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Title: |
Asset Purchase Agreement |
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Entities: |
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Date: |
2003 |
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Size: |
Preview shows 16KB of 134KB total |
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$42 |
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ID: |
#1234852 |
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ASSET PURCHASE AGREEMENT
by and among
HOLIDAY RV SUPERSTORES, INC.
HOLIDAY RV SUPERSTORE, INC. OF KENTUCKY
LITTLE VALLEY AUTO AND RV SALES, INC.
and
ALLTOM RV ENTERPRISES, LLC
July 23, 2003
================================================================================
<PAGE>
TABLE OF CONTENTS
<TABLE>
<CAPTION>
<S> <C> <C>
ARTICLE 1
PURCHASE AND SALE OF ASSETS..................................................... 1
1.1 Purchased Assets.............................................. 1
1.2 Certain Definitions........................................... 2
1.3 Excluded Assets............................................... 3
ARTICLE 2
PURCHASE PRICE AND ASSUMPTION OF LIABILITIES........................... 4
2.1 Purchase Price................................................ 4
2.2 Adjustments to Purchase Price................................. 6
2.3 Assumption of Certain Liabilities............................. 6
2.3 Non-Competition Agreement..................................... 8
ARTICLE 3
PROCEDURE FOR CLOSING................................................. 8
3.1 The Closing.................................................. 8
3.2 Certain Consents............................................. 8
3.3 Allocation of Purchase Price................................. 8
3.4 Termination of Real Property Leases.......................... 8
3.5 Transfer of Inventory........................................ 9
3.6 Transfer of Assigned Contracts............................... 9
3.7 Transfer of Other Purchased Assets........................... 9
3.8 Payment of Purchase Price.................................... 9
3.9 Non-Competition Agreement.................................... 9
ARTICLE 4
REPRESENTATIONS AND WARRANTIES OF THE PURCHASER....................... 9
4.1 Organization and Qualification of the Purchaser.............. 9
4.2 Execution and Delivery....................................... 9
4.3 Enforceability and Binding Effect............................ 10
4.4 Governmental Approvals and Consents.......................... 10
4.5 Litigation................................................... 10
4.6 Brokers and Finders.......................................... 10
4.7 Correctness of Representations............................... 10
ARTICLE 5
REPRESENTATIONS AND WARRANTIES OF THE SELLERS......................... 11
5.1 Organization and Qualification of the Sellers................ 11
5.2 Execution and Delivery....................................... 11
5.3 Enforceability and Binding Effect............................ 11
5.4 Permits; Governmental Approvals and Consents................. 12
5.5 Litigation................................................... 12
5.6 Title to Purchased Assets ................................... 12
</TABLE>
i
<PAGE>
<TABLE>
<CAPTION>
<S> <C> <C>
5.7 Location of Purchased Assets................................. 12
5.8 Equipment and Vehicles....................................... 13
5.9 Real Property................................................ 13
5.10 Assigned Contracts........................................... 14
5.11 Compliance with Laws......................................... 14
5.12 Environmental Matters........................................ 14
5.13 OSHA......................................................... 15
5.14 Financial and Operating Results.............................. 16
5.15 Absence of Changes........................................... 16
5.16 Labor Matters................................................ 16
5.17 Taxes........................................................ 17
5.18 Employee Benefit Plans....................................... 18
5.19 Insurance.................................................... 19
5.20 Brokers and Finders.......................................... 19
5.21 No Known Adverse Information................................. 19
5.22 Correctness of Representations............................... 19
5.23 Supplemental Disclosure...................................... 20
5.24 Adequacy of Purchased Assets................................. 20
5.25 Data and Information......................................... 20
ARTICLE 6
TRANSACTIONS PRIOR TO THE CLOSING..................................... 20
6.1 Conduct of the Sellers' Business Prior to Closing............ 20
6.2 Access to Properties and Records, Etc........................ 21
6.3 Survey and Inspection of Property............................ 21
6.4 Other Transactions........................................... 21
6.5 Consents..................................................... 22
6.6 Supplemental Disclosure...................................... 22
6.7 Discharge of Liens and Encumbrances.......................... 22
6.8 Satisfaction of Conditions................................... 23
6.9 Sellers' Employees........................................... 23
ARTICLE 7
CONDITIONS PRECEDENT TO THE OBLIGATIONS OF THE SELLERS................ 23
7.1 Accuracy of Representations and Warranties................... 23
7.2 Compliance................................................... 23
7.3 Officer's Certificate........................................ 23
7.4 Good Standing Certificate.................................... 24
7.5 Accuracy of Documents........................................ 24
7.6 No Litigation, Etc........................................... 24
7.7 Consents and Waivers......................................... 24
ARTICLE 8
CONDITIONS PRECEDENT TO THE OBLIGATIONS OF THE PURCHASER..... 24
8.1 Accuracy of Representations and Warranties................... 25
</TABLE>
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<PAGE>
<TABLE>
<CAPTION>
<S> <C> <C>
8.2 Compliance by the Sellers.................................... 25
8.3 Officer's Certificates....................................... 25
