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Title: |
Asset Purchase Agreement |
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Entities: |
Interface Inc; Kilpatrick Stockton; Sutherland Asbill & Brennan |
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Date: |
2000 |
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Preview shows 28KB of 261KB total |
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$90 |
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ID: |
#1607342 |
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2 puragr.txt ASSET PURCHASE AGREEMENT - CHATHAM
ASSET PURCHASE AGREEMENT
by and among
INTERFACE FABRICS GROUP, INC.,
CMI INDUSTRIES, INC.,
and
CHATHAM FABRICS, LLC
DATED AS OF MAY 1, 2000
TABLE OF CONTENTS
Page
ARTICLE 1 PURCHASE AND SALE OF ASSETS....................................................................1
1.1 Purchase and Sale of Assets.................................................................1
1.2 Excluded Assets.............................................................................4
ARTICLE 2 ASSUMPTION OF LIABILITIES......................................................................5
2.1 Assumption..................................................................................5
2.2 Excluded Liabilities........................................................................7
ARTICLE 3 AMOUNT AND PAYMENT OF PURCHASE PRICE..........................................................10
3.1 Calculation of Purchase Price..............................................................10
3.2 Payment of Purchase Price..................................................................10
3.3 Adjustment to Purchase Price...............................................................11
3.4 Transfer Expenses..........................................................................13
3.5 Allocation of Purchase Price...............................................................13
ARTICLE 4 PROCEDURE FOR CLOSING.........................................................................13
4.1 Time and Place of Closing..................................................................13
4.2 Transactions At the Closing................................................................13
4.3 Conveyance of Title to Real Property.......................................................17
4.4 Survey and Inspection of Property..........................................................18
4.5 Certain Consents...........................................................................19
4.6 Eminent Domain.............................................................................20
4.7 Further Assurances.........................................................................20
ARTICLE 5 REPRESENTATIONS AND WARRANTIES OF SELLERS.....................................................21
5.1 Organization and Qualification.............................................................21
5.2 Power and Authority........................................................................21
5.3 Due Authorization; Validity; Enforceability................................................21
5.4 No Violation or Consent....................................................................21
5.5 Subsidiaries; Joint Ventures...............................................................22
5.6 Financial Statements.......................................................................22
5.7 Inventories................................................................................23
5.8 Accounts Receivable........................................................................23
5.9 Personal Property..........................................................................24
5.10 Real Property; Leased Real Property.......................................................24
5.11 Contracts.................................................................................26
5.12 Intellectual Property.....................................................................28
5.13 Insurance.................................................................................29
5.14 Environmental Matters and Osha............................................................29
5.15 Litigation................................................................................30
5.16 Absence of Changes........................................................................30
5.17 Brokers and Finders.......................................................................31
5.18 Labor Matters.............................................................................31
5.19 Approvals; Permits; Licenses..............................................................32
-i-
5.20 Taxes.....................................................................................32
5.21 Employee Benefit Plans....................................................................33
