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Title: |
Purchase and Sale Agreement |
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Entities: |
Blue Square Israel Ltd; Bon-Ton Stores, Inc.; Wolf, Block, Schorr and Solis-Cohen |
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Date: |
2005 |
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Size: |
Preview shows 10KB of 84KB total |
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Price: |
$42 |
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ID: |
#1587128 |
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PURCHASE AND SALE AGREEMENT
BETWEEN
THE BON-TON STORES, INC.
AND
HSBC BANK NEVADA, N.A.
DATED AS OF JUNE 20, 2005
TABLE OF CONTENTS
ARTICLE 1 DEFINITIONS..................................................... 4
Section 1.1 Definition of Terms Used in the Agreement................. 4
ARTICLE 2 PURCHASE OF ACCOUNT PORTFOLIO ASSETS............................ 9
Section 2.1 Purchase.................................................. 9
Section 2.2 Preliminary Information................................... 9
Section 2.3 Purchase Price............................................ 9
ARTICLE 3 THE CLOSING AND POST-CLOSING ADJUSTMENTS........................ 11
Section 3.1 Place and Date of Closing................................. 11
Section 3.2 Bank's Deliveries at Closing.............................. 11
Section 3.3 Bon-Ton's Deliveries at Closing........................... 11
Section 3.4 Final Closing Statement................................... 12
ARTICLE 4 REPRESENTATIONS AND WARRANTIES.................................. 14
Section 4.1 General Representations and Warranties of Bon-Ton......... 14
Section 4.2 Representations and Warranties of Bon-Ton Regarding
the Accounts and the Indebtedness....................... 15
Section 4.3 General Representations and Warranties of Bank............ 16
ARTICLE 5 CONDITIONS PRECEDENT............................................ 17
Section 5.1 Conditions to Obligations of Bank......................... 17
Section 5.2 Conditions to Obligations of Bon-Ton...................... 18
ARTICLE 6 ADDITIONAL AGREEMENTS AND COVENANTS............................. 19
Section 6.1 Account Payments.......................................... 19
Section 6.2 No Sale of Assets......................................... 19
Section 6.3 Tax on Sale............................................... 19
Section 6.4 Public Announcements...................................... 20
Section 6.5 Confidentiality........................................... 21
Section 6.6 Notices to Account Debtors; Use of Account Debtor List.... 22
Section 6.7 Conversion of Accounts.................................... 22
Section 6.8 Credit Bureau Reporting................................... 22
Section 6.9 Further Assistance........................................ 22
ARTICLE 7 INDEMNIFICATION................................................. 23
Section 7.1 Indemnification by Bon-Ton................................ 23
2
Section 7.2 Indemnification by Bank................................... 23
Section 7.3 Procedures................................................ 24
Section 7.4 Limitations on Indemnification............................ 25
Section 7.5 Survival; Remedies........................................ 25
ARTICLE 8 MISCELLANEOUS................................................... 26
Section 8.1 Waiver.................................................... 26
Section 8.2 No Joint Venture.......................................... 26
Section 8.3 Payment Terms............................................. 26
Section 8.4 Entire Agreement.......................................... 26
Section 8.5 Notices................................................... 27
Section 8.6 Modification.............................................. 28
Section 8.7 Governing Law............................................. 28
Section 8.8 Severability.............................................. 28
Section 8.9 Assignment................................................ 28
Section 8.10 Accounting Terms......................................... 28
Section 8.11 Singular and Plural...................................... 29
Section 8.12 Headings................................................. 29
Section 8.13 Expenses................................................. 29
Section 8.14 Counterparts............................................. 29
Section 8.15 Waiver of Jury Trial; Consent to Jurisdiction............ 29
3
PURCHASE AND SALE AGREEMENT
This Purchase and Sale Agreement is made and entered into as of the 20th
day of June, 2005 by and between THE BON-TON STORES, INC. ("Bon-Ton"), with its
principal place of business at 2801 East Market Street, York, Pennsylvania 17402
and HSBC Bank Nevada, N.A. ("Bank" or "HSBC"), with its principal place of
business at 1111 Town Center Drive, Las Vegas, NV 89144.
WITNESSETH
WHEREAS, Bon-Ton desires to sell the portfolio of accounts and related
indebtedness that arose from the sale of goods and services to its customers and
accountholders; and
WHEREAS, Bank desires to purchase from Bon-Ton such accounts and 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:
(a) "Account" means (a) any account, account receivable, Indebtedness, other
receivable, contract right, chose in action, general intangible, chattel
paper, instrument, document, note, and proceeds thereof, wherever located,
whether now owned or hereafter acquired by Bon-Ton, arising out of the
sale of Merchandise or Cross-Marketing Merchandise to an Account Debtor
pursuant to a Credit Card Agreement, (b) all Account Documentation
evidencing the same, (c) any and all rights and remedies as to
stoppage-in-transit, reclamation, return and repossession of Merchandise
and Cross-Marketing Merchandise financed pursuant thereto, (d) all rights
as to any Merchandise, Cross-Marketing Merchandise, goods or other
property, contracts of indemnity, guaranties or sureties, proceeds of
insurance and other proceeds at any time standing as security therefor;
provided, that "Account" shall not include any Account as of the Cut-Off
Time, (i) that is a Bankruptcy Account, (ii) as to which the
4
Account Debtor is deceased ("Deceased Account"), (iii) disputed
Indebtedness with respect to any Account as to which Bon-Ton has notice of
actual or possible fraud from the Account Debtor ("Fraud Account"), (iv)
that is a Lost or Stolen Account, (v) that is paying under a Consumer
Credit Counseling Service or similar debt management payment plan
("CCCS/DMP Account"), (vi) that is subject to any pending litigation
("Pending Litigation Account") or (vii) as to which the Account Debtor is
on the U.S. Office of Foreign Assets Control Specially Designated
Nationals list ("OFAC Accounts").
(b) "Account Debtor" means any Person who is or who may become obligated
pursuant to an Account and whose Account has not been purged from
Bon-Ton's systems.
(c) "Account Debtor List" means the list of Account Debtors, including names
and addresses.
(d) "Account Documentation" means any and all documentation relating to
Accounts to the extent such documentation is in Bon-Ton's possession or
control as of the Cut-Off Time, and all rights and privileges accruing
under such documentation, including, without limitation, applications for
Accounts, outstanding solicitations for Accounts, pending applications for
Accounts, Credit Card Agreements, sales orders and finance copies thereof,
billing statements, all Account Debtor records including all lists and
compilations in whatever form of the Accounts, the Account Debtors, and
the Credit Card Agreements, and all correspondence, memoranda, magnetic
tapes, disks, or hardcopy formats, and all other written material relating
to Accounts.
(e) "Account Marks" means, with respect to any Person, the name, trademarks,
and service marks used by such Person in connection with the Accounts.
(f) "Account Portfolio Assets" means all of the following: (i) the Accounts;
(ii) the Indebtedness; (iii) any and all rights to process such Accounts;
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