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Title: |
Asset Purchase Agreement |
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Entities: |
Clifford Chance US LLP; JPMorgan Chase Bank; Venture Europe Inc ; Yucaipa Companies; Foley & Lardner LLP; Kramer Levin Naftalis & Frankel, LLP |
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Date: |
2005 |
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Size: |
Preview shows 16KB of 162KB total |
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Price: |
$72 |
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ID: |
#2239926 |
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Start of Preview |
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ASSET PURCHASE AGREEMENT
DATED AS OF APRIL 8, 2005
AMONG
DELUXE PATTERN CORPORATION,
CERTAIN OF ITS AFFILIATES NAMED HEREIN,
VENTURE HOLDINGS COMPANY, LLC,
CERTAIN OF ITS AFFILIATES NAMED HEREIN,
AND
NEW VENTURE HOLDINGS, LLC
{PAGE}
TABLE OF CONTENTS
{TABLE}
{CAPTION}
PAGE
----
{S} {C} {C}
ARTICLE I DEFINITIONS.................................................... 1
1.1 Definitions................................................... 1
ARTICLE II PURCHASE AND SALE............................................. 10
2.1 Purchased Assets.............................................. 10
2.2 Excluded Assets............................................... 12
2.3 Assumed Liabilities........................................... 13
2.4 Excluded Liabilities.......................................... 13
2.5 Assignments; Cure Amounts..................................... 14
ARTICLE III PURCHASE PRICE............................................... 14
3.1 Purchase Price................................................ 14
3.2 Allocation of Purchase Price.................................. 15
ARTICLE IV CLOSING....................................................... 15
4.1 Closing Date.................................................. 15
4.2 Payment on the Closing Date................................... 15
4.3 Buyer's Additional Deliveries................................. 16
4.4 Sellers' Deliveries........................................... 16
ARTICLE V REPRESENTATIONS AND WARRANTIES OF SELLERS...................... 17
5.1 Organization of Sellers....................................... 17
5.2 Subsidiaries and Investments.................................. 17
5.3 Authority of Sellers.......................................... 17
5.4 Real Property................................................. 18
5.5 Title to Property............................................. 20
5.6 Taxes......................................................... 20
5.7 Absence of Certain Developments............................... 20
5.8 Sellers' Intellectual Property................................ 20
5.9 Employment Matters............................................ 21
5.10 Sufficiency of Assets......................................... 22
5.11 Compliance with Laws; Governmental Permits.................... 22
5.12 Contracts..................................................... 23
5.13 Financial Statements.......................................... 23
5.14 No Undisclosed Liabilities.................................... 23
5.15 Litigation.................................................... 23
5.16 Accounts Receivable........................................... 24
5.17 Equipment..................................................... 24
5.18 Inventory..................................................... 24
5.19 Affiliate Transactions........................................ 24
5.20 No Finder..................................................... 24
5.21 Disclaimer.................................................... 25
{/TABLE}
-i-
{PAGE}
{TABLE}
{S} {C} {C}
ARTICLE VI REPRESENTATIONS AND WARRANTIES OF BUYER....................... 25
6.1 Organization of Buyer......................................... 25
6.2 Authority of Buyer............................................ 25
6.3 No Finder..................................................... 26
6.4 Payment of Purchase Price..................................... 26
ARTICLE VII ACTION PRIOR TO THE CLOSING DATE............................. 26
7.1 Investigation of the Business by Buyer........................ 26
7.2 Preserve Accuracy of Representations and Warranties........... 26
7.3 Third Party Consents.......................................... 27
7.4 Governmental Approvals........................................ 27
7.5 Operations Prior to the Closing Date.......................... 28
7.6 Notification of Certain Matters............................... 31