5.22 Compliance With Laws......................................................................35
5.23 Governmental Approval and Consents........................................................35
5.24 Customer Relations........................................................................35
5.25 Correctness of Representations............................................................35
5.26 Definition of "Knowledge".................................................................35
ARTICLE 6 REPRESENTATIONS AND WARRANTIES OF PURCHASER...................................................36
6.1 Organization and Qualification.............................................................36
6.2 Power and Authority........................................................................36
6.3 No Violation or Consent....................................................................36
6.4 Litigation.................................................................................36
6.5 Correctness of Representations.............................................................36
6.6 Brokers and Finders........................................................................37
6.7 Governmental Approval and Consents.........................................................37
ARTICLE 7 INTENTIONALLY DELETED.........................................................................37
ARTICLE 8 CONDITIONS PRECEDENT TO OBLIGATIONS OF PURCHASER..............................................37
8.1 REPRESENTATIONS AND WARRANTIES.............................................................37
8.2 Compliance by Sellers......................................................................38
8.3 No Injunction; Etc.........................................................................38
8.4 No Adverse Change..........................................................................38
8.5 Operation in the Ordinary Course...........................................................38
8.6 Consents; Authorizations; Approval of Legal Matters........................................38
8.7 Title Commitments; Satisfaction of Title Objections and Release of Certain Liens...........38
8.8 Closing Deliveries.........................................................................39
8.9 Condition of Acquired Assets...............................................................39
ARTICLE 9 CONDITIONS PRECEDENT TO OBLIGATIONS OF SELLERS................................................39
9.1 Representations and Warranties.............................................................39
9.2 Compliance by Purchaser....................................................................40
9.3 No Injunction; Etc.........................................................................40
9.4 Closing Deliveries.........................................................................40
9.5 Major Equipment Lease Releases.............................................................40
ARTICLE 10 MUTUAL COVENANTS.............................................................................40
10.1 Governmental Filings......................................................................40
10.2 Conditions Precedent......................................................................40
10.3 Further Mutual Covenants..................................................................41
10.4 Prorations................................................................................41
ARTICLE 11 POST CLOSING MATTERS.........................................................................43
11.1 Access to Log Cabin.......................................................................43
11.2 Employment of Employees...................................................................43
-ii-
11.3 Sellers' Employee Benefit Plans...........................................................44
11.4 Employee Files............................................................................44
11.5 Non-solicitation.........................................................................44
11.6 Covenant Not to Compete...................................................................44
11.7 Discharge of Furniture Business and Related Obligations...................................45
11.8 Maintenance of Books and Records..........................................................45
11.9 Payments Received.........................................................................45
11.10 Ucc Matters..............................................................................46
11.11 Cooperation..............................................................................46
11.12 Insurance................................................................................46
11.13 Payment of Incentive Contracts...........................................................47
11.14 Operation and Conveyance of Waste Water Treatment Facility...............................47
