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Title: |
Asset Purchase Agreement |
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Entities: |
Chart Industries, Inc.; JPMorgan Chase Bank; LaSalle Business Credit, LLC; McDonald Investments Inc.; Calfee, Halter & Griswold; Husch & Eppenberger; GT Acquisition Company; Greenville Tube, LLC; Chart Industries Inc |
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Date: |
2003 |
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Size: |
Preview shows 20KB of 352KB total |
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Price: |
$92 |
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ID: |
#176965 |
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ASSET PURCHASE AGREEMENT
Among
GT ACQUISITION COMPANY,
and
GREENVILLE TUBE, LLC
JULY 1, 2003
{PAGE}
TABLE OF CONTENTS
{TABLE}
{CAPTION}
PAGE
----
{S} {C} {C}
1. DEFINITIONS AND USAGE.................................................................................1
1.1 Definitions.....................................................................................1
1.2 Usage..........................................................................................16
2. SALE AND TRANSFER OF ASSETS; CLOSING.................................................................17
2.1 Assets to be Sold..............................................................................17
2.2 Excluded Assets................................................................................18
2.3 Consideration..................................................................................20
2.4 Liabilities....................................................................................20
2.5 Allocation.....................................................................................23
2.6 Closing........................................................................................23
2.7 Closing Obligations............................................................................23
2.8 Adjustment Amount and Payment..................................................................27
2.9 Adjustment Procedure...........................................................................27
2.10 Consents.......................................................................................28
2.11 Accounts Receivable............................................................................30
2.12 Contingent Note................................................................................30
2.13 Termination of Promissory Note.................................................................30
3. REPRESENTATIONS AND WARRANTIES OF SELLER.............................................................32
3.1 Organization and Good Standing; Name...........................................................32
3.2 Enforceability; Authority; No Conflict.........................................................32
3.3 Capitalization.................................................................................33
3.4 Financial Statements...........................................................................33
3.5 Books and Records..............................................................................34
3.6 Sufficiency of Assets..........................................................................34
3.7 Description of Owned Real Property.............................................................34
3.8 Description of Leased Real Property............................................................34
3.9 Title to Assets; Encumbrances..................................................................35
3.10 Condition of Facilities........................................................................36
3.11 Accounts Receivable............................................................................36
3.12 Inventories....................................................................................36
3.13 No Undisclosed Liabilities.....................................................................37
3.14 Taxes..........................................................................................37
3.15 No Material Adverse Change.....................................................................38
3.16 Employee Benefits..............................................................................39
3.17 Compliance with Legal Requirements; Governmental Authorizations................................41
3.18 Legal Proceedings; Orders......................................................................43
3.19 Absence of Certain Changes and Events..........................................................44
3.20 Contracts; No Defaults.........................................................................45
{/TABLE}
{PAGE}
{TABLE}
{S} {C} {C}
3.21 Insurance......................................................................................48
3.22 Environmental Matters..........................................................................49
3.23 Employees......................................................................................51
3.24 Labor Disputes; Compliance.....................................................................52
3.25 Intellectual Property Assets...................................................................53
3.26 Parent Ownership of Assets.....................................................................56
3.27 Compliance with the Foreign Corrupt Practices Act and Export Control and Antiboycott Laws......56
3.28 Relationships With Related Persons.............................................................57
3.29 Brokers or Finders.............................................................................58
3.30 Securities Law Matters.........................................................................58
4. REPRESENTATIONS AND WARRANTIES OF BUYER..............................................................59
4.1 Organization and Good Standing.................................................................59
4.2 Authority; No Conflict.........................................................................59
4.3 Certain Proceedings............................................................................60
4.4 Brokers or Finders.............................................................................60
4.5 Sufficient Funds...............................................................................60
[5. Intentionally Omitted]...............................................................................60
[6. Intentionally Omitted]...............................................................................60
7. CONDITIONS PRECEDENT TO BUYER'S OBLIGATION TO CLOSE..................................................60
7.1 Consents.......................................................................................60
7.2 Additional Documents...........................................................................60
7.3 Title Insurance................................................................................61
7.4 Governmental Authorizations....................................................................61
7.5 Employees......................................................................................61
7.6 Ancillary Agreements...........................................................................61
7.7 Financing......................................................................................61
7.8 Management Investment..........................................................................62
8. CONDITIONS PRECEDENT TO SELLER'S OBLIGATION TO CLOSE.................................................62
8.1 Consents.......................................................................................62
9. NO TERMINATION.......................................................................................62
10. ADDITIONAL COVENANTS.................................................................................62
10.1 Employees and Employee Benefits................................................................62
10.2 Payment of All Taxes Resulting From Sale of Assets by Seller...................................65
10.3 Payment of Other Retained Liabilities..........................................................65
10.4 Financial Information..........................................................................66
10.5 Removing Excluded Assets.......................................................................66
10.6 Reports and Returns............................................................................66
10.7 Assistance in Proceedings......................................................................66
10.8 Noncompetition, Nonsolicitation and Nondisparagement...........................................66