7.7 Insurance..................................................... 31
ARTICLE VIII ADDITIONAL AGREEMENTS....................................... 31
8.1 Taxes......................................................... 31
8.2 Employees and Employee Benefit Plans.......................... 32
8.3 Collection of Receivables..................................... 33
8.4 Adequate Assurances Regarding Seller Agreements............... 33
8.5 Performance Under Seller Agreements........................... 34
8.6 Certain Actions............................................... 34
8.7 Covenant Not to Compete; Non-Solicitation..................... 34
8.8 No Liability for Representations and Warranties............... 35
ARTICLE IX CONDITIONS TO CLOSING......................................... 36
9.1 Conditions to Each Party's Obligations to Effect the Closing.. 36
9.2 Conditions to Obligations of Buyer............................ 36
9.3 Conditions to Obligations of the Sellers...................... 37
ARTICLE X TERMINATION.................................................... 37
10.1 Termination................................................... 37
10.2 Notice of Termination......................................... 38
10.3 Effect of Termination......................................... 38
ARTICLE XI GENERAL PROVISIONS............................................ 38
11.1 Survival of Obligations....................................... 38
11.2 Confidential Nature of Information............................ 38
11.3 Investigation................................................. 39
11.4 No Public Announcement........................................ 40
11.5 Notices....................................................... 40
11.6 Successors and Assigns........................................ 42
11.7 Access to Records after Closing............................... 42
11.8 Entire Agreement; Amendments; Schedules....................... 42
11.9 Interpretation................................................ 43
11.10 Waivers....................................................... 43
11.11 Expenses...................................................... 43
{/TABLE}
-ii-
{PAGE}
{TABLE}
{S} {C} {C}
11.12 Partial Invalidity............................................ 43
11.13 Execution in Counterparts..................................... 43
11.14 Further Assurances............................................ 44
11.15 Governing Law................................................. 44
{/TABLE}
-iii-
{PAGE}
SCHEDULES
{TABLE}
{CAPTION}
SECTION SCHEDULE*
------- ---------
{S} {C}
1.1(a) Persons With Knowledge
1.1(b) Third Party Consents
2.1(e) Seller Agreements
2.1(n) Foreign Subsidiaries
2.2(d) Excluded Assets
2.2(g) Excluded Accounts Receivable
2.2(i) Actions Against Other Sellers
2.3(g) Assumed General Unsecured Claims
5.2 Subsidiaries and Investments
5.4(a) Owned Real Property
5.4(b) Leased Real Property
5.5 Title to Property
5.6 Taxes
5.8(a) Intellectual Property
5.8(b) Intellectual Property Licenses and Agreements
5.8(c) Intellectual Property Violations, Claims and Actions
5.9(c) Unfair Labor Practice, Charges and Other Employee-Related
Complaints or Claims
5.9(d) Labor and Collective Bargaining Agreements
5.13 Financial Statements
5.15 Litigation
5.19 Affiliate Transactions
8.2(a) Employees Not Given Offers
8.2(b) Employee Benefit Plans
8.2(d) Employee and Consulting Agreements
{/TABLE}
EXHIBITS
EXHIBIT A - DELUXE ENTITIES
EXHIBIT B - VENTURE ENTITIES
EXHIBIT C - ASSIGNMENT AND ASSUMPTION AGREEMENT*
EXHIBIT D - BILL OF SALE*
EXHIBIT E - ASSIGNMENT OF PATENTS*
EXHIBIT F - ASSIGNMENT OF TRADEMARKS*
EXHIBIT G - ASSIGNMENT OF COPYRIGHTS*
EXHIBIT H - ASSIGNMENT OF DOMAIN NAMES*
EXHIBIT I - KEY EMPLOYEE RETENTION PROGRAM TERMS*
EXHIBIT J - LOAN AGREEMENTS*
EXHIBIT K - SALE ORDER*
*Note: Copies of the Schedules / omitted Exhibits will be furnished
supplementally to the Securities and Exchange Commission upon request.
-iv-
{PAGE}
ASSET PURCHASE AGREEMENT
ASSET PURCHASE AGREEMENT, dated as of April 8, 2005 (this
"Agreement"), among Deluxe Pattern Corporation, a Michigan corporation ("Deluxe
Pattern"), and certain of its Affiliates listed in Exhibit A attached hereto
(together with Deluxe Pattern, the "Deluxe Entities"), Venture Holdings Company,
LLC, a Michigan limited liability company ("Venture Holdings"), and certain of
its Affiliates listed in Exhibit B attached hereto (together with Venture
Holdings, the "Venture Entities", and together with the Deluxe Entities,
"Sellers") and New Venture Holdings, LLC, a Delaware limited liability company
("Buyer").