11.15 Environmental Fines......................................................................49
11.16 Removal of Excluded Assets...............................................................49
11.17 Reimbursement of Accrued Wages...........................................................49
11.18 Demolition of Warehouses; Early Termination Payment......................................49
ARTICLE 12 CONFIDENTIALITY; PUBLIC ANNOUNCEMENTS........................................................50
12.1 Confidentiality...........................................................................50
12.2 Public Announcements......................................................................51
ARTICLE 13 TERMINATION..................................................................................51
13.1 Termination...............................................................................51
13.2 Effect of Termination.....................................................................51
ARTICLE 14 INDEMNIFICATION..............................................................................51
14.1 Agreement of Sellers to Indemnify.........................................................52
14.2 Agreement of Purchaser to Indemnify Sellers...............................................53
14.3 Procedures for Indemnification............................................................54
14.4 Third Party Claims........................................................................54
14.5 Time Limitations..........................................................................56
14.6 Limitations as to Amount..................................................................56
14.7 Tax Effect and Insurance..................................................................57
14.8 Subrogation...............................................................................58
14.9 Interest..................................................................................58
14.10 Exclusions From Limitations..............................................................58
14.11 Limitations With Respect to Environmental Conditions; Release............................58
14.12 Remedies Exclusive.......................................................................60
ARTICLE 15 GENERAL PROVISIONS...........................................................................60
15.1 Arbitration...............................................................................60
15.2 Investigation.............................................................................61
15.3 Fees and Expenses.........................................................................62
15.4 Notices...................................................................................62
15.5 Assignment; Binding Effect................................................................63
15.6 No Benefit to Others......................................................................63
15.7 Headings, Gender, and "Person"............................................................64
-iii-
15.8 Counterparts..............................................................................64
15.9 Integration of Agreement..................................................................64
15.10 Time of Essence..........................................................................64
15.11 Governing Law............................................................................64
15.12 Jurisdiction; Service of Process.........................................................64
15.13 Partial Invalidity.......................................................................64
15.14 Remedies Cumulative; Specific Performance................................................65
-iv-
TABLE OF EXHIBITS
Exhibit A.........Sellers Opinion
Exhibit B.........Assignment and Assumption Agreement
Exhibit C.........Form of Affidavit of Title
Exhibit D.........Bill of Sale
Exhibit E.........Assignment of Trademarks
Exhibit F.........Assignment of Patents
Exhibit G.........Purchaser Opinion
Exhibit H.........Lease AgreementRegarding Log Cabin
Exhibit I.........License Agreement
Exhibit J.........Interface/CMI Fabric Supply Agreement
Exhibit K.........Services Agreement
Exhibit L.........Office Lease Agreement
Exhibit M.........Copyright Assignment Agreements
-v-
SCHEDULES
Schedule 1.1(a)(i) Real Property
Schedule 1.1(a)(ii) Leased Real Property
Schedule 1.1(b) Equipment
Schedule 1.1(c) Contracts
Schedule 1.1(d) Excluded Inventory
Schedule 1.1(e) Vehicles
Schedule 1.1(g) Intellectual Property
Schedule 1.1(i) Scheduled Permits
Schedule 1.1(l) Liens, Encumbrances and Related Matters
Schedule 1.2(b) Specifically Excluded Assets
Schedule 2.1(b) Trade Payables and Expense Accruals
Schedule 2.2(q) Specific Inter-company Payables
Schedule 3.3(b) GAAP Procedures
Schedule 3.5 Allocation of Purchase Price
Schedule 4.5 Consents to Assignment
