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Title: |
Asset Purchase Agreement |
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Date: |
2001 |
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Preview shows 19KB of 194KB total |
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$81 |
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ID: |
#1169007 |
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ASSET PURCHASE AGREEMENT
dated as of
September 20, 2001
by and among
MCLANE COMPANY, INC.
A TEXAS CORPORATION
and
CONVENIENCE STORE DISTRIBUTING COMPANY, LLC,
AN INDIANA LIMITED LIABILITY COMPANY,
CONVENIENCE STORE TRANSPORTATION COMPANY, LLC,
AN INDIANA LIMITED LIABILITY COMPANY,
and
CSD PROPERTY, LLC,
AN INDIANA LIMITED LIABILITY COMPANY
<PAGE>
TABLE OF CONTENTS
<TABLE>
<S> <C>
ARTICLE I
DEFINITIONS
1.1 Adverse Consequences...............................................1
1.2 Basis..............................................................2
1.3 Books and Records..................................................2
1.4 Business Day.......................................................2
1.5 Closing............................................................2
1.6 Closing Date.......................................................2
1.7 Code...............................................................2
1.8 Confidential Information...........................................2
1.9 Contaminated Site List.............................................2
1.10 Defensible Title...................................................2
1.11 Environmental Conditions...........................................3
1.12 Employment Laws....................................................3
1.13 Environmental Laws.................................................3
1.14 Environmental Liabilities..........................................3
1.15 Environmental Remediation Costs....................................4
1.16 ERISA..............................................................4
1.17 ERISA Affiliate....................................................4
1.18 Governmental Authority.............................................4
1.19 Governmental Requirement...........................................4
1.20 Hazardous Materials................................................4
1.21 Intellectual Property Rights.......................................4
1.22 IRS................................................................5
1.23 Knowledge..........................................................5
1.24 Liability..........................................................5
1.25 Material Adverse Change............................................5
1.26 Material Adverse Effect............................................5
1.27 Ordinary Course of Business........................................5
1.28 PBGC...............................................................5
1.29 Pension Plan.......................................................5
1.30 Permitted Exceptions...............................................6
1.31 Person.............................................................6
1.32 Real Property......................................................6
1.33 Release............................................................6
1.34 SEC................................................................6
1.35 Securities Act.....................................................6
1.36 Security Interest..................................................6
1.37 Subsidiary.........................................................7
1.38 Tax or Taxes.......................................................7
1.39 Tax Affiliate......................................................7
1.40 Tax Return.........................................................7
</TABLE>
i
<PAGE>
<TABLE>
<S> <C>
ARTICLE II
PURCHASE AND SALE
2.1 Purchase and Sale..................................................7
2.2 Assumption of Liabilities.........................................11
2.3 Purchase Price....................................................13
2.4 Instruments of Transfer, Further Assurances.......................13
2.5 Closing...........................................................14
2.6 Adjustments to Purchase Price.....................................15
ARTICLE III
REPRESENTATIONS AND WARRANTIES OF SELLER
3.1 Organization......................................................17
3.2 Authorization.....................................................17
3.3 No Violation......................................................18
3.4 Approvals.........................................................18
3.5 Financial Statements and Other Information........................18
3.6 No Undisclosed Liabilities........................................19
3.7 Events Subsequent to August 18, 2001..............................19
3.8 Taxes.............................................................20
3.9 Litigation........................................................21
3.10 Compliance with Laws..............................................21
3.11 Title to and Condition of Property................................21
3.12 Environmental Matters.............................................24