8.4 Good Standing Certificates................................... 25
8.5 Accuracy of Documents........................................ 25
8.6 No Litigation, Etc........................................... 26
8.7 Operation in the Ordinary Course............................. 26
8.8 Consents and Waivers......................................... 26
8.9 Transfer and/or Obtaining of Permits......................... 26
8.10 Condition of Purchased Assets................................ 27
ARTICLE 9
POST CLOSING MATTERS.................................................. 27
9.1 Staffing of Operation........................................ 27
9.2 The Benefit Plans............................................ 27
9.3 Employee Files............................................... 27
9.4 Assistance to the Purchaser.................................. 27
9.5 Discharge of the Sellers' Business Obligations............... 27
9.6 Maintenance of Books and Records............................. 28
ARTICLE 10
TERMINATION........................................................... 28
10.1 Termination.................................................. 28
10.2 Effect of Termination........................................ 29
ARTICLE 11
INDEMNIFICATION....................................................... 29
11.1 Definitions.................................................. 29
11.2 Agreement of the Sellers to Indemnify........................ 29
11.3 Agreement of the Purchaser to Indemnify...................... 30
11.4 Procedures for Indemnification............................... 31
11.5 Defense of Third Party Claims................................ 31
11.6 Settlement of Third Party Claims............................. 32
11.7 Cooperation.................................................. 32
11.8 Setoff....................................................... 32
ARTICLE 12
GENERAL............................................................... 33
12.1 Survival of Representations, Warranties, Etc................. 33
12.2 Waivers...................................................... 33
12.3 Specific Enforcement......................................... 33
12.4 Expenses..................................................... 33
12.5 Notices...................................................... 33
12.6 Assignability................................................ 34
12.7 Further Assurances........................................... 34
</TABLE>
iii
<PAGE>
<TABLE>
<CAPTION>
<S> <C> <C>
12.8 Counterparts................................................. 34
12.9 Construction and Interpretation.............................. 34
12.10 Integration of Agreement..................................... 35
12.11 No Third Party Beneficiaries................................. 35
12.12 Effect of Investigation...................................... 35
12.13 Confidentiality.............................................. 36
12.14 Joint and Several Liabilities................................ 36
12.15 Time of the Essence.......................................... 36
</TABLE>
iv
<PAGE>
ASSET PURCHASE AGREEMENT
THIS ASSET PURCHASE AGREEMENT (this "AGREEMENT") is made and entered
into as of the ____ day of ______________, 2003, by and among HOLIDAY RV
SUPERSTORES, INC., a Delaware corporation ("Holiday Inc."), HOLIDAY RV
SUPERSTORE, INC. OF KENTUCKY, a Kentucky corporation ("Holiday-Kentucky"), and
LITTLE VALLEY AUTO AND RV SALES, INC., a West Virginia corporation ("Little
Valley" and collectively, with Holiday Kentucky called the "SELLERS"), and
ALLTOM RV ENTERPRISES, LLC, a Kentucky limited liability company or its
designees or assignees (the "PURCHASER").
RECITALS
A. Holiday Inc. owns one hundred percent (100%) of the capital stock of
Holiday-Kentucky and one hundred percent (100%) of the capital stock of Little
Valley.
B. The Sellers are engaged in the business of selling and servicing
recreational vehicles in Lexington, Kentucky and Beckley, West Virginia
("SELLERS' BUSINESS").
C. The Purchaser desires to purchase substantially all of the assets
used in the operation of the Sellers' Business and the Sellers desire to sell
such assets.
NOW, THEREFORE, in consideration of the premises and the mutual
covenants and agreements contained in this Agreement, the Sellers and the
Purchaser agree as follows:
ARTICLE 1
PURCHASE AND SALE OF ASSETS
1.1. PURCHASED ASSETS. At the Closing (as defined in Section 3.1 of
this Agreement), the Sellers will sell, convey, transfer, assign, and deliver to
the Purchaser, free and clear of all Encumbrances of any nature or kind
whatsoever, other than Encumbrances disclosed on Schedule 5.6, and the Purchaser
will purchase from the Sellers, all of the right, title, and interest of the
Sellers in and to all of the assets, properties, and rights of the Sellers
constituting the Sellers' Business and more particularly described as follows:
(a) All new and used recreational vehicles, all used boats,
all new and used all-terrain vehicles, all used personal water craft, and all
replacement parts, accessories, supplies and other inventory items held in
connection with Sellers' Business, listed on Schedule 1.1(a) hereto that are in
Sellers' inventory on the date of Closing (the "Inventory");
(b) All machinery, equipment and vehicles (other than
Inventory items referred to in Section 1.1(a) above) and all assignable (without
recourse to Seller) warranties of third parties with respect thereto and all
1
<PAGE>
spare parts, replacement parts, accessories and supplies (other than Inventory
items referred to in Section 1.1(a) above) related to or used in connection
therewith, wherever located, listed on Schedule 1.1(b) hereto (the "EQUIPMENT");
(c) All contracts, leases, warranties, commitments,
agreements, arrangements, and purchase and sales orders, whether oral or
written, related to the Sellers' Business as of the date of the Closing,
pursuant to which the Sellers enjoy any right or benefit listed on Schedule
1.1(c) hereto (the "ASSIGNED Contracts"), which term includes the right to
receive income arising after the Closing Date (as defined in Section 3.1 of this
Agreement) in respect of such Assigned Contracts;
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