{/TABLE}
ii
{PAGE}
{TABLE}
{S} {C} {C}
10.9 Customer and Other Business Relationships......................................................67
10.10 Retention of and Access to Records.............................................................68
10.11 Further Assurances.............................................................................68
10.12 TCE Sealant....................................................................................68
10.13 Master Lease Payments..........................................................................68
10.14 Effetive Date..................................................................................68
11. INDEMNIFICATION; REMEDIES............................................................................69
11.1 Survival.......................................................................................69
11.2 Indemnification and Reimbursement by Seller....................................................69
11.3 Indemnification and Reimbursement by Seller - Environmental Matters............................70
11.4 Indemnification and Reimbursement by Buyer.....................................................78
11.5 Limitations on Amount - Seller.................................................................80
11.6 Limitations on Amount - Buyer..................................................................80
11.7 Time Limitations...............................................................................80
11.8 Right of Setoff................................................................................81
11.9 Third-Party Claims.............................................................................82
11.10 Direct Claims..................................................................................83
11.11 Insurance Tax..................................................................................83
11.12 Limitation on Consequential Damages............................................................84
11.13 Payment of Claims..............................................................................84
11.14 Exclusive Means................................................................................84
11.15 Indemnification in Case of Strict Liability or Indemnitee Negligence...........................80
11.16 Facility Lease.................................................................................80
12. CONFIDENTIALITY......................................................................................85
12.1 Definition of Confidential Information.........................................................85
12.2 Restricted Use of Confidential Information.....................................................86
12.3 Exceptions.....................................................................................86
12.4 Legal Proceedings..............................................................................87
12.5 Return or Destruction of Confidential Information..............................................87
12.6 Attorney-Client Privilege......................................................................87
12.7 Tax Disclosure.................................................................................82
13. GENERAL PROVISIONS...................................................................................88
13.1 Expenses.......................................................................................88
13.2 Public Announcements...........................................................................88
13.3 Notices........................................................................................88
13.4 Jurisdiction; Service of Process...............................................................89
13.5 Enforcement of Agreement.......................................................................90
13.6 Waiver; Remedies Cumulative....................................................................90
13.7 Entire Agreement and Modification..............................................................90
13.8 Disclosure Letter..............................................................................90
{/TABLE}
iii
{PAGE}
{TABLE}
{S} {C} {C}
13.9 Assignments, Successors and No Third-Party Rights..............................................90
13.10 Severability...................................................................................91
13.11 Construction...................................................................................91
13.12 Time of Essence................................................................................91
13.13 Governing Law..................................................................................91
13.14 Execution of Agreement.........................................................................91
{/TABLE}
iv
{PAGE}
ASSET PURCHASE AGREEMENT
THIS ASSET PURCHASE AGREEMENT ("Agreement") is dated July 1, 2003,
between GT Acquisition Company, a Delaware corporation ("Buyer") and Greenville
Tube, LLC, a Delaware limited liability company ("Seller").
RECITALS
Chart, Inc., a Delaware corporation ("Member"), owns one hundred percent
(100%) of the issued and outstanding equity interest of Seller. Seller is, and
since February 24, 2002, has been, in the business of manufacturing and selling
steel and stainless steel tubing (the "Business"). From January 1, 2000, through
June 30, 2000, Member, through an incorporated subsidiary, Chart Holdings, Inc.,
a Delaware Corporation ("CHI"), operated the Business. From July 1, 2000 through
February 23, 2002, Member through an unincorporated division, operated the
Business. Before January 1, 2000, Member's wholly owned subsidiary, Greenville
Tube Corporation, an Arkansas corporation ("GTC," and, together with CHI and
Member, the "Prior Owner") operated the Business. Member is a wholly owned
subsidiary of Chart Industries, Inc., a Delaware corporation ("Parent"). Seller
desires to sell, and Buyer desires to purchase, the Assets of Seller for the
consideration and on the terms set forth in this Agreement.
The parties, intending to be legally bound, agree as follows:
1. DEFINITIONS AND USAGE.
1.1 Definitions. For purposes of this Agreement, the following terms
and variations thereof have the meanings specified or referred to in this
Section 1.1:
"Accounts Receivable" - (a) all trade accounts receivable and other
rights to payment from customers of Seller and the full benefit of all security
for such accounts or rights to payment, including all trade accounts receivable
representing amounts receivable in respect of goods shipped or products sold or
services rendered to customers of Seller, (b) all other accounts or notes
receivable of Seller and the full benefit of all security for such accounts or
notes, and (c) any claim, remedy or other right related to any of the foregoing.
{PAGE}
"Active Employees" - as defined in Section 10.1(a).
"ADEQ Consent Order" - the Arkansas Department of Environmental Quality
Consent Administrative Order #LIS 99-152, issued June 30, 1999, and any
amendments thereto.
"Adjustment Amount" - as defined in Section 2.8.
"Affiliate" -- with respect to a Person (the "First Person"), any other
Person who controls, is under common control with, or is controlled by the First
Person.
"Appurtenances" - all privileges, rights, easements, hereditaments, and
appurtenances belonging to or for the benefit of the Land, including all
easements appurtenant to and for the benefit of any Land (a "Dominant Parcel")
for, and as the primary means of access between, the Dominant Parcel and a
public way, or for any other use upon which lawful use of the Dominant Parcel
for the purposes for which it is presently being used is dependent, and all
rights of Seller existing in and to any streets, alleys, passages and other
rights-of-way included thereon or adjacent thereto (before or after vacation
thereof) and vaults beneath any such streets.
"Assets" - as defined in Section 2.1.
"Assignment and Assumption Agreement" - as defined in Section
2.7(a)(ii).
"Assumed Contracts" - as defined in the definition of "Breach."
"Assumed Liabilities" - as defined in Section 2.4(a).
"Balance Sheet" - as defined in Section 3.4.
"Best Efforts" - the efforts that a reasonably prudent Person desirous
of achieving a result would use in similar circumstances to achieve that result
as expeditiously as possible, provided, however, that a Person required to use
Best Efforts under this Agreement will not be thereby required to take actions
that would, in the reasonable sole determination of such Person, result in a
material adverse change in the benefits to such Person of this Agreement and the
Contemplated Transactions or to dispose of or make any change to its business,
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