Preview | Asset Purchase Agreement |


Preamble		1
Recitals		1
Terms and Conditions		1
Article 1 - General Provisions		1
1.1Definitions		1
1.2Construction		1
Article 2 - Purchase and Sale		2
2.1Transaction	2
2.2Acquired Assets		2
2.3Retained Assets		3
2.4Assumed Liabilities		4
2.5Retained Liabilities		4
2.6Purchase Price		5
2.7Adjustment		5
(A)Preliminary Working Capital Statement		6
(B)Audit of Preliminary Statement		6
(C)Fees of Accounting Firm		6
(E)Base-Line Working Capital		6
(F)Closing Working Capital		6
(G)Amount of Adjustment		6
2.8Payment of Purchase Price		7
(A)Payment at Closing		7
(B)Final Payment		7
2.9Refund of Adjustment		7
2.10Method of Payment		7
(A)Directed Payments		7
(B)Other Payments		7
2.11Allocation of Consideration		7
2.12Value Added Taxes		7
2.13Prorations		8
Article 3 - Actions Before Closing		8
3.1Access to Records		8
3.2Interim Conduct of the Specialty Plastics Business		8
3.3Olympic Plastics Approval of Certain Transactions		8
3.4Maintenance of Insurance		9
3.5Notification of Damage or Destruction		9
3.6Condemnation		9
3.7Negotiation of Other Agreements		10
3.8Consents		10
3.9Coordination of Public Announcements		10
3.10Consultation with Employee Representatives		10
3.11Regulatory Approvals		11
3.12Updating of Information		11
3.13Exclusivity		11
3.14Olympic Plastics Financing		12
3.15ISRA Notification		12
3.16Tolling Agreements		12
3.17Confirmation of the European Allocated Items		13
Article 4 - Conditions	14
4.1Conditions to Olympic Plastics Obligations		14
4.2Conditions to the Ferro Sellers Obligations		15
4.3Parties Best Efforts		16
Article 5 Closing		17
5.1The Closing		17
5.2Date, Time, and Place of Closing		17
5.3Olympic Plastics Obligations		17
5.4The Ferro Sellers Obligations		17
5.5Local Formalities		17
5.6Transfers of US Real Properties		18
(A)Surveys		18
(B)Title Insurance Commitment		18
(C)Warranty Deeds		18
(D)Instructions		18
5.7Transfer of the Edison, New Jersey Site		19
Article 6 - Actions After Closing		19
6.1Further Conveyances		19
6.2Further Consents		19
6.3Accounting Reports		20
6.4Non-Competition		21
6.5Access to Former Business Records		22
6.6Access to Former Employees		22
6.7Release of Guarantees		22
6.8Termination of Insurance Coverage		23
6.9Reimbursement of Certain Expenses		23
6.10ISRA Compliance		23
6.11Payment of the Balance of the European Allocated Items		23
Article 7 - Representations and Warranties		23
7.1Ferro Sellers General Representations and Warranties		23
(A)Organization and Existence		23
(B)Power and Authority		24
(C)Authorization		24
(D)Binding Effect		24
(E)No Default		24
(F)No Insolvency		24
(G)Finders		24
7.2Ferro Sellers Representations and Warranties Concerning the Disclosure Disc		24
(A)Organization		24
(B)Financial Statements		24
(C)Inventories		25
(D)Trade Accounts Receivable		25
(E)Trade Accounts Payable		25
(F)Real Property		25
(G)Tangible Personal Property		26
(H)Intellectual Property		27
(I)Indebtedness and Liabilities		28
(J)Litigation and Claims		28
(K)Contracts and Commitments		28
(L)Employees and Employee Benefits		29
(M)Compliance with Environmental Laws		30
(N)Compliance with Health and Safety Laws		30
(O)Compliance with Other Laws		30
(P)Taxes		31
(Q)Insurance		32
Material Events and Material Adverse Changes		32
(S)Sufficiency of Assets		33
7.3Olympic Plastics Representations and Warranties		33
(A)Organization and Existence		33
(B)Power and Authority		33
(C)Authorization		33
(D)Binding Effect		33
(E)No Default		33
(F)Finders		34
(G)Olympic Plastics Financing Plan		34
(H)No Insolvency		34
7.4Meaning of Ferro Sellers Knowledge		34
Article 8 - Specific Obligations		34
8.1Employee Obligations		34
(A)Transferred Employees		34
(B)Severance		35
(C)Non-Interference		35
8.2Environmental Obligations		36
(A)Identified Environmental Matters		36
(B)Other Environmental Matters		36
(1)Procedure		36
(2)Responsibilities		38
(3)Limitations		39
8.3Olympic Plastics Sole Remedy		39
Article 9 - Indemnification	40
9.1Indemnification of the Ferro Sellers		40
9.2Indemnification of Olympic Plastics		40
9.3Claims		40
(A)Notice		41
(B)Responsibility for Defense		41
(C)Right to Participate		41
(D)Settlement		42
9.4Disputed Responsibility		42
9.5Quantum Limitation on Indemnification		42
9.6Time Limitation on Indemnification		43
9.7Actual Amount		43
9.8Exclusive Remedies		44
9.9Indemnity Payments as Adjustments		44
Article 10 Dispute Resolution		44
10.1Dispute Notice		44
10.2Informal Negotiations		44
10.3Dispute Resolution Proceedings		44
(A)Designation of Representatives		44
(B)Selection of Neutral		45
(C)Procedures and Process		45
(D)Decision		45
10.4Equitable Relief		45
10.5Binding Effect		45
Article 11 - Amendment, Waiver and Termination		45


11.4	Effect of Termination ..		46
Article 12 - Miscellaneous		46
12.1	Cooperation ............		46
12.2	Severability ...........		47
12.3	Costs and Expenses .....		47


12.8	Incorporation by Reference ..		48
12.9	Governing Law ...............		48
12.10	Bulk Sales ..................		48
12.11	Counterparts ................	49
12.12	Complete Agreement ..........		49