WHEREAS, the Venture Entities are, among other things, engaged in the
business of the supply, design, system integration and manufacture of interior
and exterior plastic components, modules and systems for the automotive industry
and other industries (the "Venture Business");
WHEREAS, the Deluxe Entities are, among other things, engaged in the
business of the ownership of real estate, machinery and equipment and
intellectual property and the performance of manufacturing related and
administrative services (including design work and tooling) and marketing
formats integral to the supply, design, system integration and manufacture of
interior and exterior plastic components, modules and systems for the automotive
industry (the "Deluxe Business", and together with the Venture Business, the
"Business");
WHEREAS, each of the Venture Entities and Deluxe Entities has
commenced reorganization proceedings by filing a voluntary petition for relief
with the Bankruptcy Court under Chapter 11 of the Bankruptcy Code (each, a
"Filing" and together, the "Filings"); and
WHEREAS, Sellers desire to sell or cause to be sold to Buyer, and
Buyer desires to purchase, subject to the approval of the Bankruptcy Court
pursuant to Section 363 of the Bankruptcy Code, substantially all of the assets
of the Business, together with Buyer assuming certain liabilities related
thereto, all on the terms and subject to the conditions set forth herein.
NOW, THEREFORE, in consideration of the mutual covenants and
agreements hereinafter set forth, it is hereby agreed between Sellers and Buyer
as follows:
ARTICLE I
DEFINITIONS
1.1 DEFINITIONS. In this Agreement, the following terms have the meanings
specified or referred to in this Section 1.1 and shall be equally applicable to
both the singular and plural forms. Any agreement referred to below shall mean
such agreement as amended, supplemented and modified from time to time to the
extent permitted by the applicable provisions thereof and by this Agreement.
"ACTION" means any legal action, suit or arbitration, or any inquiry,
proceeding or investigation, by or before any Governmental Authority.
{PAGE}
"AFFILIATE" means, with respect to any specified Person at any time,
(a) each Person directly or indirectly controlling, controlled by or under
direct or indirect common control with such specified Person, (b) each Person
who is at such time an officer or director of, or direct or indirect beneficial
holder of at least 10% of any class of the equity interests of, such specified
Person, (c) each Person that is managed by a common group of executive officers
and/or directors as such specified Person, (d) any relative (including by
marriage or adoption) (i) of each officer, director or holder described in
clause (b) and (ii) if such specified Person is an individual, of such specified
Person and (e) each Person of which such specified Person or an Affiliate (as
defined in clauses (a) through (d)) thereof will, directly or indirectly,
beneficially own at least 10% of any class of equity interests at such time.
"AGENT" has the meaning specified in Section 1.1.5. of the Settlement
Agreement.
"AGREEMENT" has the meaning specified in the first paragraph.
"ALLOCATION SCHEDULE(S)" has the meaning specified in Section 3.2.
"ANCILLARY DOCUMENTS" means the Bill of Sale, Deeds, Assignment and
Assumption Agreement, Assignment of Patents, Assignment of Trademarks,
Assignment of Copyrights and Assignment of Domain Names.
"ASSIGNMENT AND ASSUMPTION AGREEMENT" means the Assignment and
Assumption Agreement in substantially the form of Exhibit C.
"ASSIGNMENT OF COPYRIGHTS" has the meaning specified in Section
4.4(b).
"ASSIGNMENT OF DOMAIN NAMES" has the meaning specified in Section
4.4(b).
"ASSIGNMENT OF PATENTS" has the meaning specified in Section 4.4(b).
"ASSIGNMENT OF TRADEMARKS" has the meaning specified in Section
4.4(b).
"ASSUMED LIABILITIES" has the meaning specified in Section 2.3.
"AVAILABLE EMPLOYEES" has the meaning specified in Section 8.2(a).
"AVOIDANCE ACTIONS" means any and all claims for relief of Sellers
under Chapter 5 of the Bankruptcy Code.
"AUCTION DATE" has the meaning specified in Section 2.1.
"BANKRUPTCY CODE" means 11 U.S.C. Sections 101 et seq.
"BANKRUPTCY COURT" means the United States Bankruptcy Court for the
Eastern District of Michigan, Southern Division or any other court of competent
jurisdiction agreed to by Buyer and Sellers.
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