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Title: |
Securities Purchase Agreement |
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Entities: |
Fleet National Bank; Kzjl License Corp; Union Bank of California, NA; Edwards & Angell, LLP; Latham & Watkins; O’Melveny & Myers |
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Date: |
2002 |
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Size: |
Preview shows 14KB of 131KB total |
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Price: |
$64 |
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ID: |
#1908255 |
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SECURITIES PURCHASE AGREEMENT
AMONG
LBI HOLDINGS I, INC.
AND
THE SEVERAL PURCHASERS NAMED IN SCHEDULE 2.1
Dated as of March 20, 2001
{PAGE}
TABLE OF CONTENTS
{TABLE}
{CAPTION}
Page
{S} {C}
ARTICLE I
DEFINITIONS
ARTICLE II
SALE AND PURCHASE OF PURCHASED SECURITIES
Section 2.1. Sale and Purchase of Purchased Securities .................................................. 7
Section 2.2. Closing .................................................................................... 7
Section 2.3. Use of Proceeds ............................................................................ 7
Section 2.4. The Notes .................................................................................. 8
ARTICLE III
REPRESENTATIONS AND WARRANTIES OF THE COMPANY
Section 3.1. Incorporation and Restatement of Representations and Warranties ............................ 10
Section 3.2. Consents ................................................................................... 10
Section 3.3. Registration Rights ........................................................................ 10
Section 3.4. Capitalization ............................................................................. 10
Section 3.5. Subsidiaries ............................................................................... 11
Section 3.6. Subchapter S Status ........................................................................ 11
Section 3.7. Transactions with Affiliates ............................................................... 11
Section 3.8. Disclosure ................................................................................. 11
ARTICLE IV
PURCHASERS' REPRESENTATIONS
Section 4.1. Investment Intent .......................................................................... 12
Section 4.2. Authorization, etc. ........................................................................ 12
Section 4.3. Enforceability ............................................................................. 12
Section 4.4. Certain Other Matters ...................................................................... 12
Section 4.5. S Corporation Status ....................................................................... 12
ARTICLE V
CONDITIONS TO EACH PURCHASER'S OBLIGATIONS TO PURCHASE AT THE CLOSING
Section 5.1. Related Agreements ......................................................................... 13
Section 5.2. Charter Documents; Good Standing Certificates .............................................. 13
Section 5.3. Proof of Corporate Action .................................................................. 13
Section 5.4. Incumbency Certificate ..................................................................... 14
Section 5.5. Legal Opinion .............................................................................. 14
{/TABLE}
i
{PAGE}
TABLE OF CONTENTS
(continued)
{TABLE}
{CAPTION}
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{S} {C}
Section 5.6. Representations and Warranties; Officer's Certificate ...................................... 14
Section 5.7. Legality; Governmental and Other Authorizations ............................................ 14
Section 5.8. Payment of Certain Fees and Disbursements .................................................. 14
Section 5.9. Intercreditor Agreements ................................................................... 14
Section 5.10. Other Indebtedness ......................................................................... 15
Section 5.11. Solvency Assurances ........................................................................ 15
Section 5.12. Legal Opinions ............................................................................. 15
Section 5.13. General .................................................................................... 15
ARTICLE VI
CONDITIONS TO THE COMPANY'S OBLIGATIONS
Section 6.1. Representations ............................................................................ 15
Section 6.2. Related Agreements ......................................................................... 15
ARTICLE VII
AFFIRMATIVE AND NEGATIVE COVENANTS
Section 7.1. Corporate Existence; Subsidiaries; Maintenance of Properties ............................... 16
Section 7.2. Insurance .................................................................................. 16
Section 7.3. Taxes ...................................................................................... 16
Section 7.4. Compliance with Laws, Contracts, Licenses and Permits ...................................... 17
Section 7.5. Distributions .............................................................................. 17
Section 7.6. Transactions with Affiliates ............................................................... 17
Section 7.7. Undertakings of Lenard Liberman and Jose Liberman .......................................... 18
ARTICLE VIII
COVENANTS APPLICABLE TO DELIVERY OF INFORMATION
Section 8.1. Annual Statements .......................................................................... 18
Section 8.2. Monthly and Quarterly Statements ........................................................... 18
Section 8.3. Officer's Certificate ...................................................................... 19
Section 8.4. Operating Budgets .......................................................................... 19
Section 8.5. Other Information; Confidentiality ......................................................... 19
Section 8.6. Meetings with Management of the Company .................................................... 19
Section 8.7. Notice of Event of Default ................................................................. 19
Section 8.8. Board of Directors ......................................................................... 20
ARTICLE IX
DEFAULTS
{/TABLE}
ii
{PAGE}
TABLE OF CONTENTS
(continued)
{TABLE}
{CAPTION}
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{S} {C}
ARTICLE X
REMEDIES ON DEFAULT, ETC.
