9
Section 2.2. Conversion of Company to Limited Liability Company.....10
ARTICLE III Purchase Price..........................................10
Section 3.1. Purchase Price.........................................10
Section 3.2. Purchase Price Adjustment..............................10
ARTICLE IV Representations and Warranties of Seller................11
Section 4.1. Corporate Status; Power and Authority..................11
Section 4.2. Duly Executed..........................................12
Section 4.3. Qualification..........................................12
Section 4.4. Consent................................................13
Section 4.5. Capitalization of the Company; Title to Company
Equity Interests......................13
Section 4.6. Sufficiency of Company Assets; Title to Company
Assets................................13
Section 4.7. No Breach, Etc.........................................14
Section 4.8. Financial Statements; Material Liabilities;
Undisclosed Liabilities...................14
Section 4.9. Changes, etc...........................................15
Section 4.10. Environmental Laws.....................................15
Section 4.11. Personal Property......................................16
Section 4.12. Certain Regulatory Matters.............................16
Section 4.13. Material Contracts.....................................17
Section 4.14. Litigation.............................................17
Section 4.15. Rights-of-Way..........................................18
Section 4.16. Employee Matters.......................................18
Section 4.17. Insurance..............................................18
Section 4.18. Patents; Trademarks; Etc...............................18
Section 4.19. Indemnity Claim........................................19
Section 4.20. Books and Records; Other Information...................19
Section 4.21. Brokers................................................19
ARTICLE V Representations and Warranties of Purchaser.............19
Section 5.1. Corporate Status; Power and Authority..................19
Section 5.2. Power; Duly Executed...................................19
Section 5.3. Qualification..........................................19
Section 5.4. Governmental Consent...................................20
Section 5.5. Brokers................................................20
Section 5.6. Financial Arrangements of Purchaser....................20
Section 5.7. Purchaser Qualification................................20
{PAGE}
ARTICLE VI Covenants and Certain Actions of the Parties............20
Section 6.1. Obligations of Seller..................................20
Section 6.2. Obligations of Purchaser...............................25
Section 6.3. Insurance..............................................26
Section 6.4. Cooperation by Seller..................................26
Section 6.5. Certain Title Curative Work............................27
ARTICLE VII Approvals; Commercially Reasonable Efforts..............27
Section 7.1. Approvals; Commercially Reasonable Efforts.............27
ARTICLE VIII Conditions Precedent....................................28
Section 8.1. Closing Conditions |