Schedule 5.1.1 Jurisdictions Where Sellers Qualified
Schedule 5.6.1 Financial Statements
Schedule 5.6.2 Unreserved Liabilities
Schedule 5.7.1 Title to Inventory
Schedule 5.7.2 Excessive Purchase Commitments
Schedule 5.9.1 Leased Personal Property Consents Required
Schedule 5.9.2 Excluded Assets Material to Operation
Schedule 5.9.3 Acquired Assets not in Good Operating Condition
Schedule 5.10.1 Real Property Legal Descriptions; Tax Parcel Identification
Schedule 5.10.2 Leased Real Property Liens
Schedule 5.10.3 Operational Permits not Obtained
Schedule 5.11.1 Contracts
Schedule 5.11.2 Commitments for Capital Expenditures
Schedule 5.11.3 Pending or Threatened Contract Terminations
Schedule 5.13 Insurance Policies
Schedule 5.14.1 Environmental Matters
Schedule 5.14.2 Environmental Permits and Licenses
Schedule 5.14.3 Employee Health and Safety Matters
Schedule 5.15 Litigation Matters
Schedule 5.16 Certain Changes
Schedule 5.17 Brokers and Finders
Schedule 5.18.1 All Furniture Business Employees
Schedule 5.18.2 Selected Employees
Schedule 5.18.3 Employee Obligations
Schedule 5.19 Approvals, Permits and Licenses Federal
Schedule 5.20.1 and State Tax Returns Not Timely Filed;
Tax Disputes; Tax Filing Extensions
Schedule 5.20.2 Tax Bills for 1999
-vi-
Schedule 5.20.3 Audits; Tax Sharing Agreements
Schedule 5.21 Employee Benefit Plans
Schedule 5.24 Customer Relations
Schedule 5.26 Persons Deemed to Have "Knowledge"
Schedule 11.2.1 Employees Not Offered Employment
Schedule 11.6 Territory
Schedule 11.14.1 Facility Property
Schedule 11.14.2 Improvements to Facility
Schedule 11.16 Excluded Assets to be Removed
Schedule 14.1 CMC Holdings Property Description
-vii-
CROSS REFERENCES TO DEFINED TERMS
Term Section in Which Defined
---- ------------------------
Accounts Receivable Section 1.1(f)
Acquired Asset(s) Section 1.1
Acquisition Documents Section 5.2
Adjustment Amount Section 3.3(c)
Agreement Preamble
Approved Wastes Section 11.14
Assignment and Assumption Agreement Section 4.2(a)(vi)
Assumed Liabilities Section 2.1
Audited Closing Date Working Capital Schedules Section 3.3(b)
Audited Statements Section 5.6
Automotive Adjustment Section 3.3(c)
Automotive Business Recital B
Automotive Inventory Section 1.1(d)
Automotive Payables Section 1.2(b)
Beneficiary Section 10.4(e)
Books and Records Section 1.1(h)
CERCLA Section 2.2(k)(ii)
Chatham Recital A
Chatham LLC Preamble
Chatham Sub Section 11.14(a)
Closing Section 4.1
Closing Date Section 4.1
Closing Date Working Capital Schedules Section 3.3(a)
CMI Preamble
Code Section 4.2(a)(xi)
Contracts and Contracts Section 1.1(c)
Consumer Products Business Recital B
CRP Section 5.10(a)
Demolition Project Section 11.18(a)
Divisional Change In Control Agreements Section 2.1(d)
Current Material Customer Section 5.24
Effective Time Section 4.1
Employee Benefit Plan Section 5.21(a)
Employees Section 5.21(a)
Employee Tort Claims Section 2.2(g)
ENSR Report Section 4.4(a)
Environmental Audit Report(s) Section 4.4(c)
Environmental Conditions(s) Section 2.2(k)(i)
Environmental Law(s) Section 2.2(i)(ii)
Environmental Liability Section 2.2(k)
-viii-
Environmental Losses Section 14.6
Environmental Permits Section 5.14(b)
Environmental Threshold Amount Section 14.6
Equipment Section 1.1(b)
ERISA Section 5.21(b)
Excluded Assets Section 1.2
Excluded Liabilities Section 2.2
Fabric Supply Agreement Section 4.2(a)(xx)
Facility Section 11.14(a)
Fiber Wovens Building Section 11.18(a)
Financial Statements Section 5.6
Furniture Adjustment Section 3.3(c)
Furniture Business Recital A
GAAP Section 3.3(a)
General Losses Section 14.6(a)
General Threshold Amount Section 14.6(a)
Hazardous Material(s) Section 2.2(k)(iii)
Hired Employee(s) Section 11.2
HSR Act Section 3.2
HSR Filing Fee Section 3.2
Indemnification Claim Section 14.3(a)
Indemnitee Section 14.3
Indemnitor Section 14.3
Information Section 12.1
Intellectual Property Section 1.1(g)
Inventory Section 1.1(d)
Knowledge Section 5.26
Known Exceptions Section 4.3(b)
Lease Agreement Section 4.2(a)(xx)
Leased Real Property Section 1.1(a)
License Agreement Section 4.2(a)(xix)
Losses Article 14
Major Equipment Leases Section 1.1(c)
Management Prepared Statements Section 5.6
Material Adverse Effect Section 5.9(b)
Material Warranty and Bad Debt Claims Section 2.2(f)
Medical Tail Cap Section 2.1(b)
Negotiation Period Section 14.3(c)
Office Lease Agreement Section 4.2(a)(xx)
Operation Period Section 11.14(c)
Party or Parties Preamble
Payor Section 10.4(e)
Payee Section 10.4(e)
PCBs Section 2.2(k)(iii)
Permits Section 1.1(i)
-ix-
Permitted Encumbrances Section 1.1
Person Section 15.7
Personal Property Taxes Section 10.4(b)(ii)
Post-Closing Improvements Section 11.14(b)
Post-Closing Improvement Costs Section 11.14(b)
Prime Rate Section 14.9
Product Liability Claims Section 2.2(g)
Prohibited Business Section 11.6
Proration Items Section 10.4(a)
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