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Title: |
Conveyance and Transfer Agreement |
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Entities: |
Bairnco Corp; BASF AG; Simpson Thacher & Bartlett; Vorys, Sater, Seymour and Pease LLP |
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Date: |
2000 |
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Size: |
Preview shows 11KB of 158KB total |
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Price: |
$59 |
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ID: |
#1480528 |
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CONVEYANCE AND TRANSFER AGREEMENT
DATED AS OF
JUNE 27, 2000
BY AND BETWEEN
BORDEN CHEMICALS AND PLASTICS OPERATING LIMITED PARTNERSHIP
AND
BORDEN CHEMICAL, INC.
<PAGE>
TABLE OF CONTENTS
-----------------
Section 1. Definitions................................................ 1
Section 2. Basic Transaction.......................................... 8
2.1 Purchase and Sale of Purchased Assets; Assumption of
Assumed Liabilities........................................ 8
2.2 Purchase Price............................................. 8
2.3 Inventory; Formaldehyde Inventory Purchase Price........... 9
2.4 Option..................................................... 9
Section 3. Closing(s) and Closing Date(s)............................. 9
3.1 Closing(s)................................................. 9
3.2 Closing Date(s); Possession................................ 9
3.3 Deliveries at the Closing.................................. 10
3.4 Deliveries at the Second Closing........................... 11
3.5 Allocation of Purchase Price............................... 12
Section 4. Representations and Warranties of Seller................... 13
4.1 Authorization.............................................. 13
4.2 Noncontravention; Consents................................. 13
4.3 Brokers' Fees.............................................. 14
4.4 Real Property.............................................. 14
4.5 Title to Personal Property................................. 15
4.6 Certain Financial Information.............................. 15
4.7 Contracts.................................................. 15
4.8 Intellectual Property...................................... 15
4.9 Litigation................................................. 15
4.10 Taxes...................................................... 16
4.11 Compliance with Laws....................................... 16
4.12 Purchased Assets........................................... 16
4.13 Employee Benefits.......................................... 16
4.14 Environmental Matters...................................... 17
4.15 Limited Warranties......................................... 17
Section 5. Representations and Warranties of Purchaser................ 18
5.1 Authorization.............................................. 18
5.2 Noncontravention........................................... 18
5.3 Brokers' Fees.............................................. 18
5.4 Litigation................................................. 18
5.5 No Other Representations or Warranties..................... 19
Section 6. Pre-Closing Covenants...................................... 19
6.1 General.................................................... 19
-i-
<PAGE>
6.2 Operation of the Formaldehyde Business..................... 19
6.3 Certain Interim Operating Agreements....................... 19
6.4 Access..................................................... 20
6.5 Notice of Developments..................................... 20
6.6 Employment Matters......................................... 21
6.7 Non-Solicitation; Break-Up Fee............................. 22
6.8 Title Binder and Survey.................................... 22
6.9 Condemnation............................................... 23
6.10 Inspection and Environmental Matters....................... 23
6.11 Urea Purchase Agreement.................................... 24
6.12 Methanol Sales............................................. 24
Section 7. Post-Closing Covenants..................................... 25
7.1 Further Assurances......................................... 25
7.2 Agreements Regarding Tax Matters........................... 25
7.3 Interim Period and Extended Period Operations.............. 26
7.4 Allocation of Profits and Losses During the Interim Period
and Extended Period........................................ 28
7.5 Title Insurance............................................ 31
7.6 Non-Competition; Non-Solicitation.......................... 31
7.7 Confidentiality............................................ 32
7.8 Employees.................................................. 32
7.9 Common Site Standards...................................... 35
Section 8. Closing Conditions......................................... 35
8.1 Conditions to Obligation of Purchaser...................... 35
8.2 Conditions to Obligation of Seller......................... 36
8.3 Conditions to Obligation of Purchaser - Second Closing..... 37
8.4 Conditions to Obligation of Seller - Second Closing........ 38
Section 9. Remedies for Breaches of this Agreement.................... 39
9.1 Assumed Liabilities; Excluded Liabilities.................. 39
9.2 Representations, Warranties and Covenants.................. 40
9.3 Matters Involving Third Parties............................ 40
9.4 Indemnification Limitations................................ 41
9.5 Exclusive Remedy........................................... 41
Section 10. Termination................................................ 41
10.1 Termination of Agreement................................... 41
10.2 Effect of Termination...................................... 42
Section 11. Miscellaneous.............................................. 42
11.1 Press Releases and Announcements........................... 42
11.2 Expenses; Transfer Taxes................................... 42
11.3 Remedies................................................... 42
-ii-
<PAGE>
11.4 Consent to Amendments...................................... 43
11.5 Successors and Assigns..................................... 43
11.6 Severability............................................... 43
11.7 Counterparts............................................... 43
11.8 Descriptive Headings....................................... 43
11.9 Notices.................................................... 43
11.10 No Third-Party Beneficiaries............................... 44
11.11 Entire Agreement........................................... 44
11.12 Construction............................................... 44
11.13 Incorporation of Exhibits and Schedules.................... 44
11.14 Power of Attorney.......................................... 45
11.15 Governing Law.............................................. 45
-iii-
<PAGE>
Exhibits
-----------
Exhibit A - Contract List
Exhibit B - List of Excluded Assets
Exhibit C - List of Optioned Assets
Exhibit D - List of Purchased Assets
Exhibit E - Utilities and Services Agreement
Exhibit F - Barge Dock Agreement
Exhibit G - Environmental Indemnity Agreement
Exhibit H - Control Room Agreement
Exhibit I - Site Plan (with real estate to be transferred highlighted)
Exhibit J - Promissory Note
Exhibit K - Calculation of Profits and Losses
Exhibit L - [Reserved]
Exhibit M - Amendment to Intercompany Agreement
Exhibit N - Transition Services Agreement
Exhibit O - [Reserved]
Exhibit P - Ground Lease
Exhibit Q - Mutual Release and Termination Agreement
Exhibit R - Separate Ownership Agreement
Schedules
---------
Schedule 4.2 Noncontravention; Consents
Schedule 4.4 Title to Real Property
Schedule 4.5 Personal Property
Schedule 4.6 Financial Information
Schedule 4.8 Intellectual Property
Schedule 4.9 Litigation
Schedule 4.10 List of Leased Assets
Schedule 4.11 List of Permits and Methanol Permits
Schedule 4.13 List of "Seller's Plans"
Schedule 4.14 Environmental Matters
-iv-
<PAGE>
CONVEYANCE AND TRANSFER AGREEMENT
---------------------------------
This CONVEYANCE AND TRANSFER AGREEMENT dated as of June 27, 2000 is
made by and between Borden Chemicals and Plastics Operating Limited Partnership,
a Delaware limited partnership ("Seller"), and Borden Chemical, Inc., a Delaware
corporation ("Purchaser").
R E C I T A L S
---------------
WHEREAS, Seller owns and operates certain assets, rights and properties
and has certain liabilities and obligations associated therewith (including the
"Purchased Assets," the "Assumed Liabilities" and the "Optioned Assets," as each
is defined below) that are utilized in or relate to its "Methanol Business" and
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