3.13 Inventories.......................................................26
3.14 Contracts.........................................................26
3.15 Employee and Labor Matters and Plans..............................28
3.16 Insurance Policies................................................29
3.17 Books and Records.................................................29
3.18 No Illegal or Improper Transactions...............................29
3.19 Brokerage Fees....................................................29
3.20 No Product Liabilities; Product Warranties........................29
3.21 Suppliers and Customers...........................................30
3.22 Intellectual Properties...........................................31
3.23 Licenses..........................................................32
3.24 Solvency..........................................................32
ARTICLE IV
REPRESENTATIONS AND WARRANTIES OF PURCHASE
4.1 Organization......................................................33
4.2 Due Authorization.................................................33
4.3 Brokers...........................................................33
4.4 Non-Contravention.................................................33
4.5 Certain Proceedings...............................................33
</TABLE>
ii
<PAGE>
<TABLE>
<S> <C>
ARTICLE V
PRE-CLOSING COVENANTS
5.1 General...........................................................34
5.2 Notices and Consents..............................................34
5.3 Operation of Business.............................................34
5.4 Preservation of Business..........................................34
5.5 Full Access.......................................................34
5.6 Notice of Developments............................................34
5.7 Customer Contacts.................................................35
ARTICLE VI
POST-CLOSING COVENANTS
6.1 General...........................................................35
6.2 Transition........................................................35
6.3 Confidentiality...................................................36
6.4 Purchase Price Allocation.........................................36
6.5 Limitation on Assignments.........................................36
6.6 Tax Matters.......................................................37
6.7 Warn Act..........................................................37
ARTICLE VII
CONDITIONS TO OBLIGATION TO CLOSE
7.1 Conditions to Obligation of Purchaser.............................37
7.2 Conditions to Obligation of Seller................................39
ARTICLE VIII
INDEMNITY
8.1 Survival of Representations and Warranties........................40
8.2 Indemnification Provisions for Benefit of Purchaser...............41
8.3 Indemnification Provisions for Benefit of Seller..................43
8.4 Matters Involving Third Parties...................................43
8.5 Other Indemnification Provisions..................................45
ARTICLE IX
[ARTICLE IX INTENTIONALLY OMITTED].........................................45
ARTICLE X
TERMINATION
10.1 Termination by Mutual Consent.....................................45
10.2 Termination by Either Seller or Purchaser.........................45
10.3 Other Termination Rights..........................................45
10.4 Effect on Obligations.............................................46
</TABLE>
iii
<PAGE>
<TABLE>
<S> <C>
ARTICLE XI
NON-COMPETITION AGREEMENT
11.1 Non-Competition...................................................46
11.2 Judicial Reformation..............................................47
11.3 Covenants Independent.............................................47
11.4 Remedies..........................................................47
ARTICLE XII
ENVIRONMENTAL STUDIES AND REMEDIATION ACTIVITIES
12.1 Environmental Studies.............................................47
12.2 Remediation.......................................................48
12.3 No Waiver ........................................................49
ARTICLE XIII
OTHER TAX AND EMPLOYEE BENEFIT MATTERS
13.1 Other Tax Matters.................................................49
13.2 Employee Benefit Plans............................................49
ARTICLE XIV
MISCELLANEOUS
14.1 Incorporation of Annexes and Schedules............................50
14.2 Further Actions ..................................................50
14.3 Press Releases and Public Announcements...........................50
14.4 No Third Party Beneficiaries......................................50
14.5 Entire Agreement..................................................50
14.6 Succession and Assignment.........................................50
14.7 Counterparts......................................................51
14.8 Headings..........................................................51
14.9 Notices ..........................................................51
14.10 Governing Law.....................................................52
14.11 Amendments and Waivers............................................52
14.12 Severability......................................................52
