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Asset Purchase Agreement

 

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Title:

Asset Purchase Agreement

Entities:

IMO Industries Inc

Date:

2001

Size:

Preview shows 6KB of 21KB total

Price:

$35

ID:

#1662344

 

 

► Purchase & Sale ► Purchase ► Asset Purchase Agreements

 

 

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<SEQUENCE>3

<FILENAME>0003.txt
<DESCRIPTION>AMENDMENT TO ASSET PURCHASE AGREEMENT
<TEXT>



Amendment to
ASSET PURCHASE AGREEMENT


THIS ASSET PURCHASE AGREEMENT AMENDMENT (this "Amendment"), is entered into this
11th day of February 2001 to be effective as of November 15, 2000, by and among
Imo Industries Inc., a Delaware corporation, (the "Seller"), TFX Acquisition,
Inc., a Delaware corporation ("Buyer"), and Teleflex Incorporated, a Delaware
corporation ("Parent"). Unless otherwise defined herein, all capitalized terms
have the meanings set forth in the Asset Purchase Agreement dated November 15,
2000 by and among the Seller, Buyer and Parent (the "Agreement").

EXPLANATORY STATEMENT
WHEREAS, the Buyer has agreed to purchase and acquire from
Seller and Seller has agreed to sell, assign and transfer to Buyer, the Assets,
and the Buyer has agreed to assume all of the Liabilities other than the
Excluded Liabilities pursuant to the Agreement;

WHEREAS, the Buyer desires to have the benefit of certain
insurance coverage currently available to the Seller, the Subsidiaries and the
Affiliates for the Liabilities which coverage is not provided to Buyer under the
Agreement and the Seller desires to provide the benefit of such coverage to the
Buyer subject to the terms and conditions set forth herein;

WHEREAS, the Seller and Buyer desire to remove IMO Industries
Pension Trustee Limited, a UK subsidiary, from Schedule 1 of the Agreement and
to exclude all liability associated with the Imo Industries Pension and Life
Assurance Plan from the Liabilities; and

WHEREAS, the Buyer, Parent and Seller desire to amend the
Agreement to provide that the Closing shall occur with respect to all of the
Assets other than those relating to the Affiliate identified on Schedule 1-A
hereto, the Assets of which are not capable of transfer under the laws of their
respective jurisdictions and to provide for the escrow of the portion of the
Purchase Price until such time as the Assets are transferred to Buyer.

AGREEMENT
NOW THEREFORE, in consideration of the foregoing premises and
for other good and valuable consideration, the receipt and sufficiency of which
is hereby acknowledged, and intending to be legally bound hereby, the parties
agree as follows:

1. Name of Buyer. The term "TFX Acquisition Incorporated" shall
be deleted and replaced with "TFX Acquisition, Inc." throughout the Agreement.

2. Assumption of Liabilities. The following additional text is
hereby added to the end of Section 2.02:

", subject to the provisions of Section 5.12 hereof.

3. Excluded Liabilities. The following section 2.03(m) is hereby
added to Section 2.03 of the Agreement:

2.03(m) all liabilities and obligations of Seller, the
Subsidiaries or their Affiliates with respect to the Imo
Industries Pension and Life Assurance Plan the trustee of
which is Imo Industries Pension Trustee Limited, a UK
corporation.

4. Insurance. The following additional text is hereby added to
the end of Section 5.12:


Seller agrees that, to the extent that Seller, the Subsidiaries or the
Affiliates are named insureds on property, product, general liability, workers'
compensation and auto insurance policies covering Liabilities assumed by Buyer
at Closing, Seller will use its best efforts to entitle Buyer to the proceeds
(if any) of such insurance policies for Liabilities occurring prior to the
Closing ("Prior Claims"). The parties' agreement hereunder shall be subject to
the following terms and conditions:

(a) Payments. In the event that Seller makes, or is obligated
to make, any payment or suffers any loss in respect of or in relation to any
Prior Claim, after the Closing, in an amount that exceeds the amount Seller
actually receives in payment from its insurer or insurers, Buyer shall promptly
reimburse Seller, dollar for dollar, for any such payment by Seller in excess of
the amount actually paid by said insurer or insurers to or for the benefit of
Seller. It is the intention of Buyer and Seller that Seller will not suffer or
incur any loss or liability for any Prior Claim after the Closing. In addition,
any and all payments or expenses attributable to the Morse Division which are or
become due to any insurer including, but not limited to, any retrospective
adjustment payments, true ups, state assessments, taxes or any other charges
(the "Adjustment Payments") shall be promptly reimbursed to Seller by Buyer. The
parties understand and agree that Buyer shall not be required to pay or
reimburse Seller for any amounts (other than Adjustment Payments) paid by Seller
prior to Closing in connection with any Prior Claim. Retrospective adjustments
actually paid to Seller (if any) from any workman's compensation carrier
attributable to the Morse Division for periods following the Closing shall be

 

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