ARTICLE XI
SUBSEQUENT HOLDERS OF PURCHASED SECURITIES OR REGISTRABLE
SECURITIES
ARTICLE XII
EXPENSES; INDEMNITY
Section 12.1. Expenses ................................................................................... 25
Section 12.2. Indemnification ............................................................................ 25
Section 12.3. Brokers' Fees .............................................................................. 26
Section 12.4. Survival of Obligations .................................................................... 26
ARTICLE XIII
NOTICES
ARTICLE XIV
SURVIVAL AND TERMINATION OF COVENANTS, AGREEMENTS,
REPRESENTATIONS AND WARRANTIES
ARTICLE XV
AMENDMENTS AND WAIVERS
ARTICLE XVI
CHOICE OF LAW; SUBMISSION TO JURISDICTION AND WAIVER OF JURY
TRIAL; DISPUTE RESOLUTION
Section 16.1. Governing Law ............................................................................... 28
Section 16.2. Consent To the Exclusive Jurisdiction Of the Courts Of The Commonwealth of Massachusetts .... 28
Section 16.3. Waiver Of Jury Trial ........................................................................ 28
Section 16.4. Equitable Remedies .......................................................................... 29
Section 16.5. Intercreditor Agreements 29
{/TABLE}
iii
{PAGE}
TABLE OF CONTENTS
(continued)
{TABLE}
{CAPTION}
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{S} {C}
ARTICLE XVII
RIGHT TO PUBLICIZE
ARTICLE XVIII
ENTIRE AGREEMENT; COUNTERPARTS; SECTION HEADINGS
{/TABLE}
iv
{PAGE}
TABLE OF CONTENTS
LIST OF EXHIBITS
EXHIBIT A Form of Junior Subordinated Note
EXHIBIT B Form of Warrant Agreement
EXHIBIT C Form of Voting and Co-Sale Agreement
EXHIBIT D Form of Company Counsel Opinion
{PAGE}
SECURITIES PURCHASE AGREEMENT
THIS SECURITIES PURCHASE AGREEMENT (the "Agreement") dated as of March 20,
2001 among LBI Holdings I, Inc., a California corporation (the "Company"), and
the several purchasers named in the attached Schedule 2.1 (individually a
"Purchaser" and collectively the "Purchasers").
WHEREAS, the Company wishes to issue and sell to the Purchasers (i) the
Company's Junior Subordinated Notes in an original aggregate principal amount of
$30,000,000 (in the form attached hereto as Exhibit A, the "Notes"), and (ii)
Warrants to purchase 14.02 shares of the Company's Common Stock (in the form
attached to the Warrant Agreement, the "Warrants") (the Notes and the Warrants
are collectively referred to herein as the "Purchased Securities"); and
WHEREAS, the Purchasers, severally, wish to purchase such securities on the
terms and subject to the conditions set forth in this Agreement;
NOW THEREFORE, in consideration of the premises and the mutual covenants
contained in this Agreement, the parties agree as follows:
ARTICLE I
DEFINITIONS
For all purposes of this Agreement the following terms shall have the
meanings set forth in this Article I:
"Affidavit of Loss" has the meaning specified in Section 2.4(g) of this
Agreement.
"Affiliate" as applied to the Company or any other specified Person, any
Person directly or indirectly controlling, controlled by or under direct or
indirect common control with the Company (or other specified Person) and shall
also include (a) any Person who is a director or beneficial owner of at least 5%
of the Company's then outstanding Capital Securities (or other specified Person)
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