14.13 Expenses..........................................................52
14.14 Construction......................................................52
14.15 Specific Performance .............................................53
14.16 Accounts..........................................................53
14.17 Bulk Sales Laws...................................................54
14.18 Environmental Disclosure Statement................................54
</TABLE>
iv
<PAGE>
SCHEDULES
2.1(b)(ii) Prepaid Expenses
2.1(b)(iii)(A) Vehicles
2.1(b)(iii)(B) Equipment
2.1(b)(iv)(A) Scheduled Contracts
2.1(b)(v)(A) Licenses
2.1(b)(v)(B) Intangible Assets
2.1(c)(xii) Scheduled Assets
2.1(d) Scheduled Leases
2.2(a)(v) Liabilities
2.3 2.3 Pre-Closing Net Book Value
2.4(a) Bill of Sale
2.4(b) Assignment and Assumption Agreement
2.4(c) Intellectual Property Assignment
2.4(d) Special Warranty Deed
3.3 No Violation
3.4 Approvals
3.7 Events Subsequent to August 18, 2001
3.8 Taxes
3.9 Litigation
3.11 Title to and Condition of Property
3.12 Environmental Matters
3.14 Contracts
3.15 Employee and Labor Matters and Plans
3.16 Insurance Policies
3.20 No Product Liabilities; Product Warranties
3.21 Suppliers and Customers
3.22 Intellectual Properties
5.3 Operation of Business
6.5 Required Consents
7.1(i) Transition Services Agreement
7.1(j) Distribution Service Agreement - Marsh Supermarkets
7.1(k) Distribution Service Agreement - Village Pantry
7.1(m) Guaranty
v
<PAGE>
ASSET PURCHASE AGREEMENT
This Asset Purchase Agreement is dated as of September 20, 2001 (this
"Agreement"), by and among McLane Company, Inc., a Texas corporation
("Purchaser"), Convenience Store Distributing Company, LLC, an Indiana limited
liability company ("CSDC"), Convenience Store Transportation Company, LLC, an
Indiana limited liability company ("CSTC"), and CSD Property, LLC, an Indiana
limited liability company ("CSDP") (collectively, the "Seller"). Purchaser and
Seller shall herein be individually referred to as "Party" and collectively as
"Parties".
RECITALS:
WHEREAS, Seller operates a wholesale distribution business with respect
to the sale of certain food and non-food products to convenience food stores
(the "Business") in the states of Indiana, Ohio, Kentucky, Michigan, Illinois
and the surrounding states (the "Territory"); and
WHEREAS, Seller desires to sell to Purchaser Seller's assets and
Purchaser desires to purchase such assets, upon the terms and conditions
hereinafter set forth; and
WHEREAS, in connection with the transactions contemplated hereby,
Purchaser desires to protect the goodwill of the Business to be purchased
pursuant hereto by requiring Seller, their shareholders, and those shareholders'
affiliates to enter into the non-competition provisions hereof that are
ancillary to this Agreement;
NOW, THEREFORE, in consideration of the premises and the mutual
promises herein made, and in consideration of the representations, warranties,
and covenants herein contained, the Parties intending to be legally bound, agree
as follows.
ARTICLE I
DEFINITIONS
Defined terms not defined in this Article I shall have the meaning
assigned to them in other Articles of this Agreement. The following terms shall
have the following respective meanings for all purposes of this Agreement:
1.1 ADVERSE CONSEQUENCES. "Adverse Consequences" shall mean all
actions, suits, proceedings, hearings, investigations, charges, complaints,
claims, payments, demands, injunctions, judgments, orders, decrees, rulings,
damages (other than punitive damages), dues, penalties, fines, costs, reasonable
amounts paid in settlement, Liabilities, obligations, Taxes, liens, losses,
expenses and fees of any nature including, without limitation, interest which
may be imposed in connection therewith, costs and expenses of investigation,
actions, suits, proceedings, demands, assessments and fees, reasonable expenses
and disbursements of counsel, consultants and other experts.
1
<PAGE>
1.2 BASIS. "Basis" shall mean any past or present fact, situation,
circumstance, status, condition, activity, practice, plan, occurrence, event,
incident, action, failure to act or transaction that forms or could form the
basis for any specified consequence.
1.3 BOOKS AND RECORDS. "Books and Records" shall mean originals or
copies of all books and records of Seller that are entirely or in substantial
part related to the Business or related to Seller, wherever located, including,
without limitation, technical and procedural manuals, customer and supplier
lists, financial records, maintenance records, consulting and marketing studies,
market information, marketing and sales plans, accounting records, inventory
records, sales and sales promotional data, advertising materials, cost and
pricing information, product development information, title reports and
policies, environmental and engineering studies, technical data, specifications,
work standards and assembling and process information, designs, processes,
operating manuals, operating data and plans, engineering drawings, working
drawings, schematics, blueprints, flowsheets and models, waste disposal,
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